ParaSpace: Security patch review and testing have been completed, and the protocol will be restarted in stages before March 25

On March 20th, the NFT loan agreement ParaSpace tweeted that the review and testing of the security patch has now been completed to ensure the security of user assets when restarting the agreement on the main network. The cash withdrawal time lock contract is being improved and will be reviewed and tested in the next few days. The ParaSpace team has decided to phase in the reopening of the agreement, giving priority to repayment, supply, liquidation, loans, withdrawals, and time lock enhancements. The team expects all platform features to be available by March 25th. The repayment function of the first stage of the platform has been launched, and it is hoped to provide users with an opportunity to repay debts while liquidation is still suspended.

Interpretation of this information:

On March 20th, ParaSpace, an NFT loan agreement, announced that they have completed the review and testing of their security patch to ensure the safety of user assets. They also mentioned that they are currently improving the cash withdrawal time lock contract, which will undergo review and testing in the coming days. ParaSpace’s team has decided to phase in the reopening of the agreement, prioritizing repayment, supply, liquidation, loans, withdrawals, and time lock enhancements. They expect all platform features to be available by March 25th.

This announcement implies that ParaSpace experienced security concerns prior to the closure of the agreement. However, the completion of the review and testing of their security patch ensures that the users’ assets are protected when the main network reopens. Besides, the forthcoming review and testing of the cash withdrawal time lock contract shows that ParaSpace values the security of its users’ digital assets along with their user experience.

Furthermore, ParaSpace’s approach of phasing in the reopening of the agreement indicates that they are cautious about preventing another potential security breach. By gradually reopening the platform, the team can monitor and address any issues before making the full platform available by March 25th. Additionally, the launch of the repayment function in the first stage allows users to repay their debt while liquidation is still suspended, providing a sense of reliability to the ParaSpace platform.

In summary, ParaSpace is taking a proactive approach to secure the user assets and improve the user experience. They are enhancing the security of their system in response to their previous concerns, carefully reopening the agreement to ensure no risks, and gradually releasing all platform features. As they focus on repayment, supply, liquidation, loans, withdrawals, and time lock enhancements, they intend to provide a dependable platform where users can invest and transact with confidence.