NFT Loan Agreement ParaSpace Announces Reopening Plans with Improved Security

On March 20th, the NFT loan agreement ParaSpace tweeted that the review and testing of the security patch has now been completed to ensure the security of user assets when restarting the agreement on the main network. The cash withdrawal time lock contract is being improved and will be reviewed and tested in the next few days. The ParaSpace team has decided to phase in the reopening of the agreement, giving priority to repayment, supply, liquidation, loans, withdrawals, and time lock enhancements. The team expects all platform features to be available by March 25th. The repayment function of the first stage of the platform has been launched, and it is hoped to provide users with an opportunity to repay debts while liquidation is still suspended.

ParaSpace: Security patch review and testing have been completed, and the protocol will be restarted in stages before March 25

ParaSpace, a leading Non-Fungible Token (NFT) loan agreement, has recently completed a thorough review and testing of its security patches to ensure user asset safety before reopening the platform on the main network. This move comes after the platform had to suspend operations for several weeks due to security breaches. In this article, we will take a closer look at ParaSpace’s reopening plans and improved security measures.

The Roadmap Towards Reopening

On March 20th, ParaSpace tweeted about completing the review and testing of its security patches, signaling their readiness to restart the loan agreement service for the main network. However, rather than immediately reopening all of the platform features, they have opted to phase in the process following prioritized stages:
1. Repayment
2. Supply
3. Liquidation
4. Loans
5. Withdrawals
6. Time lock enhancements
The repayment function has already been launched in the first stage, giving users a chance to repay debts while liquidation is still suspended. The team expects all platform features to be available by March 25th.

Improving Security Measures and Testing

The security breaches in NFT loans and DeFi platforms have always been a major concern for users. ParaSpace understands this and has made critical updates to its security measures to ensure the safety of user assets, emphasizing their importance by adding several improvements and testing phases.
The cash withdrawal time lock contract is one of the major elements improved by the ParaSpace team. The contract enables the protocol to keep user funds locked for a specified time after the withdrawal request has been made, preventing any unauthorized access to funds. The team will review and test the improved version of the contract in the coming days before handing over control of users’ funds.

The Future Looks Bright

ParaSpace’s transparency in announcing the reopen plan for the loan agreement platform has assured users of the future of the protocol. Improvements made in the security of the platform have also reaffirmed the platform’s commitment to creating a safe environment for users. The team has kept the community updated throughout the suspension and reopening process, instilling confidence in users that ParaSpace is a reliable platform.

Conclusion

ParaSpace’s reopening plan and the positive outlook seems to be welcomed by the community as it provides hope for a seamless and improved user experience. The prioritized reopening process and emphasis on security measures will prevent future breaches, making ParaSpace a more reliable platform for users to consider.

FAQs

#1. What is ParaSpace?

ParaSpace is a Non-Fungible Token (NFT) loan agreement platform that enables users to lend, borrow, and trade digital assets such as NFTs with reduced transaction fees.

#2. What caused the suspension of the platform?

The platform had to suspend operations temporarily due to security breaches, which led to the loss of user funds.

#3. When will ParaSpace reopen all platform features?

The team expects all platform features to be available by March 25th after a phased reopening process based on prioritized stages – repayment, supply, liquidation, loans, withdrawals, and time lock enhancements.
#