Benchmark Protocol Adds Smart Contract Cover for The Press Using Nexus Mutual
Benchmark Protocol is happy to announce that Smart Contract Cover has been implemented into our Uniswap and Balancer pools in The Press. Users who are currently providing liquidity in the MARK — ETH, MARK — USDC pools on both Uniswap V2 and Balancer can now continue to participate with total confidence. The smart contract cover from Nexus Mutual covers “unintended use of code” that protects losses incurred by any individual participant in the pools strictly as a result of a hack. Users and future participants of the pools do not need to do anything, the coverage is automatically applied and already in effect.
This is one of many steps Benchmark Protocol will continue taking to ensure the long term security and stability of the MARK ecosystem. Building decentralized financial infrastructure requires robust and dependable services. We value and prioritize investment into the security of our protocol so that new and future users have a smooth uninterrupted experience. Our current security audit can be viewed here.
“For events such as the DAO hack and the two parity multi-signature wallet issues that have occurred in the past on Ethereum, it’s important to ensure history doesn’t repeat itself. We take security seriously, and want to ensure that our ecosystem scales responsibly in the months ahead.” — Kurt Uhler COO
Benchmark Protocol is native to Ethereum and has chosen to work with Nexus Mutual given their reputation and expertise in handling smart contract insurance. The Ethereum community is diligently working to ensure the network is as secure as possible and still remains the most decentralized and secure network after Bitcoin. Unfortunately, there will always remain a risk that a particular smart contract is not secure, even with formal verification. In the unlikely event that a hack occurs involving our liquidity pool smart contracts, Benchmark Protocol will be able to make a claim that will be followed by an assessment of damages. Affected users of the liquidity pools at The Press will have payouts made accordingly by the systems put in place at Nexus Mutual. The current stake for coverage can be viewed here. The coverage has been ratified on our website at the bottom via the official Nexus Mutual logo.
About Benchmark Protocol
Benchmark Protocol mitigates liquidation events and hedges risk with the MARK token; a supply elastic, stablecoin-alternative that connects traditional capital markets to DeFi. The protocol operates as a rules-based utility that dynamically adjusts supply based on the CBOE volatility index (VIX) and deviations from the target metric — equal to 1 Special Drawing Rights (SDR) unit. Employing the SDR creates a larger use case rather than exposure to just one currency; the application of this creates a larger user base and delineated exposure to markets around the world. The DeFi space needs a collateral utility that retains its efficacy, and increases inherent, baseline liquidity during periods of high volatility.
Benchmark is built on the Ethereum blockchain. The MARK token is the native asset in the Benchmark network and provides only the utility value available to it through the Benchmark network.
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About Nexus Mutual
Nexus Mutual is a discretionary mutual offering an alternative to insurance for Ethereum users. People who join the mutual become members, and members can buy cover to protect themselves against hacks in smart contract code. It is a mutual, and each member can hold tokens which represent membership rights. It runs on the Ethereum blockchain.
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