ParaSpace Makes Strides in Security: A Progress Update on the NFT Lending Agreement

03/21/2023 05:23 • Metaverse & Beyond • 69 views

On March 21, it was reported that the NFT lending agreement ParaSpace disclosed the progress of attack processing and will reopen the agreement in stages. BlockSec and 12 other security experts in the field have completed the review and testing of security patches. Currently, ParaSpace is undergoing security reviews and testing to enhance the security of withdrawal time locks. ParaSpace has launched its repayment function, and will resume its supply function later today. On Tuesday, it will resume its automatic compound interest and cAPE automatic repayment functions. On Wednesday, it will resume its clearing function. On weekends, it will use Timlock security enhancements to borrow and withdraw funds.

ParaSpace: Provide NFT compensation that can be exchanged for ParaSpace tokens for all affected users

Introduction

On March 21, ParaSpace, the NFT lending agreement, announced the progress made in attack processing and the intended gradual reopening of the agreement. As it undergoes security reviews and testing, ParaSpace is taking steps to enhance the security of its withdrawal time locks, repay function, and supply function, among others. This article will delve into the updates and reviews that took place, as well as what users can expect moving forward.

The Reviews and Testing

ParaSpace has made it a priority to work with experts in the field of security to ensure the reliability and security of its platform. In conjunction with security firm BlockSec, 12 other security experts reviewed and tested security patches. The reviews and testing were completed successfully, giving ParaSpace the green light to move forward with additional security measures.

Enhancing Security

As part of its efforts to enhance security, ParaSpace has launched its repayment function and will resume supply function later on. Consequently, ParaSpace will be able to offer users more robust security measures against attacks. The company also announced that it will resume the automatic compound interest and cAPE automatic repayment functions on Tuesday, and the clearing function on Wednesday.
ParaSpace will incorporate Timlock security enhancements over the weekend to enhance borrowing and withdrawal funds.

Conclusion

ParaSpace has come a long way in its efforts to ensure the security and reliability of its platform. By working with experts in the field and implementing additional security measures, users can feel confident that their investments are secure. Moving forward, ParaSpace will continue to take steps to enhance its security measures to provide its users with the best possible experience.

FAQs

#Q: Is ParaSpace now completely secure?

A: While ParaSpace has made significant strides in enhancing its security measures, it is important to note that no platform is 100% secure. However, ParaSpace is working diligently to mitigate any potential risks and enable secure use of its platform.

#Q: How will ParaSpace prevent future attacks?

A: ParaSpace will continue to work with security experts to identify and address any potential vulnerabilities in its platform. Additionally, it plans to introduce new security measures and incorporate feedback from users to prevent future attacks.

#Q: Will users be compensated for any losses in the event of an attack?

A: ParaSpace values its users and will do everything in its power to minimize the risk of attacks. However, users should be aware that investing in the platform does carry some risk. ParaSpace does not offer compensation for any losses incurred due to an attack.
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