During the bear market, we have seen many protocols fail due to exploits.
There has been a massive spike in funds being targeted by hackers, and its more important than its ever been to ensure that security of users funds are a top priority.
We have seen with multiple protocols that maintained the users funds in a multisig or a central wallet have been targeted by malware or exploit of code to find a back door to these funds.
With Frax Finance being a well established protocol that will likely be a target of exploits, having the liquidity locked away from anyone’s control in a decentralized liquidity locker will be guaranteeing the liquidity will never be tampered with.
- Proposal—Why Unicrypt?
UniCrypt was born on July 2020, and was the creator of the liquidity lock concept. They have had zero exploits and have the highest TVL out of all of their competitors, with over 15000 projects utilizing their services.
Other liquidity lockers have back doors built into them which opens up the possibility of an exploit. Unicrypt uses smart contract technology, making the liquidity locking experience truly trustless and decentralized.
UniCrypt team will not charge any fee for the liquidity locker. FREE of any charge of service fees, already approved by the UniCrypt team.
For: Frax Finance locks the liquidity of all tokens in the Frax ecosystem deployed on Ethereum, Binance Smart Chain, Polygon and Avalanche in the UniCrypt liquidity locker for the amount of time that the Frax Finance team agrees on to safeguard the liquidity from any exploits.
Against: Liquidity remains unlocked.
“Let’s set the narrative across the industry that safety is our #1 priority”