In a blog post, Shiba Inu lead developer Kaal Dhairya described the hack as a “serious incident”, a development which put the SHIB price at risk. The Shiba Inu developer revealed that the hacker has begun selling the funds, which could spark a decline in the SHIB price. TradingView data shows that the SHIB price is down over 7% since around the time the Shiba Inu hack occurred.
Amid this development in the Shiba Inu ecosystem and with the SHIB price, Paydax Protocol (PDP) has emerged with a more secure and transparent decentralized finance (DeFi) ecosystem. This has also put the spotlight on the platform’s native PDP token, which is currently priced at $0.015 in its presale and undoubtedly has more upside than the SHIB price.
A Secure And Transparent DeFi Ecosystem For Everyone
As evident in the Shiba Inu hacking incident, security and transparency remain significant issues in the DeFi ecosystem. However, the Paydax Protocol (PDP) is changing the narrative by implementing the right measures to instill confidence again in DeFi platforms.
- Paydax Protocol (PDP) enhances security by utilizing multi-signature wallets with Gnosis Safe, which helps safeguard users’ funds and prevents scenarios like the Shiba Inu incident.
- Assure DeFi has audited the protocol’s immutable smart contracts, with the assessment describing the smart contract as “well secured.”
- The Paydax team is fully doxxed, enabling transparency unlike some other DeFi projects, including the Shiba Inu team, which remains anonymous.
- Paydax’s partnerships and infrastructure further instill trust in its ecosystem with notable names such as Sotheby’s, Brinks, and Onfido handling end-to-end validation. Meanwhile, Chainlink provides secure oracle feeds for real-time pricing.
- The Paydax Protocol (PDP) DApp v1.0 is already live, establishing a model framework for other DeFi platforms, including those within the Shiba Inu ecosystem.
Providing A Solution To The Broken System In TradFi and DeFi
In addition to security and transparency, the Paydax Protocol (PDP) provides solutions to the limitations of traditional finance (TradFi) and decentralized finance (DeFi) ecosystems. For instance, a Shiba Inu holder is unlikely to obtain a loan (or a fair one, if any) on these other platforms due to the limited collateral support.
However, the Paydax Protocol (PDP) is expanding global liquidity by offering a loan-to-value (LTV) ratio of up to 97% on all major crypto assets, alongside real-world assets (RWAs).
While platforms such as Aave, Compound, and MakerDAO paved the road in DeFi, Paydax is broadening the scope of lending and borrowing in the space with:
- Fixed interest rates of between 5% and 7%, providing competitive interest loans.
- Collateral types also include staked and LP tokens, enabling token holders to participate in DeFi while maintaining control over their long-term investments.
- Automated safeguards to manage liquidation risks, including Health Factor monitoring.
- A user-friendly interface that includes a simple vault system and access to instant liquidity.
How The System Works
- Borrowers simply deposit approved collaterals, such as the Paydax Protocol (PDP) token, BTC, ETH, or RWAs, which can include tokenized stocks or gold, into the LendingPool.
- They borrow stablecoins or blue-chip crypto assets against their collateral and at a fixed interest rate. This can be a great way to hedge against the downtrend in the SHIB price.
- Borrowers must then maintain a healthy Health Factor above 1.0 to avoid liquidations.
- It is all community-driven, as users also act as lenders on the platform by supplying their crypto assets to the lending pools. In return, they earn yields of up to 15.2% on Peer-to-Peer (P2P) lending.
Benefits As A PDP Holder
Paydax Protocol (PDP) token holders enjoy discounted borrowing fees alongside other perks. This includes governance rights to have a say in upgrades within the ecosystem and being entitled to a share of the revenue earned on the platform. Token holders also enjoy staking yields of up to 41% for those who partake in leveraged yield farming.
Yields on the platform come in different forms, including:
- DeFi vaults give a passive income of 6% annual percentage yield (APY) for staking crypto assets.
- Protocol staking using the PDP token gives 6% APY and governance rights.
- The redemption pool gives up to 20% when stakers help underwrite loans.
- Leveraged yield farming offers up to 41.25% APY, as borrowers can get additional funds with up to 5x leverage.
The People’s DeFi Bank Is Here
The Paydax Protocol (PDP) has proven to be the people’s DeFi bank, as it prioritizes users above all else. With broad collateral support, everyone can unlock instant liquidity without having to sell their assets. As such, it is no surprise that millions of PDP tokens have already been sold as people look to gain access to the first fully on-chain financial system.
Users can start enjoying yields of up to 41% rather than waiting for a bounce in the SHIB price. Those looking to buy the PDP token, which is priced at $0.015, can also use the Promo code ‘PD80BONUS’ to get 80% bonus tokens. It is time to join those who are already securing access to yields.
Join the Paydax Protocol (PDP) presale and community:
Website: https://pdprotocol.com/
Telegram: https://t.me/PaydaxCommunity
X (Twitter): https://x.com/Paydaxofficial
Whitepaper: https://paydax.gitbook.io/paydax-whitepaper
Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.
