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NFT Lending Agreement ParaSpace Reopens After Security Upgrades

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On March 21, it was reported that the NFT lending agreement ParaSpace disclosed the progress of attack processing and will reopen the agreement in stages. BlockSec and 12 other sec

NFT Lending Agreement ParaSpace Reopens After Security Upgrades

On March 21, it was reported that the NFT lending agreement ParaSpace disclosed the progress of attack processing and will reopen the agreement in stages. BlockSec and 12 other security experts in the field have completed the review and testing of security patches. Currently, ParaSpace is undergoing security reviews and testing to enhance the security of withdrawal time locks. ParaSpace has launched its repayment function, and will resume its supply function later today. On Tuesday, it will resume its automatic compound interest and cAPE automatic repayment functions. On Wednesday, it will resume its clearing function. On weekends, it will use Timlock security enhancements to borrow and withdraw funds.

ParaSpace: Provide NFT compensation that can be exchanged for ParaSpace tokens for all affected users

Are you familiar with the term Non-Fungible Tokens (NFTs)? If so, you may have heard of ParaSpace, an NFT lending agreement that was recently attacked. In response, ParaSpace has undergone a security review and testing period to enhance its safety measures before reopening its agreement.

What Happened?

On March 21, it was reported that ParaSpace was under attack. However, ParaSpace quickly responded by disclosing the progress of attack processing and announcing that it would undergo significant security reviews and testing periods to enhance the platform’s safety measures.
BlockSec and 12 other security experts reviewed and tested security patches to assist ParaSpace in providing a more secure platform. Currently, ParaSpace is undergoing further security reviews and tests to improve the security of withdrawal time locks.

Repayment Function Resumed

ParaSpace has already launched its repayment function and will reopen the agreement in stages. Later today, it will resume its supply function.

Automatic Compound Interest and cAPE Automatic Repayment

On Tuesday, ParaSpace will resume automatic compound interest and cAPE automatic repayment functions, providing a more streamlined process for NFT lending.

Clearing Function Resumes

On Wednesday, ParaSpace plans to resume its clearing function, allowing users to exchange their NFTs more efficiently.

Timlock Security Enhancements

On weekends, ParaSpace will use Timlock security enhancements to improve the safety and security of borrowing and withdrawing funds.

Final Thoughts

ParaSpace’s swift response to the attack demonstrates the importance of a proactive approach to system security. The platform’s ongoing security enhancement process is vital to ensuring the safety of users’ digital assets.

FAQs

1. Is ParaSpace a safe platform?
While ParaSpace suffered an attack in March, the platform has taken significant measures to enhance its security and measures to safeguard users’ digital assets.
2. How does ParaSpace work?
ParaSpace operates as an NFT lending agreement where users can loan cryptocurrency using their NFTs as collateral.
3. Can I trust ParaSpace after the recent attack?
ParaSpace has shown a commitment to enhancing its security measures and implementing the latest technology to ensure the safety of its users’ digital assets.

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