Kyber Network adds $20M insurance protection from Unslashed Finance

2021-4-25 23:57

CryptoNinjas » Kyber Network adds $20M insurance protection from Unslashed Finance

Kyber Network, an on-chain cryptocurrency liquidity protocol, has announced it is now offering the first natively insured pools for its new Dynamic Market Maker (DMM) protocol. The policy acquired by Kyber from Unslashed Finance covers up to $20 million (10,000 ETH) and is focused on smart-contract risk.

Dynamic Market Maker (DMM) is a next-gen AMM and major protocol that will be added to Kyber 3.0’s liquidity hub and provides important benefits to DeFi liquidity providers including, optimized fees, extremely high capital efficiency, as well as fully permissionless liquidity contribution from anyone and access to liquidity by any DApp, aggregator, and end-user.

The Kyber DMM codebase has been reviewed and audited multiple times by both the team and external auditors, and remains open source on GitHub for community developers to review.

But as an additional safeguard and a sign of commitment towards security, Kyber has also now purchased cover from Unslashed for its users.

“Kyber has made the decision to purchase bulk insurance for the DMM, covering all liquidity providers and market-makers. In doing so, Kyber demonstrates the importance of combining the transparency of self-custody and smart-contract audits with insurance as an additional layer to mitigate risk for users.”
– The Kyber Network Team

Operating since 2017, Kyber was one of the earliest DeFi protocols focused on providing seamless on-chain liquidity through an open reserve architecture.

Kyber has always maintained a high standard of smart contract security, and its liquidity infrastructure has facilitated close to $5 billion worth of trading volume for thousands of users while managing more than 50 reserves and being integrated into over 100 decentralized applications.

Insurance Advantage for Smart Contracts

Smart contracts can be subject to different types of attacks, many of which exploit vulnerabilities in the smart contract’s code.

Losses resulting from technical issues with smart contracts which could either be code vulnerabilities, errors/omissions in code implementation, unavailability, or failure to access or process deposited funds, is one of the main risks in DeFi, sometimes resulting in losses for users.

Currently, if an event were to occur involving one or several smart contracts, LPs and market-makers might be impacted and they might suffer losses.

The status quo within the DeFi insurance industry has been to allow users to buy and handle their own coverage. Historically, protocols have put a burden on their users to insure themselves. When this happens, it is the user who ends up footing the bill, not the protocol.

Bulk insurance offers significant benefits to Kyber in several ways: Provides a smoother experience for users and fosters inclusivity. Builds trust between Kyber and its users and demonstrates how important protecting users is. It sets the precedent that insurance is a must-have.

CryptoNinjas » Kyber Network adds $20M insurance protection from Unslashed Finance

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Kyber Network (KNC) на Currencies.ru

$ 0.5529 (-1.33%)
Объем 24H $0
Изменеия 24h: 14.03 %, 7d: -26.62 %
Cегодня L: $0.5529 - H: $0.5529
Капитализация $0 Rank 8565
Цена в час новости $ 2.3997 (-76.96%)

kyber network finance protocol unslashed protection 20m

kyber network → Результатов: 126


Kyber Network price dips after withdrawal alert

At press time, the price of Kyber Network Crystal v2 (KNC) had dropped 2.26% today. Kyber’s Elastic product’s TVL has plunged to $61 million yesterday. Kyber Network has advised liquidity providers to withdraw funds The Kyber Network Crystal v2 (KNC) took a hit today after Decentralized finance (DeFi) Kyber Network advised its liquidity providers to […] The post Kyber Network price dips after withdrawal alert appeared first on CoinJournal.

2023-4-18 19:15


Kyber Network проведет серьезное обновление протокола

Разработчики Kyber Network анонсировали переход на версию 3. 0, которая превратит децентрализованную биржу (DEX) в «хаб целевых протоколов ликвидности для различных вариантов использования DeFi». We're excited to announce Kyber 3.

2021-1-23 18:48


Фото:

Kyber Network анонсировал «масштабное» обновление протокола

Разработчики Kyber Network анонсировали переход на версию 3. 0, которая превратит децентрализованную биржу (DEX) в «хаб целевых протоколов ликвидности для различных вариантов использования DeFi».

2021-1-22 16:50


Фото:

Kyber Network представил платформу для создания рынка внутри сети

Разработчики протокола Kyber Network запустили структуру, которая призвана упростить создание ончейн-рынка с участием профессиональных поставщиков ликвидности.

2020-10-26 10:00


Фото:

Kyber Network запустил платформу для создания рынка внутри сети

Разработчики протокола Kyber Network запустили структуру, которая призвана упростить создание ончейн-рынка с участием профессиональных поставщиков ликвидности. 1/ We're excited to announce the launch of KyberPRO, an end-to-end framework for professional market makers to easily onboard to #DeFi and run a profitable on-chain operation with minimal smart contract knowledge required.

2020-10-25 13:53


Фото:

Kyber Network объявил дату обновления с поддержкой стейкинга

Разработчики протокола Kyber Network проведут обновление Katalyst 7 июля. С ним у пользователей появится возможность зарабатывать на стейкинге и участвовать в решении различных вопросов на платформе.

2020-6-30 12:32


У держателей Kyber Network Crystal появится возможность стейкинга

Разработчики децентрализованной биржи Kyber Network планируют запустить обновление протокола Katalyst 7 июля. Как сообщает CoinDesk, оно направлено на изменение роли собственного токена Kyber Network Crystal (KNC) в целях поощрения участия в развитии проекта.

2020-6-30 19:52


В Берлине пройдёт глобальная конференция DappCon

19-20 июля в столице Германии — Берлине пройдёт Developer Conference for Ethereum Dapps & Infrastructure DappCon Berlin, Germany Postbahnhof Str. der Pariser Kommune 8, Berlin, Germany Описание: DappCon is a nonprofit global developer conference focusing on decentralized applications, tooling, and foundational infrastructure on Ethereum.

2018-7-13 10:34


Виталик Бутерин займется финансированием блокчейн-проектов

Главный разработчик Ethereum принял решение подержать перспективные Blockchain-проекты. Виталик Бутерин планирует направить на финансирование стартапов все деньги, которые получит за консалтинговые услуги Kyber и OmiseGo.

2018-6-22 15:14