Jun 7, 2024

Jun 7, 2024

Jun 7, 2024

How Velar Prioritizes Security and Stays True to DeFi Principles

How Velar Prioritizes Security and Stays True to DeFi Principles

How Velar Prioritizes Security and Stays True to DeFi Principles

As a decentralized exchange (DEX), Velar is committed to providing a secure platform that adheres to the core tenets of decentralized finance (DeFi). We believe in empowering users with full control over their funds and ensuring the integrity of the platform. 

In this blog post, we'll discuss how Velar prioritizes security and upholds the DeFi ethos.

1. Non-Custodial: Your Keys, Your Crypto

One of the fundamental principles of DeFi is the idea of being non-custodial. Velar operates as a non-custodial DEX, meaning that users retain complete control over their private keys and funds. 

We do not have access to user funds or the ability to execute unauthorized transactions. This ensures that you remain in full control of your assets at all times.

2. Decentralized Architecture

Velar is built on a decentralized architecture, leveraging smart contracts and blockchain technology. 

This means that there is no central point of control or failure. Transactions are executed directly on the blockchain, ensuring transparency, immutability, and resistance to censorship. Our smart contracts have undergone rigorous audits to ensure their security and integrity.

3. Liquidity Provider Security

For liquidity providers (LPs), Velar offers a secure environment. LPs contribute their funds to liquidity pools, which are managed by smart contracts. Velar does not have access to the private keys associated with these liquidity pools. 

LPs retain full ownership and control over their contributed assets. The smart contracts governing the liquidity pools have been carefully designed and audited to minimize the risk of vulnerabilities or exploits.

We, at Velar, have minimized the privileges of the core contract owner to ensure the security of user funds, which remain locked. The owner's privileges are limited to setting and updating fees, collecting fees, and setting the share-fee-to principal. You can view the core contract details at this link: https://explorer.hiro.so/txid/SP1Y5YSTAHZ88XYK1VPDH24GY0HPX5J4JECTMY4A1.univ2-core?chain=mainnet

4. Transparency and Audits

Velar believes in maintaining transparency to build trust with our users. Our smart contracts and platform undergo regular audits by reputable third-party security firms. 

These audits help identify any potential vulnerabilities or weaknesses, allowing us to proactively address and resolve them. We are committed to providing a secure and reliable platform for our users.

5. Continuous Security Enhancements

At Velar, security is an ongoing process. We are dedicated to continuously improving and enhancing the security measures of our platform. 

Our team stays up-to-date with the latest security best practices, industry standards, and emerging threats in the DeFi landscape. We regularly conduct internal reviews and work closely with security experts to strengthen our defenses.

6. User Education and Responsibility

While Velar takes extensive measures to ensure the security of the platform, it is essential for users to also practice good security hygiene. We encourage users to follow best practices such as using strong passwords, enabling two-factor authentication, and keeping their private keys secure. Education and awareness are key components of maintaining a secure DeFi ecosystem.

At Velar, we are committed to upholding the principles of decentralization, security, and user empowerment. By prioritizing the safety of user funds, maintaining a non-custodial model, and embracing transparency, we strive to provide a reliable and trustworthy DEX experience. Join us in our mission to build a secure and inclusive DeFi ecosystem.

Stay secure, stay decentralized with Velar.

As a decentralized exchange (DEX), Velar is committed to providing a secure platform that adheres to the core tenets of decentralized finance (DeFi). We believe in empowering users with full control over their funds and ensuring the integrity of the platform. 

In this blog post, we'll discuss how Velar prioritizes security and upholds the DeFi ethos.

1. Non-Custodial: Your Keys, Your Crypto

One of the fundamental principles of DeFi is the idea of being non-custodial. Velar operates as a non-custodial DEX, meaning that users retain complete control over their private keys and funds. 

We do not have access to user funds or the ability to execute unauthorized transactions. This ensures that you remain in full control of your assets at all times.

2. Decentralized Architecture

Velar is built on a decentralized architecture, leveraging smart contracts and blockchain technology. 

This means that there is no central point of control or failure. Transactions are executed directly on the blockchain, ensuring transparency, immutability, and resistance to censorship. Our smart contracts have undergone rigorous audits to ensure their security and integrity.

3. Liquidity Provider Security

For liquidity providers (LPs), Velar offers a secure environment. LPs contribute their funds to liquidity pools, which are managed by smart contracts. Velar does not have access to the private keys associated with these liquidity pools. 

LPs retain full ownership and control over their contributed assets. The smart contracts governing the liquidity pools have been carefully designed and audited to minimize the risk of vulnerabilities or exploits.

