Hacken’s Community-Focused DeFi Security Flash Pool Reaches Full Capacity in 11 Minutes

Hacken, a leading blockchain security auditor, has launched its groundbreaking DualDefense Flash Pools, which integrates genuine yield with community-focused security improvements in decentralized finance (DeFi).

The platform was unveiled on October 23, 2024, to fill significant gaps in the sector by providing sustainable financial models while enhancing security through a collaborative initiative involving clients, security researchers, and the community.

At its launch, the initial pool of 206,000 $HAI tokens, offering an appealing 115% annual percentage yield (APY), was fully subscribed in just 11 minutes. This inaugural pool was allocated to the Node Terminal community audit, where the rewards from the staked pool will be distributed to bug hunters who detect vulnerabilities within the project.

Hacken has indicated that additional pools will be introduced shortly, reflecting increasing interest from clients and token holders.

Hacken’s Approach: Combining Audits with Community-Driven Security

Hacken’s DualDefense model presents a novel strategy for security auditing in the DeFi landscape. When a client seeks an audit, Hacken conducts a thorough examination of the project’s code.

Subsequently, a 35-day smart contract-based Flash Pool is initiated, where Hacken contributes USDC, and $HAI token holders are invited to stake their tokens. Independent security researchers are then called upon to scrutinize the code. If they uncover critical vulnerabilities, they receive rewards from the Flash Pool.

This methodology creates a mutually beneficial scenario for all participants. Clients gain an extra layer of security at no additional cost, ensuring their projects are thoroughly safeguarded.

At the same time, $HAI stakers can achieve up to 180% APY, a reward derived from actual market activity rather than inflationary token distributions.

This represents a significant advancement towards more sustainable financial models in DeFi, as the returns are based on real utility instead of speculative growth.

In a press release distributed to Cryptonews, Hacken CEO Dyma Budorin emphasized the company’s dedication to transparency and security. Budorin remarked;

“We put our skin in the game, bold enough to reveal the results of our work. We’re committed to transparency and trust, striving to improve the industry by making bug bounties accessible to all, even the smallest projects that previously couldn’t afford it. A win-win-win situation for all parties involved.”

Boosting Security While Incentivizing Participation

A key feature of Hacken’s DualDefense is its emphasis on utilizing the community to bolster security. Hacken’s new platform offers an additional security verification by incentivizing independent researchers.

These researchers are encouraged to validate Hacken’s audits since their discoveries can earn them rewards from the Flash Pool.

Furthermore, Hacken has launched the first-ever prediction market linked to audit verification, providing real-world utility beyond conventional speculative frameworks. Participants who stake in the Flash Pool effectively wager on Hacken’s thoroughness.

It is evident that as more users stake $HAI, white hat hackers will be motivated to participate, fostering a robust system where security and profitability are aligned.

Hacken’s vision goes beyond merely offering another yield-generating platform. The company is establishing a framework where security, community engagement, and sustainable growth are interconnected.

Through DualDefense, even the smallest projects can access high-quality security services, ensuring the protection of all crypto users.

Hacken is recognized as a leader in the blockchain security domain. Since its inception in 2017, it has performed over 1,500 audits for more than 1,000 clients.

This recent development is a significant benefit for the industry, particularly in light of increasing security threats.

Over $409M was lost to crypto hacks in Q3 2024, according to @immunefi’s latest report. #CeFi and #DeFi platforms were hit hard, with exchanges like @WazirXIndia facing major losses. #BlockchainSecurity #CryptoSecurityhttps://t.co/4SbkuWq0U4

— Cryptonews.com (@cryptonews) September 26, 2024

In the third quarter of 2024 alone, an estimated $409 million was taken by crypto hackers. The report highlights that 99.25% of losses were due to hacks, while fraud accounted for merely 0.75%.

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