Multiplier Finance Joins CertiKShield

Originally published
December 1, 2020

Multiplier Finance joins CertiKShield, the membership-based decentralized reimbursement network in case of lost or stolen tokens.

Focusing on the center of DeFi, users with Ethereum/ERC-20 digital assets may supply their tokens to the Multiplier Protocol through Simplified Stable Bonds (SSB) contracts as a source of stable returns, without needing to manage their assets, fulfill loan requests, or take speculative risks.

SSB Contracts mint MXX tokens, offering users a stable yield for their underlying assets.

Now, with the safety net provided by a CertiKShield membership, the Multiplier team can rest assured, knowing that they’ve secured their native token, MXX, under the protection of CertiKShield in case of unexpected events.

This safety net will also extend towards Multiplier’s upcoming lending protocol on Binance Smart Chain, Multi-Chain Lend (MCL). Upon a successful audit by CertiK on MCL, the native governance token, bMXX will be covered by CertiKShield as well.

The benefactors of this CertiKShield membership are not only the Multiplier team, but the wider Multiplier community and token holders, too. The team’s decision to join CertiKShield has opened the opportunity for MXX (and soon bMXX) token holders to protect themselves by joining the CertiKShield pool.

Reimbursement of Lost or Stolen Crypto powered by CertiKShield

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 $MXX holder, consider joining CertiKShield to mitigate the impact of any blockchain security event resulting in lost, stolen, or inaccessible $MXX.

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.

Click here for our definitive guide on CertiKShield, or if you’d like to get signed up right away, check out our form here.