The DeFi world is not only an ideal space for user wealth appreciation, but also a dark forest of hidden dangers, where many highly skilled hacker lone wolves and well-organized hacker groups lurk.
At the same time, the huge benefits have also evoked the human greed of some DeFi project parties. They take advantage of their authority or poor information to seriously damage the interests of users and bring disasters to users’ assets.
In Black May, there were 11 incidents in the BSC chain alone. The user’s valuable assets have been impacted by various hacker attacks, theft by the project team, and even runaway incidents, involving an amount of up to 260 million U.S. dollars. All of the above remind the entire industry and WePiggy’s core development team-protocol security is weightier than Mount Tai.
To deal with hacker attacks, WePiggy’s core development team has never dared to neglect user asset security; to win the trust of users, we have been working hard to make all decisions and risk control parameters related to user asset security as open and transparent as possible.
In the new year of DeFi Summer, WePiggy’s core development team will launch an enhanced security solution designed to deal with various extreme scenarios-[Ark Operation].
At present, the entire solution covers three components, namely:
Anti Extreme Market
Limit the Maximum Deposit in a Single Market
Under extreme market conditions, the liquidity may shrink extremely, leading to certain currencies may not be liquidated in time.
To reduce this risk and ensure that protocol assets are always greater than liabilities, the core development team will initiate a proposal to set up deposit caps for several lending markets shortly.
The Industry’s First “Liquidation Alert” Feature
WePiggy’s core development team will launch a new feature “Liquidation Alert”. Users can set up their mailboxes, as long as the used ratio or the borrow APY exceeds the warning value, the early warning system will send an email to remind users to repay or add more collaterals in time to deal with the extreme market urgently.
Anti Flash Loan Attack
Price Feed by Chainlink
By integrating Chainlink, the world’s leading decentralized oracle network, using its highly accurate, available, and anti-interference on-chain prices, the protocol can better resist flash loan attacks, network congestion, and centralized infrastructure disruption.
Real-Time Monitoring of the Main Oracle Price
WePiggy’s core development team has also developed a warning system that compares price information with on-chain price information in real-time. When there is a serious deviation between the main oracle and the system, the system will alert and notify the core development team to take timely measures through various methods.
Anti Front-End Attack
Add Backup Domain Names and Servers
To prevent the domain name blocking caused by force majeure and hackers’ attacks on front-end servers, WePiggy’s core development team has enabled a disaster recovery solution, which is kept secret. In the event of an emergency, users will be guided to use backup domain names.
Blockchain Browser Operation Tutorial
The WePiggy core development team and volunteers jointly wrote a tutorial on how to directly use the WePiggy lending protocol through the blockchain browser. When users cannot access the front-end server, they can interact with the blockchain network through the tutorial.
Of course, safety is always our first priority. WePiggy implements the following principles and measures daily and all the time to protect the security of users’ assets:
- Real-name team to prevent moral hazard
- Institutional audits to prevent development omissions
- Multi-signature management to prevent the single point of failure
- Risk framework to prevent tunneling
- Voting for listings, to prevent black-box operation
Finally, thanks to the community users for your continued support, WePiggy will always put asset security in the most important position. The development strategy of WePiggy and all external cooperation relations must first satisfy this basic condition, without exception.