Preparations for Amulet Mainnet Launch Underway as Launch Date Announced
The risk protection protocol has confirmed a mainnet launch of September 29, 2022.
Amulet to Launch September 29
The Amulet mainnet launch has officially been scheduled for September 29, 2022. The team unveiled Amulet back in April along with the announcement pertaining to the seed funding round, which amounted to $6 million being raised.
In August, the team had successfully launched the AmuNation app, gamified bounty, the testnet, and the audit report has since been published as well. Following this initial success, preparations are now being made to launch on the mainnet as aforementioned, which coincided with a launch party at Token 2049 in Singapore.
What Amulet Offers
Amulet is focused on providing simple and reliable cover for everyone in Web3 which comes with maximum protection and yield that is also fully protected via Protocol Controlled Reserves (PCR). In actuality, less than 5% of this industry's digital assets are secure. Amulet Protocol hence provides additional security for digital assets through a variety of solutions such as smart contract vulnerability, stablecoin de-peg, and are preparing to provide NFT cover options.
Moreover, users can also stake with confidence through Amulet. Between claims and assets, Amulet Protocol has three layers of protection. Staking is simple, and more importantly, it comes with a very high level of security. Amulet Protocol is additionally based on the innovative use of the latest and most relevant cutting-edge technology. The hybrid claims management will see complete automation in situations like a stablecoin depegging trigger leading to payouts. Amulet Protocol's DAO model also handles claim payouts.
Past Achievements and Future Goals
Amulet has managed to gain plenty of noteworthy achievements thus far. For instance, it has a very active and involved community which has increased to a total of 25,000+. The community, known as AmuNation, is also largely responsible for the testnet's success. Other accomplishments include Amulet’s unique cover model, the audit review, the announcement of being the first cover protocol on Solana, and the abovementioned $6 million raised through seed funding which was led by Gumi Cryptos Capital.
In terms of future goals, the team will focus on launching then becoming multi-chain with the hope of becoming the largest cover protocol in the entirety of Web3 by this time next year. The full plan can be checked out at any time via the official roadmap.
What is Amulet
Amulet is a decentralized risk protection protocol for the Rust-based ecosystem that was first implemented on Solana. Decentralised risk protection protocols offer a financial safety net for all Web3 financial product users. They include smart contract risk, stablecoin de-peg risk, slashing risk, oracle failures, economic exploits, and so on. The risk of smart contract exploits is especially high, with over $3 billion lost to smart contract hacks in 2021 alone. Amulet provides protection against these more common DeFi risk types, as well as NFT and metaverse-related offerings, allowing users and developers to enjoy a more secure and relatively risk-free Web3.
Currently, risk management solutions are still relatively scarce on Solana and in Rust-based ecosystems in general, providing Amulet with a unique market opportunity. Amulet is therefore actively developing the risk management industry's first PCR approach. This represents a significant departure from the previous model of renting underwriting capital.
For more information and regular updates, visit the official website along with the Twitter, Telegram and Discord channels.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Related News
Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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