Gate.io on BNB Chain and Mango Exploits: Blockchain Security Mechanisms Need Upgrade
MNGO, the native asset of the Solana-based DeFi platform Mango, has plummeted in value as trading volume skyrockets following a $100 million exploit. The incident left the Mango platform without a liquid supply of MNGO, leading traders to seek out alternative exchange markets such as FTX, Kraken, and Gate.io, which quickly became the second most active MNGO market by volume.
The exploit, reported to have involved a hacker draining funds from the Mango platform, comes just days after the BNB Chain was the target of a $100 million exploit.
Mango liquidity dries up while MNGO volume spikes
As the liquidity of several cryptocurrencies on the Mango platform was drained, MNGO volume began to rise on centralized exchanges due to trading and deposits on Mango coming to a halt. Additionally, several exchanges with enough liquidity for the hacker to trade took swift action by blocking addresses associated with the exploit.
With the recent string of multi-million dollar exploits hitting the crypto space, the topic of security on the blockchain is once again on everyone’s mind. And the entire space could do with more security-centric development across the board.
Security-centric blockchains are a must in DeFi
Bitcoin is often regarded as the pinnacle of exploit resiliency, partially attributed to its relative simplicity and the fact that it sticks by the core fundamentals of blockchain. However, many other blockchains tap deeper into DeFi without compromising security or core blockchain principles.
GateChain is an interesting example. A fully decentralized blockchain built around asset security, with all the features to support the broad DeFi landscape, like decentralized trading, NFTs, cross-chain functionality, and Web3. Regarding safety, GateChain has a unique on-chain vault account system that protects against private key loss or theft and even includes time-delay revocable transactions. Asset security has been at the core of its development, and it was built around the premise of enhanced user asset security in the rapidly-emerging world of DeFi.
GateChain was developed by Gate.io, one of the oldest exchanges with a solid nine years of secure service. Development was centered around the premise of enhanced user asset security, particularly for the rapidly-emerging world of DeFi.
GateChain is one of many blockchains taking these steps. Resiliency against exploits and hackers is becoming more and more of a priority as cryptocurrency closes in on mass adoption. And as the industry progresses, blockchains that can withstand bad actors will better tackle the technologies defining the future of crypto.
