DGAP-News Advanced Blockchain AG: nakamo.to will receive 16,600 Warp Token after securing the Warp Finance Protocol, helping it to relaunch
DGAP-News: Advanced Blockchain AG / Key word(s): Cryptocurrency / Blockchain
Advanced Blockchain AG (Frankfurt, Primary Market Düsseldorf, XETRA: ISIN DE000A0M93V6) announces that its portfolio company, nakamo.to and its collaborators have secured Warp Finance's Protocol in the wake of the recent flash loan attack on the platform, helping the protocol to relaunch.
Warp Finance and its proprietary Warp Protocol provide liquidity provisioning (LP) tokens generated from liquidity mining with a never-before-seen use case, which is to act as collateral for stablecoin loans. This platform and its innovative new function recently went live, but was the subsequent victim of a flash loan attack.
Warp solicited nakamo.to and its collaborators to resecure the protocol, ensuring it is protected against similar attacks and malicious behavior in the future. nakamo.to helped Warp make the necessary protective and preventative security changes to its Warp Protocol while still maintaining its original functionality of granting stablecoin loans collateralized by LP tokens. Specifically, nakamo.to suggested and facilitated Warp's use of Chainlink oracles to better calculate the underlying value of the LP tokens and protect against flash loans.
Now, Warp can resume its original functionality, and continue to provide value to users by enabling the large volume of otherwise low-utility LP tokens to have another use; Uniswap has $3.77 billion in LP tokens, and Sushiswap has $3.26 billion in LP tokens, as of February 9, 2021.
nakamo.to has a participation in the Project with 16,600 Warp Tokens, the native governance and incentivization token of the Warp Protocol. The Tokens represent 11.07 % of total Warp Token supply and they will be received in 10 equal monthly instalments as from May 2021. These Warp Tokens will join Advanced Blockchain's already significant portfolio of decentralized finance (DeFi) token holdings.
Further information about Warp Finance, nakamo.to, and Advanced Blockchain AG can be found at their respective websites warp.finance, nakamo.to, and advancedblockchain.com.
15.02.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Advanced Blockchain AG|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf (Primärmarkt), Frankfurt, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1168188|
|End of News||DGAP News Service|
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