Alpaca Finance x Wault Finance: Emphasizing Trust and Security on BSC
Dear BNB Chain Community,
Today marks an important step forward in regards to transparency, trust, and security, both for us, and hopefully, the BNB Chain ecosystem as a whole.
One of the issues community members in DeFi are always worried about is the security of their funds, and their concerns are understandable. After all, DeFi has exploded so fast that the necessary building blocks and lateral services haven’t had a chance to keep up. In fact, many haven’t even been properly built yet!
Despite that, in an ecosystem with such high upside potential in rewards, many users have chosen to minimize or even ignore the risks in pursuit of higher yields. In addition, DeFi projects know this as well — that they don’t have to focus on security in order to gain users and TVL. From their perspective, why spend resources on that when many users don’t care? Wouldn’t it be more efficient to find ways to increase yields instead?
In a good amount of cases, chasing upside like this has paid off for both the users and the projects. However, sometimes, when you run fast enough, you fail to notice the unsteadiness of the ground beneath your feet — leading to a catastrophic fall.
Worst of all, this fall isn’t uncommon; rug-pulls, hacks, and various exploits. These have all been happening much too often in recent months. So for every user and project that has gotten away despite having no safety net, others have been left with empty accounts, their funds drained, and their hopes shattered.
Both Alpaca Finance and Wault Finance believe that in the long term, this is no way to proceed. Reckless endeavors can only continue for so long until one major block in the pyramid breaks and the entire construct comes crashing down, crushing everyone above and below. In reality, this is inevitable too. After all, if you spend enough time walking by the water, you’re bound to get your feet wet eventually. And if you’re unlucky, you might even get taken away by a high tide…
So our two projects have developed a partnership, agreeing to focus on spreading both the knowledge and necessary tools to help add a much-needed layer of security to BNB Chain. Now, besides for both projects undergoing audits from multiple companies, our first major collaboration is using Wault’s new product — Wault Locker.
One potential vector for teams to rug-pull is by selling their tokens early. Some ways to do this are by accessing funds that are supposed to be vested or by withdrawing seed funds in a liquidity pool, dumping them and leaving a pool with insufficient liquidity for users to get out at a decent price. The solution to that is Wault Locker. It’s a DApp to lock liquidity for chosen periods of time, offering similar value as certain prosperous offerings on the ETH blockchain such as UniCrypt and Team.Finance. However, Wault Locker is the first of its kind on BNB Chain!
In our case at Alpaca, the team has seeded the sALPACA/ALPACA pool with 1,000,000 tokens in liquidity, and committed to keeping the LP tokens locked for 4 months. One might ask, how can the community be sure that this promise will be upheld? Well, through Wault Locker, a project doesn’t need to make promises; It can make guarantees!
We’ve locked our funds at https://locker.wault.finance/ for the next 4 months until July 12th, using the power of inviolable smart contracts to solidify our commitment. You can view it in the transaction below:
Binance Transaction Hash (Txhash) Details | BscScan
0x592f862260579f7ee2e61232fcc439f63274ea34e677db2aefb1a49e5945f572 15 hrs 19 mins ago (Mar-19-2021 09:40:07 AM +UTC)…
So for both Alpaca and Wault, this will be the first step of many to helping spread security and transparency on BNB Chain. Now, people will not only have places to earn high yields, but to know they’re doing so in complete safety.
About Alpaca Finance:
Alpaca Finance is the first leveraged yield farming protocol built on BNB Chain. We are a fair launch project with no pre-sale, no investor, and no pre-mine. It is truly a product built by the people, for the people. Or as we like to say: by the Alpacas, for the Alpacas.
About Wault Finance:
Wault.Finance is a decentralized finance hub that plans to connect all the primary DeFi use-cases within one simple ecosystem on BNB Chain. Wault believes the benefits of DeFi should be accessible to the masses but in an intuitive way; avoiding the expensive fees, confusing interfaces, and centralized decision- making of many current platforms. So with these goals in mind, Wault has built a protocol with some unique features that will amplify the power of wealth-accumulation for their users.
View the locker: https://locker.wault.finance/