Mango Markets Implements New Restrictions to Bolster Security

02/24/2023 12:37 • AI Insights • 89 views

On February 24, Mango Markets, a loan and transaction agreement based on Solana, announced two new features before its v4 release, focusing on mitigating direct security threats. In order to avoid being attacked or exploited by hackers again, Mango Markets will impose new restrictions on multi-signature wallets, which will allow developers to respond to “unpredictable market dynamics” and any vulnerabilities in program code.

Mango Markets will change the multi-signature function to mitigate security threats

Analysis based on this information:

Mango Markets has announced two new features in anticipation of its v4 release, aimed at enhancing the platform’s security. The Solana-based loan and transaction service has been a target of hackers in the past, and the new measures are meant to mitigate direct security threats. Multi-signature wallets, which allow developers to respond to unpredictable market dynamics and code vulnerabilities, will now have new restrictions to prevent attacks and exploitation.

The first feature announced is the introduction of the “Pause Button” function, which allows developers to halt on-chain activity in an emergency situation. In the event of suspicious activity, the Pause Button can be pressed, preventing any further transactions until the issue has been resolved. Mango Markets is the first decentralized finance (DeFi) platform to introduce this feature, which adds an extra layer of security to the platform.

The second feature is the introduction of an “Incremental Auth Functionality”, which provides additional security to multi-signature wallets. With this functionality in place, the risk of an attacker gaining control of a multi-sig wallet is significantly reduced. Before any transactions can be executed, it will require authorization from multiple devices, making it harder for an attacker to gain access.

These two new features will make Mango Markets more secure and dependable for its users. With the prevalence of attacks in the crypto industry, it is imperative for platforms to secure their systems against vulnerabilities. The team at Mango Markets has taken the necessary steps to protect their users and their assets.

In conclusion, the introduction of the Pause Button and Incremental Auth Functionality is a significant step towards fortifying Mango Markets’ security. The platform’s users can now rest assured that their assets are safe from malicious attacks. This proactive approach underlines Mango Markets’ commitment to providing a secure and dependable platform for its users.

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Mango Markets Implements New Restrictions to Bolster Security

Mango Markets will change the multi-signature function to mitigate security threats

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