Prisma Finance, an exemplary platform for decentralized finance (DeFi), has launched its protocol with DAO’s full backing since its inception. The action was taken after the spotlight on the same platform after obtaining an anomaly of $11.6 million, which resulted in the temporary suspension of operation. Institutionalization is one of the responsibilities given to the DAO when it comes to voting on whether the protocol should start once again.
Prisma protocol restart secured with unanimous DAO backing
Participation in the matter was initiated after Frank Olson’s proposition was accepted according to the protocol’s governance. The repayment feature was temporarily shut off for the Prisma protocol for four days to determine the community’s support.
Being written in, the proposal has, unanimously, the DAO members have the “Yes” votes reached 100%, and the DAO members have supported resuming the borrowing operations.
Olson presented a comprehensive, secure, and ready-to-resume protocol that would serve as the basis for the future of Prisma. This idea is called liquid staking functionality, which users can provide as the deposited amount of these tokens and quasaoised tokens. The protocol restart will only be resumed when the voting at the end of the period on April 7 determines yes for the protocol.
Risk mitigation efforts
On top of putting in place short-term responses to the restart of the protocol, Prisma Finance will take action to minimize future risks by implementing certain control mechanisms. The measures taken incorporated regular auditing services, introducing bug bounty programs, improving security protocols, and refining the overall security architecture.
Plenty claims it will continue making broader efforts towards securing users’ funds and attracting more people to build our community together.
As a protocol reviving, it is recommended that previous delegates be receded and further approvals for existing jobs be canceled. The redemption process should pay attention to omissions or those who overlooked this. In the prior situation, 14 accounts did not execute these smart contracts, which resulted in a collective loss of $540,000.
Margin management considered in the NFT game & buying of munchable
The game development industry in the blockchain world parallels this; when the recent incident happened in the NFT game Munchables, the game adjusted its strategy to develop a well-designed plan to address the risk of a rogue in-house developer.
The game, which faced loss and improvement at the end of the margin of about $63 million, will now invest the money to reinforce its security program.
Munchables expects to boost the security level of its platform by introducing leading firms such as Manifold Investment Company, Selini Capital Markets, and Zach XBT as novel multi-signature signers into the ecosystem. This action was taken shoulder to shoulder during oversight and error-aware management of user funds to nullify the probability of upcoming scams.
Acknowledgment and reward
The party will inscribe on their platform their involvement in the rewind process through their ETH and future donations of MUNCH to people who are important in protecting user assets. Such a gesture highlights the platform’s mission of transparency and accountability while inducing feedback measurement and risk management among its participants.
introduction of the Prisma protocol, which was attributed to the robustness and adaptability features of the decentralized finance services in 2018. Boasting the confidence and support of its strong community and the robust crisis management tools already built in, Prisma Finance will reenter its business again and focus on its platform’s long-term growth.
At this same time, Munchables’ case of taking preventive risk management measures is symbolically an indication, hopefully, of the industry player’s intention to uphold the asset safety of all users and offer them a secure place to operate and trade.
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