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ParaSpace Contract Issues: Understanding the Risks of Asset Extraction

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ParaSpace Contract Issues: Understanding the Risks of Asset Extraction

On March 17th, the Web3 Knowledge Map Protocol 0xscope tweeted, saying, “The ParaSpace contract is not working properly: 1. Users can extract more APEs than they thought. 2. User debt calculation errors have led to 268 liquidations in progress.” 0xscope reminded, “Extracting your assets requires you to assume your own risk.”

The contract failed before the ParaSpace protocol was suspended, allowing users to overdraw APE and causing a large number of incorrect clearing

Analysis based on this information:


The recent tweet by the Web3 Knowledge Map Protocol 0xscope brings attention to some serious issues related to the ParaSpace contract. According to the tweet, users may extract more APEs than they intended, and calculation errors could lead to liquidations. It is important for users to understand the risks associated with asset extraction and the need to assume their own risk.

Overall, the tweet highlights the need for better monitoring and risk management strategies in the world of blockchain technology. In this context, the ParaSpace contract is just one example of the challenges that developers and users face in trying to create safe and secure platforms for digital transactions.

Understanding the details of the ParaSpace contract is crucial in order to make sense of the issues raised by the tweet. APEs, or Automated Price Evaluations, are a type of token used in the ParaSpace platform to represent other cryptocurrencies. Users can trade these tokens, and the contract is designed to ensure that the value of each APE remains stable relative to the cryptocurrency it represents.

However, as the tweet suggests, there are some problems with this contract. One issue is that users may be able to extract more APEs than they intended due to errors in the code. Additionally, computation errors can lead to liquidations, which are essentially forced sales of APEs when the value of a user’s debt exceeds a certain threshold.

Despite these issues, the tweet emphasizes that users must be aware of the risks associated with any type of asset extraction in the blockchain world. This is particularly important because blockchain transactions are irreversible, meaning that any mistakes or problems cannot be undone.

In conclusion, the tweet by the Web3 Knowledge Map Protocol 0xscope is a reminder of the importance of understanding the risks involved in blockchain transactions. It highlights the challenges that developers and users face in trying to create safe and secure platforms for digital transactions. Ultimately, it is up to each individual to take responsibility for their own actions and assume the risks associated with asset extraction.

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