NFTs News

ParaSpace To Restart Before March 25, Repay Functionality Is Now Live

Key Points:

  • ParaSpace announced that the auditing and testing of security patches have now been completed.
  • The withdrawal time lock contract is perfected and will be reviewed and tested in the next few days.
  • The team expects all platform features to be live by March 25.
The NFT lending platform ParaSpace said that the auditing and testing of security fixes to guarantee the protection of user assets when the agreement is reopened on the mainnet has now been completed.

The withdrawal timelock contract is currently being refined and will be evaluated and tested in the next few days.

To maintain the platform’s safety and security, the ParaSpace team, in collaboration with the BlockSec team and 12 other top security experts and auditors assembled by Secure3, decided to reopen the protocol in stages, prioritizing repayment, supply, liquidation, lending, withdrawals, and timelock enhancements.

The team anticipates that all platform functionalities will be available by March 25. The first step of the platform’s repayment function has been implemented, with the goal of allowing users to settle their debts while liquidation is still halted.

Once the agreement goes live, ParaSpace will begin manually claiming and compounding APE staking rewards in the APE pool for users. During the gradual reopening, users who simply possess APE in the APE pool will be able to reap the advantages of automatic compounding.

At an AMA tomorrow at 7:00 PM EDT, the team will also discuss their incentive scheme for customers impacted by the protocol pause and phased rollout.

As Coincu reported, on March 17, hackers tried to attack the Paraspace platform. Nevertheless, BlockSec quickly spotted and halted the hacker’s scheme and took control of the 2,900 ETH ($5 million) that was about to be lost. BlockSec then notified the loan project, and Paraspace promptly suspended the protocol to investigate the problem. The project claims that all NFTs deposited on the platform are safe.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

17 minutes ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

2 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

3 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

5 hours ago

This website uses cookies.