Pandoshi (PAMBO) an emerging crypto has attracted remarkable attention and confidence from investors as they continue to pump over $400,000 daily into the asset. Analysts say this confidence in its potential may be because it is the most secure entrant in the DeFi space so far.
In 2023 approximately $1 billion worth of cryptocurrency was stolen from the DeFi space through hacks. These statistics are daunting for a fairly new industry that’s yet to pass the $50 billion mark. Moreover, DeFi projects contributed to about 96% of cryptocurrencies lost to hacks in the entire crypto space. Pandoshi seems to have placed security at the core of the project to ensure it’s not putting investors at risk.
Common DeFi Projects Security Challenges
Heavy reliance on some centralized components: As controversial as it may sound, most DeFi projects rely heavily on centralized components such as centralized exchanges and liquidity pools. Ironically, in a space that’s expected to be fully decentralized, centralization is the major source of its security issues. Moreover, most DeFi projects are branded as decentralized, which is not the case in reality; only a few parties have control.
Smart contract vulnerabilities: Emphasis on decentralization translates to the need for smart contracts. But, smart contracts can be vulnerable as a result of codebase weaknesses. Without a proper team of developers continuously working on the DeFi project’s protocol, hackers get an opportunity for loopholes in the code imperfections. User’s funds are then put at risk.
In contrast, Pandoshi is a unique project, designed to protect users’ funds every step of the way.
What Makes Pandoshi Absolutely Secure?
The DeFi space is crowded with projects focused on lending and borrowing, which are the most vulnerable to hacks. In 2023, such a project lost over $800 million worth of crypto tokens; Mixin Network ($200 million loss) and Euler Finance ($197 million) making the headlines. Unlike the common trend, Pandoshi is based on a unique value proposition making it less likely to attract hackers’ attention.
Pandoshi will not rely on centralized exchanges. PandoshiSwap, its decentralized exchange (DEX), facilitates peer-to-peer trade. Pandoshi (PAMBO) users will be able to swap tokens directly; which makes it more secure and private. Unlike Uniswap, other crypto assets are not banned on PandoshiSwap; this may attract even more users to the DEX. With DEX users control their keys unlike in centralized exchanges. As the saying goes, “Not your keys (not private), not your coins.”
Pandoshi’s non-custodial wallet that got released a few days ago, coupled with the design to not collect user data, makes it impossible to steal user funds.
Furthermore, Pandoshi plans for constant monitoring of the project’s technical development through Pandoshi Legion. Pandoshi Legion will be composed of crypto community members consisting of developers and other experts with different responsibilities. This community will have subdivisions, with a leader determined through voting. The leaders will be macro-managing the community, ensuring engagement, exchange of ideas, project growth goal setting, and progress monitoring. This means the Pandoshi codebase will be under inspection throughout; making it even more secure.
Pandoshi (PAMBO) is the top cryptocurrency in the DeFi space that investors can grab without security concerns.
Click Here To Take Part In Pandoshi Presale
Visit the links below for more information about Pandoshi (PAMBO):
Website: https://pandoshi.com/ Whitepaper: https://docs.pandoshi.com/
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Source: https://cryptodaily.co.uk/2024/01/crypto-experts-consider-pandoshi-pambo-the-most-secure-project-in-the-defi-space