Sherlock: Abbreviated Introduction
Decentralized Finance (DeFi) has snowballed over the past two years. With this rapid growth, there has also been a rise in exploits. Hence, some parties believe that exploit protection protocols are one of the fundamental building blocks of the DeFi ecosystem, and that better administration of smart contract security risks will unlock the value of DeFi at a grander scale.
Sherlock’s mission is to make crypto safe for everyone, and it was created to bring a more accessible, safer, and more affordable user experience to DeFi.
Sherlock is built on the Ethereum blockchain. The Project relies on security experts, either individuals or teams, who conduct audits that enable Sherlock to provide coverage for smart contracts of a protocol confidently. According to the project, it is the first and only smart contract auditor that provides up to $10 million of coverage behind every audit.
SHER is Sherlock’s governance token which offers several utilities to the holders and has a finite supply.
The Project is located in Miami, Florida, a region fast becoming one of the major hubs in the crypto space. The project has also introduced Sherlock DAO.
The project’s team has a strong technical and entrepreneurial background. Multiple investors also back the Project.
The mainnet was launched last year, and it is also possible to engage in staking. Users can deposit USDC in a Sherlock staking pool for a fixed period, and a portion of the staked tokens is at risk of being liquidated if one of the protocols covered experiences an exploit. The Total Value Locked (TVL) currently is $20.2 million.
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