With each passing day, it seems as if the number of attacks on various DeFi projects, protocols, and platforms are increasing at an exponential rate. To date, countless investors have been robbed of millions of dollars as a result of these exploitations, and something needs to be done about it sooner rather than later.
With that in mind, Synapse Network claims to have found the ideal solution to this ever-present issue in the form of the new ‘Investor Protection Program’.
A new program for a new age
The new program is designed to help protect Synapse’s customers from any and all dangerous and fraudulent activities. Even now, the amount of hacks are increasing and do not look to be slowing down any time soon, so the Synapse team wants to ensure that the platform’s users are safeguarded at all times. In order to do just that, the team has issued a number of new rules which need to be looked at in detail.
The team will concentrate on improving quality control procedures and verifying everything to guarantee that nothing is overlooked. Projects which are already part of Synapse Network shall be given additional criteria as well.
Secondly, internal rules for Synapse’s partners will assist in ensuring that everyone is able to work together to help improve community standards. There will also be severe penalties imposed on anybody discovered infringing these regulations. Mitigation strategies for staking programs have also been deployed, with the APR of staking pools reportedly being reduced to assist in coping with inflation.
What do we know about Synapse?
With all of the aforementioned fraudulent entities in existence nowadays, one can never be too careful in this industry, which is why it is important to know what Synapse is all about beforehand. Synapse Network is a platform devoted to the development of a cross-chain startup as well as investment acceleration ecosystem. This digital ecosystem is based on blockchain technology, and the ultimate goal is to provide all investors an equal chance to participate in promising projects at an early stage.
Synapse Network effectively combines both the crypto as well as traditional markets to produce something unique that is not confined to merely a standard launchpad market offer, with the goal of becoming a technological brand capable of providing solid practical solutions.
Aside from the changes already mentioned, all initiatives will be required to keep their token price at a certain level above the IDO price In addition, liquidity will be required at all times to be at least $200,000 unless exceptions apply, partnerships will be established with other top-tier launchpads which will also have a secondary function of sharing important information so as to prevent fraudulent practices from occurring, and more changes are also being made as we speak. The new set of rules was introduced on May 1st, 2022, at 18:00 UTC, much to the delight of the Synapse community.
With these new set of rules, Synapse hopes to put a serious dent in malpractices and stop fraudulent activities from taking place, but it is also the responsibility of traders to do their research beforehand and invest at their own risk.