We, at Velar, have minimized the privileges of the core contract owner to ensure the security of user funds, which remain locked. The owner's privileges are limited to setting and updating fees, collecting fees, and setting the share-fee-to principal. You can view the core contract details at this link: https://explorer.hiro.so/txid/SP1Y5YSTAHZ88XYK1VPDH24GY0HPX5J4JECTMY4A1.univ2-core?chain=mainnet

4. Transparency and Audits

Velar believes in maintaining transparency to build trust with our users. Our smart contracts and platform undergo regular audits by reputable third-party security firms. 

These audits help identify any potential vulnerabilities or weaknesses, allowing us to proactively address and resolve them. We are committed to providing a secure and reliable platform for our users.

5. Continuous Security Enhancements

At Velar, security is an ongoing process. We are dedicated to continuously improving and enhancing the security measures of our platform. 

Our team stays up-to-date with the latest security best practices, industry standards, and emerging threats in the DeFi landscape. We regularly conduct internal reviews and work closely with security experts to strengthen our defenses.

6. User Education and Responsibility

While Velar takes extensive measures to ensure the security of the platform, it is essential for users to also practice good security hygiene. We encourage users to follow best practices such as using strong passwords, enabling two-factor authentication, and keeping their private keys secure. Education and awareness are key components of maintaining a secure DeFi ecosystem.

At Velar, we are committed to upholding the principles of decentralization, security, and user empowerment. By prioritizing the safety of user funds, maintaining a non-custodial model, and embracing transparency, we strive to provide a reliable and trustworthy DEX experience. Join us in our mission to build a secure and inclusive DeFi ecosystem.

Stay secure, stay decentralized with Velar.

As a decentralized exchange (DEX), Velar is committed to providing a secure platform that adheres to the core tenets of decentralized finance (DeFi). We believe in empowering users with full control over their funds and ensuring the integrity of the platform. 

In this blog post, we'll discuss how Velar prioritizes security and upholds the DeFi ethos.

1. Non-Custodial: Your Keys, Your Crypto

One of the fundamental principles of DeFi is the idea of being non-custodial. Velar operates as a non-custodial DEX, meaning that users retain complete control over their private keys and funds. 

We do not have access to user funds or the ability to execute unauthorized transactions. This ensures that you remain in full control of your assets at all times.

2. Decentralized Architecture

Velar is built on a decentralized architecture, leveraging smart contracts and blockchain technology. 

This means that there is no central point of control or failure. Transactions are executed directly on the blockchain, ensuring transparency, immutability, and resistance to censorship. Our smart contracts have undergone rigorous audits to ensure their security and integrity.

3. Liquidity Provider Security

For liquidity providers (LPs), Velar offers a secure environment. LPs contribute their funds to liquidity pools, which are managed by smart contracts. Velar does not have access to the private keys associated with these liquidity pools. 

LPs retain full ownership and control over their contributed assets. The smart contracts governing the liquidity pools have been carefully designed and audited to minimize the risk of vulnerabilities or exploits.

We, at Velar, have minimized the privileges of the core contract owner to ensure the security of user funds, which remain locked. The owner's privileges are limited to setting and updating fees, collecting fees, and setting the share-fee-to principal. You can view the core contract details at this link: https://explorer.hiro.so/txid/SP1Y5YSTAHZ88XYK1VPDH24GY0HPX5J4JECTMY4A1.univ2-core?chain=mainnet

4. Transparency and Audits

Velar believes in maintaining transparency to build trust with our users. Our smart contracts and platform undergo regular audits by reputable third-party security firms. 

These audits help identify any potential vulnerabilities or weaknesses, allowing us to proactively address and resolve them. We are committed to providing a secure and reliable platform for our users.

5. Continuous Security Enhancements

At Velar, security is an ongoing process. We are dedicated to continuously improving and enhancing the security measures of our platform. 

Our team stays up-to-date with the latest security best practices, industry standards, and emerging threats in the DeFi landscape. We regularly conduct internal reviews and work closely with security experts to strengthen our defenses.

6. User Education and Responsibility

While Velar takes extensive measures to ensure the security of the platform, it is essential for users to also practice good security hygiene. We encourage users to follow best practices such as using strong passwords, enabling two-factor authentication, and keeping their private keys secure. Education and awareness are key components of maintaining a secure DeFi ecosystem.

At Velar, we are committed to upholding the principles of decentralization, security, and user empowerment. By prioritizing the safety of user funds, maintaining a non-custodial model, and embracing transparency, we strive to provide a reliable and trustworthy DEX experience. Join us in our mission to build a secure and inclusive DeFi ecosystem.

Stay secure, stay decentralized with Velar.

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©2024, All right reserved.

©2024, All right reserved.

©2024, All right reserved.