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Friday, March 29, 2024

Safety And Ease First – Oryen Network Less Dangerous Than Aave Or Compound

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In recent years, various DeFi protocols have emerged that promise to change the world of finance. Thus far, the most successful teams have earned the respect of their communities.

When thinking of notable examples, AAVE and Compound come to mind.

Aave can be best defined as a collection of lending pools. Users of the Aave protocol deposit funds collected in a liquidity pool. Borrowers can then draw from the pools and take a loan.

Tokens can be traded and transferred according to the wishes of a lender.

Aave issues aToken, and AAVE tokens to make it possible to operate the protocol. aTokens are given to lenders to collect interest on their deposits, while AAVE tokens are the native tokens of the protocol. AAVE tokens come with various benefits. For instance, borrowers of AAVE do not pay a fee when taking a loan in the token — besides that, using it as collateral comes at a discount.

Holders of AAVE can have a first peek at loans before releasing them to the public
when they pay a preview fee in AAVE. Those who use AAVE as collateral can borrow slightly
more.

One of the unique features of Aave is flash loans. These are issued and settled in an instant. Users need to provide collateral upfront, and they can be settled in near real-time.

Flash loans rely on the unique setup of blockchains, where transactions are only finalized when a block is accepted on the network. With a flash loan, a borrower will request funds from Aave but has to pay back at a fee. If they do not pay, the transaction is erased. A borrower can use a flash loan to maximize profits from other Ethereum-based systems. Assets can be swapped automatically using a flash loan.

However, hackers have misused these flash loans in the past, leading to the loss of millions of dollars worth of crypto in flash loan attacks. Compound is another DeFi protocol. It lets users borrow and lend crypto assets, just like Aave.

The platform features a governance token called COMP.

Oryen Network is More Secure

Compound and Aave protocols have suffered massive attacks that led to the loss of millions of dollars of value. The attacks have been so large that they sometimes caused AAVE and COMP tokens to lose their valuation.

While the projects always regain the trust of their community, they show that they have security flaws. These flaws will continue to have a bigger impact as DeFi grows. Oryen Network will not suffer from these security issues.

A significant reason why Compound and Aave suffer such huge losses is that tokens are stored in a centralized smart contract. When the smart contract has a bug, a hacker can move millions of dollars in value within seconds. Oryen Network deals with the issues by ensuring no centralized smart contract. Holders of the network’s ORY tokens will retain complete control of them while staking. That will ensure that the Oryen Network will be the most secure in DeFi. It does not leave room for hackers.

Summary

Oryen Network will deal a decisive blow to vulnerabilities in DeFi networks. The project is
launching with a hacker-proof model to ensure all users can protect their wealth. Everyone is welcome to be part of this revolutionary model.

For more information:

Join Presale: https://presale.oryennetwork.io/register
Website: https://oryennetwork.io

(ThePrint ValueAd Initiative content is a paid-for, sponsored article. Journalists of ThePrint are not involved in reporting or writing it.) 

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