NFT Loan Agreement – ParaSpace Ensures Security of User Assets

On March 20th, the NFT loan agreement ParaSpace tweeted that the review and testing of the security patch has now been completed to ensure the security of user assets when restarting the agreement on the main network. The cash withdrawal time lock contract is being improved and will be reviewed and tested in the next few days. The ParaSpace team has decided to phase in the reopening of the agreement, giving priority to repayment, supply, liquidation, loans, withdrawals, and time lock enhancements. The team expects all platform features to be available by March 25th. The repayment function of the first stage of the platform has been launched, and it is hoped to provide users with an opportunity to repay debts while liquidation is still suspended.

ParaSpace: Security patch review and testing have been completed, and the protocol will be restarted in stages before March 25

Introduction

On March 20th, ParaSpace, a non-fungible token (NFT) loan agreement, tweeted that the review and testing of the security patch has now been completed to ensure the security of user assets when restarting the agreement on the main network. The platform is known for its unique approach to tokenizing assets with its proprietary NFT collateral system.

The Platform’s Improvement Plan

The ParaSpace team has been working on various improvements to the platform, including enhancing the cash withdrawal time lock contract, which will undergo review and testing in the next few days. The team has decided to phase in the reopening of the agreement according to priority.

Priority Phased Reopening

The first phase started with the repayment function of the platform. This function has already been launched and is expected to provide users with an opportunity to repay debts while liquidation is still suspended. Priority is now given to the next set of features necessary to fully restore the platform.

#Repayment Function

The repayment function is one of the most critical features of the ParaSpace platform, giving users the flexibility to repay their loan with ease while minimizing the risk of liquidation. Users can now repay their debts with interest, and the system will keep track of the repayment progress until the final outstanding balance is paid off.

#Supply

The supply function is another critical feature of the ParaSpace platform, allowing new loans to be created with NFT collateral. The supply function will be the next priority phased reopening feature after the repayment function. The supply function is expected to be operational within the next few days.

#Liquidation

The platform’s liquidation function is critical for maintaining the platform’s stability and ensuring the safety of user funds. Liquidation enables the platform to sell the user’s collateral in the event of insufficient collateral value to repay the loan. The liquidation function of the platform is still suspended.

#Loans

New loans refer to the action of borrowing cryptocurrency against an NFT appraisal. The ParaSpace team has decided that resuming loans on the platform is also a priority when reopening the platform. These functions allow users to receive cryptocurrency while maintaining ownership of their NFT assets.

#Withdrawals

Withdrawals refer to the act of withdrawing funds from an account in the form of cash or cryptocurrencies. Withdrawal functionality is expected to be operational soon, and the ParaSpace team is prioritizing this feature to restore the platform’s full functionality.

#Time Lock Enhancements

Time lock enhancements refer to the duration assets are locked in a smart contract on the platform, preventing them from being used to prevent defaults. The ParaSpace team identified that the time lock contract needs improvement and will undergo review and testing within the next few days.

Conclusion

ParaSpace is a unique platform that lets users tokenize their assets with its proprietary NFT collateral system. The company has been working on various improvements, including enhancing the cash withdrawal time lock contract. The phased reopening of the platform is expected to prioritize the repayment function, followed by supply, liquidation, loans, withdrawals, and time lock enhancements within the next few days. The ParaSpace team expects all platform features to be operational by March 25th, allowing users to fully engage with the platform again.

FAQs:

Q1: What is ParaSpace?

A: ParaSpace is an NFT loan agreement that allows users to tokenize their assets with its proprietary NFT collateral system.

Q2: What are the top priorities for ParaSpace’s phased reopening?

A: ParaSpace’s top priorities are the repayment function, followed by supply, liquidation, loans, withdrawals, and time lock enhancements.

Q3: When will all platform features be available again on ParaSpace?

A: The ParaSpace team expects all platform features to be operational by March 25th.