Multiplier Finance, a leading cryptocurrency lender that has now transitioned to DeFi, has now partnered with CertiKShield, an open-source security-based decentralized blockchain ecosystem providing reimbursements for lost or stolen tokens. With this collaboration, the Multiplier Finance Community has secured its native token MMX under the CertiKShield protection.
ERC-20 users supply tokens to the Multiplier Protocol through SSB contracts (Simplified Stable Bonds) that mint MXX tokens for earning stable returns without managing assets or fulfilling any loan requests. Therefore, the members expect robust protection of their tokens, which the Multiplier Finance community alone cannot provide. Thus it has partnered with CertiKShield to provide its members with the utmost protection of their tokens.
There is always an ardent need for security in the blockchain cyberspace that cannot be ignored, and with over $1.4B cryptocurrencies stolen in the first quarter of 2020 along with countless numbers of tokens deliberately made inaccessible due to inadequate security in the fundamental protocols, is a warning call for platforms.
Besides malicious cyber-attacks, there are other noteworthy causes behind the stolen tokens in the crypto space; sometimes, malfunctions in the security codes also can cause inaccessibility to the countless number of tokens. CertiKShield focuses on removing all these bottlenecks existing in the blockchain ecosystem. Moreover, the lost or stolen crypto coins that could not be recovered previously will now be reimbursed with the help of CertiKShield.
Users can avail of this benefit of token protection by simply purchasing shields for the relevant tokens and becoming a member of the CertiKShield community. There are separate CertiKShield Pools created to serve as discretionary community funds for protecting the members against security risks. The entire Multiplier team, along with the MXX token holders, are now a part of the benefactors of the CertiKShield membership.
The MXX token represents ownership of the Multiplier Finance ecosystem and is aggregated algorithmically based on the liquidity contributed to the Multiplier platform. It is more of an application facilitating the collateralization process, where users can determine the interest rate and tenure on their underlying assets.
MXX tokens are not pre-mined; instead, they are only minted through transactions contributing to the platform’s liquidity. Potential MXX holders are often incentivized to mint MXX through transactions. MXX holders enjoy voting rights towards the governance of the blockchain network. More precisely, the MXX token is an audited, decentralized, and publicly available open-source token that supports the entire blockchain ecosystem.
Moreover, the CertiKShield protection will also be extended to the Multiplier Finance team’s upcoming lending protocol named MCL (Multi-Chain Lend) on the Binance Smart- Chain network. Once the MCL audit by CertiKShield audit reports comes out successfully, Multiplier’s native governance token bMXX along with MXX will be covered by the CertikShield protection.