Protecting Investors with AvengerDAO
AvengerDAO, the latest BNB-based DAO, has just been launched on the Binance network to help protect users from malicious scams and wallet tricks. It is a powerful source meant to establish a stronger security infrastructure on the BNB network, which is one of the fastest growing blockchain networks available.
Security Infrastructure on BNB Network
Security on the Binance network is extremely important because of its connection to the Binance exchange which is the largest crypto exchange available.
The BNB coin, run by Binance, first began on the Ethereum network in 2017. It eventually migrated to its own blockchain in 2020 on the Binance Smart Chain, known as BSC, which is widely used among crypto traders on DEX exchanges.
AvengerDAO
Implementing a DAO that is focused on improving Binance’s security is a meaningful improvement for the countless users on their network and their exchange. To do so, there are a number of features that the AvengerDAO will incorporate to help.
Meter
The Meter system will allow users to generate a passive API that can request security details on smart contracts and other Dapps that users sign their wallets to. This will allow users to see security reviews and statistics about any programs or protocols that they do not feel confident using blindly.Watch
Similar to Meter, Watch will give users real-time feedback on the safety of certain protocols that they are about to interact with. By doing so, users can know immediately what the risks are for anything that they are signing with their wallet.Vault
The vault is a secure place where users can store their funds before using them when requesting security checks with the other AvengerDAO services. This additional layer of security means that users will not have to rush on any decisions that they make with their liquidity and gives them the time to make sure that what they are wishing to do won’t become a major risk.
PancakeSwap Integration
The AvengerDAO has already seen integration with PancakeSwap, the largest Dex on web3, not just the Binance network. Their partnership with Binance has ensured that they are exposed to the massive user base on Binance.
While their exchange has access to a majority of the top crypto coins wrapped in the BSC network, PancakeSwap is also really popular for low-market cap coins that are short-lived and used primarily for gambling.
Protecting low-market cap investors
The issue with these low-market cap coins is that many of them are often scams. It is common to find a lot of new tokens on the BSC that are honeypots. These honeypot tokens are only available for purchasing, but cannot be sold afterward for a profit or loss; forcing the buyers to keep the coins without any profit potential.
With AvengerDAO, these major honeypot scams will be reduced, allowing traders to interact with low-market cap coins more frequently and with more confidence. Though these tokens are not the most innovative cryptocurrencies on the market, they still pose a unique appeal to traders looking to exchange coins that are similar to penny stocks on the stock market.
The added layer of security by AvengerDAO will help fix many problems on the Binance network, and because of the nature of DAOs, the community will have an active voice in how future security protocols can be updated.
