Why Do We Need Protocol Protection?
Degis will launch Protocol Protection in late September, which will be the game-changing product in the De-Fi insurance market. At this stage, it’s important for every crypto user to raise awareness of the importance of protection in the rapid-changing decentralized world.
Protocol security is gaining attention in the crypto world
Recently, protocol security incidents have occurred frequently, ranging from De-Fi protocols to cross-chain bridges. Users have suffered a lot in these incidents, and have started to pay more and more attention to on-chain security and protection. How to better protect crypto assets has become a major concern for users, leading us to a new future trend — building a more secure crypto world together.
Protocol security has been an urgent problem for a while
On August 2nd, Nomad, an optimistic interoperability protocol that enables secure cross-chain communication, was attacked severely. Approximately 152 Million funds were stolen from the bridge, shocking the entire crypto world.
Although the crypto industry is booming and the growth of crypto users is getting faster, the current market situation is still in an immature stage, and security issues still threaten the asset security of users. There are still plenty of users who have lost their funds due to protocol security events every day.
Since January 1, 2022, cybercriminals have managed to get away with $1.97 billion from 175 crypto project hacks, according to data analyzed by the Atlas VPN team in a press release shared with Finbold on July 5.
This problem has threatened the whole crypto world for a while, and it needs solutions.
Every protocol is under attack whenever and wherever possible. Since blockchain is supposed to be extremely secure and unalterable, many individuals have dubbed this technology as “unhackable”. However, while we are enjoying numerous cryptocurrency benefits like no governmental regulation, higher speed of transactions and confidentiality, etc., we are also facing countless cybercriminal threats it brings.
How can Degis Protocol Protection protect protocols?
Degis protocol protection is the next-generation product that protects users from all kinds of risks, including smart contract hacks, rug pool events and even bridge attacks. To combat these risks, Degis customizes protection for each protocol to fit the needs of all users.
In order to better provide protection for users and increase capital utilization, we have adopted the “Protection pool + Priority pools” structure, which is a first in the on-chain insurance industry.
Moreover, Degis has developed its own dynamic premium to offer protection to users with the best price. All premiums will be paid in native tokens of the insured protocol to provide the best user experience.
An urgent call for Degis Protocol Protection
Blockchain technology does not operate in a vacuum. While the blockchain protocol has strong security in theory, it can be attacked in numerous ways.
That’s why we need effective protection strategies to minimize the chances of protocols being attacked. While Degis strives to be the best protection protocol in the Web3 world, we believe Degis protocol protection will be the ultimate solution to the Web3 security event!
Degis Official Links
Telegram Announcements Channel: https://t.me/ProjectDegisAnnouncements
Telegram Chat Group: https://t.me/ProjectDegis