DeFi Hacks 2021
Unfortunately, cryptocurrency hacks are on the up. According to Cipher Trace, DeFi related hacks account for 60% of the total hack and theft volume, a 25% increase from 2020. $432 million dollars was stolen in the first quarter of 2021, and since then we’ve had the $600 million PolyNetwork & $97 million Liquid Exchange hacks making headlines around the globe. Cyber security (or lack there of) is a major problem in the DeFi space.
Enter HAPI..
HAPI is an “on chain cybersecurity protocol with trustless oracles preventing hacker attacks.” Developed by the anonymous white hat hacker Dona Mara in association with Ukrainian cybersecurity consulting firm, Hacken Foundation, HAPI gathers data about hacks and suspicious wallet addresses into an oracle, which is then made available to exchanges and other interested parties. By accessing this data using the HAPI token, exchanges can quickly identify and freeze accounts, effectively stopping criminals from cashing out stolen funds.
So what’s the value proposition?
It’s simple, hacks are expensive and very bad for business. This makes cybersecurity an essential service. What HAPI has done is tokenised access to its oracle, security audits and other preventative solutions, whilst simultaneously incorporating a decentralised autonomous organisation (DAO). The below diagram, taken from the HAPI White Paper, outlines the way in which HAPI might be integrated:
Key Features of HAPI
- Blockchain agnostic — suits most popular blockchains.
- Provides realtime data
- Highest industry security standards — built by hackers to stop hackers
- Receives data from providers elected by the DAO
Tokenomics
There is a total supply of 1,000,000 HAPI. The breakdown of token allocation is as follows:
- Team & Partners = 24%
- Private Token Sale = 43%
- Public Token Sale = 3%
- Liquidity Pool = 12%
- Farming Rewards = 18%
HAPI Price Action
HAPI’s all time high of $200.39 was on 21st March 2021. Since the crypto market correction in May, HAPI has been hovering around the $50 mark. This could be about to change as the project evolves and new partnerships are announced..
Partnerships
HAPI has an impressive amount of high-end partners. These include, but are not limited to:
Solana, Uniswap, KuCoin, Reef Finance, Polygon / MATIC, Solbridge, Pancakeswap, Dafi, Polkalokr, BLOCKBankApp, Moni Talks, ImePlatform, Unifarm, BringFinance, Standard Defi, Bulk Network, Roseon Finance, Disciplina, APYswap, DeHive Protocol, Crystal Platform
Boca Chica
Boca Chica is a HAPI owned launchpad for new projects based on the Solana blockchain.
“Boca Chica is a project of the HAPI team integrated in Solana to create an IDO platform on the Solana blockchain. Offering a unique structure that aims to reward every participant in a fair and homogenous way, Boca Chica sets new heights in terms of Launchpads. On top of that, with Boca Chica, HAPI acquires one of the most crucial token utilities yet.”
“HAPI will be utilised as the main asset to obtain access to the exclusive HAPI round held on Boca Chica platform. The HAPI round adds a key utility case for the token, incentivising participants of all future Solana-based IDO projects to hold HAPI and partake in the Boca Chica ecosystem.
Recent HAPI Announcements
- 22/07/21 — $HAPI token launched on Polygon
- 28/07/21 — HAPI partner with Reef DeFi
- 29/07/21 — $HAPI lists on Delta Theta
- 30/07/21 — Integration of Phantom Wallet in Boca Chica launch platform
- 11/08/21 — HAPI team voice views on PolyNetwork Hack
- 12/08/21 — Polygon / HAPI AMA
- 17/08/21 — HAPI protocol to be integrated on XinFin’s XDC Network
The XinFin XDC Partnership Announcement
This is the latest partnership announcement from HAPI, and to be honest, it has the potential to be a game-changer. XinFin is a Singapore-based blockchain company that is reportedly working with two of Australia’s biggest banks, the Commonwealth Bank of Australia and ANZ.
The XDC Network — created by XinFin — is a global, open-source, delegated proof of stake consensus network (XDPoS), which enables hybrid relay bridges, instant block finality and interoperability with ISO 20022 financial messaging standards. The network’s hybrid architecture is designed to support institutional use in trade finance and tokenization and is equipped to reduce the existing finance gap in global infrastructure. With interoperable smart contracts, 2,000 transactions per-second, and Ethereum Virtual Machine compatibility, the XDC Network provides a scalable infrastructure for enterprises and independent community contributors.
XDC Network has been selected as the first blockchain company to join the global Trade Finance Distribution (TFD) Initiative, a consortium of trade originators, credit insurers, and institutional funders, including the two big Aussie banks.
HAPI will be increasing the security of XDC via smart contract integration. It will also be utilising machine learning and community governance to counter potential attacks.
HAPI offers an easily integrated layer of security to most blockchain protocols. Dona Mara is a world-renowned white-hat hacker, with impressive credentials and Hacken AI is a leading security consulting company, ideally suited to developing the project. HAPI could potentially save centralised and de-centralised exchanges millions of dollars, and judging by the rapidly expanding list of partners, it’s proving an attractive solution.
There are naturally other competitors in the space (Lossless being one), but HAPI seems to offer unique selling points. From an investment point of view, HAPI has a relatively low market cap (currently $19,675,400) & a very limited supply of tokens (1,000,000). As the token is integral to the product, token appreciation is inevitable, should wide-spread adoption take place. This will be accelerated if leading projects decide to launch on the Boca Chica launchpad.
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