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The DeFi solution from Energi Crypto keeps on getting better, quicker, and extremely stable.
De Fi has high rewards, but accompanying this, significant RISK is involved in any innovation in cryptocurrency. One aspect of DeFi I had not really considered before, was the security of the Energi Blockchain and the prevention of 'rug-pulls' that are not uncommon in level 2 DeFi solutions. The original Chef Nomi who developed SushiSwap was one of the first high-profile rug-pulls, although he reimbursed the members in the end. The most recent of these hit the news when Iron Finance had a large sell-off, and because Mark Cuban made a fuss about losing a lot of money. Iron Finance denied a rug-pull. All these types of 'hacks' affect the perception of DeFi in retail consumers' minds, and a more secure way of using DeFi is an increasing issue for many people.
The Energi Bureau of Investigations, on the Energi blockchain, was established a few years ago and has had great success so far in reducing scams affecting Energi, and they had a high profile event in 2019 when a scammer (named Bashful) was tracked down and over $500,000 of stolen funds were recovered. The team is quoted as saying "We must continue to innovate when it comes to security. By doing so, we can make projects less appealing to scammers and safer for users. Every innovation is a step towards greater mass adoption, which is why having a cybersecurity team like Energi Defense removing bad actors is not only beneficial for our project but for the entire crypto space".
Since the introduction of the E.B.I. tool, there has been an overall reduction in crime on the Energi blockchain of 70%. As a result, Energi prides itself in "Energi is leading the space by having an in-house cybersecurity department, the EBI, and the most responsive customer support team in crypto" and they are not wrong (Medium article)
With the move into DeFi with Energiswap, Energi has taken cybersecurity a step forward into this space. You can read more about this in their Medium article
When it comes to security, Energi believes that it has a leading advantage compared with the abundance of other DeFi projects
Unrivaled Security
As a part of the larger Energi ecosystem, Energiswap benefits directly from the expertise of our dedicated security team, the Energi Bureau of Investigations (EBI). Coupled with the on-chain governance provided by our masternode network, Energi has reduced on-chain crime by over 90%.
If you compare that with the data shared in May on Twitter by Nick Chong "Interesting past three months on BINANCE Smart Chain. In excess of $200 million drained through economic exploits and rugs. Largest was the ~$100 million in bad debt generated on Venus, as per The Block."
Tommy World Power responded to this saying "This is why @Energicrypto will rule. Attackers would have had their funds frozen on our blockchain. This problem will only get worse for other chains until people start realizing the value of our decentralized governance system and how we protect users better than any platform."
As we can see, EnergiSwap could turn out to be the archetype, fast and cheap secure DeFi exchange in the World.
The ETH Bridge for the platform is currently in Beta and appears to be stable. Hopefully will be added to the platform on the mainNet in the next few weeks.
If you have not tried out EnergiSwap yet, then you really are missing out. To try, click here - app.energiswap.exchange
Thank you for reading this update
