.solana-based DEX mangomarkets has announced two security features ahead of its version 4 rollout following a $114 million exploit in October. Reporting by oknightcrypto.
Solana-based decentralized exchange Mango Markets has announced two new features ahead of its version 4 rollout, with focus on mitigating immediate security threats.$114 million being siphoned out of the exchangeIn an attempt to avoid another hack or exploit Mango will impose new limits on the multi-sig wallet, which will allow the developers to respond to"unforeseen market dynamics" and any vulnerabilities in the program code.
"All other changes to the program need to be approved by all holders of the DAO," the exchange said in aIn the event of unforeseen market conditions, Mango's security council can put the protocol into"post-only mode" to limit deposits, buys, borrows and position increases. The decentralized autonomous organization can then vote on whether to halt trades, force settlement or updating risk parameters.
The exchange, which processed over $28 billion in transactions from its inception to when it was halted, is expected to put its v4 product into beta mode over the coming months, although a definitive date isn't set.
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