Kava Labs, the team behind the Kava DeFi Hub and HARD Protocol which enable users to earn high yields on their digital assets, has chosen to protect their project and their communities with a CertiKShield membership.
To date, Kava’s lending application has over $30M in collateral deposits and is cross-chain money market, HARD Protocol has over $13M in total assets supplied to its markets. With the backing of industry giants, including Binance, Kraken, and Ripple, on top of being mentioned as the ‘Hidden Gem of the Decade’ by Forbes, Kava has taken the next step in building the robustness of their ecosystem.
A CertiKShield membership enables Kava to seek reimbursements of lost tokens, while also opening the membership to the wider community of $KAVA holders too. Any member of the Kava community may soon choose to join the CertiKShield membership, protecting their own $KAVA tokens from theft or losses due to code malfunctions and hacks.
CertiKShield is a decentralized, membership-based plan to provide reimbursements for lost or stolen assets. CertiKShield Pools are intended to serve as discretionary community funds used to protect its members.
The need for protection in the security minefield of cyberspace that is blockchain has never been more clear. The first 5 months of 2020 alone saw over $1.4B of crypto stolen, with countless more made inaccessible through security flaws in the fundamental protocols which underpin so many cryptocurrency transactions and smart contract interactions.
Though it’s true, a significant amount of crypto is stolen through malicious attacks, the problem doesn’t end there. Much of the crypto assets which become lost or inaccessible are due to malfunctions in the underlying code or, on occasion, something as simple as human error.
CertiKShield solves one of the major problems which the immutability of blockchain presents; the inability to recover, in any way, crypto-assets which have been legitimately stolen, lost, or made inaccessible, often through no fault of the end-user.
Memberships aren’t restricted to projects, however. Holders of any crypto asset can shield themselves from unexpected security risks that may present themselves in the cryptosphere by purchasing Shields for the relevant tokens. If you’re a $KAVA holder, consider joining CertiKShield to mitigate the impact of any blockchain security event resulting in lost, stolen, or inaccessible $KAVA.
With this in mind, we’d like to encourage you to secure your project or personal crypto assets with a CertiKShield membership. As part of our commitment to the CTK, the CertiK Chain, and the wider CertiK ecosystem, we’re offering a 20% reduction in the cost of CertiKShield memberships when paying in $CTK.