- The Lossless team reveals an exciting expansion of their security solution, Aegis, now supporting Avalanche as its seventh chain.
- The DeFi protocol Nereus Finance becomes the first client to implement Aegis on the Avalanche blockchain.
In a promising stride, the Lossless team is thrilled to announce their security solution’s extension to a new frontier – Avalanche, making it the seventh chain supported by Aegis, their smart contract monitoring system. The innovative solution currently caters to Ethereum, BNB Chain, Polygon, Fantom, Elysium, and Harmony. Committed to widening the reach of this threat identification tool, Lossless strives to enhance security across multiple chains.
1/2 Adding new chains to our tools means increasing their availability to a higher number of #web3 protocols.
That's just some of the news – we also have the very first client on it. 🕵️ pic.twitter.com/2CXWcfr5nX
— Lossless (@losslessdefi) June 6, 2023
Embracing a new blockchain is noteworthy. Still, the significance amplifies when the platform already serves a forward-thinking client ready to utilize the security solution on the introduced chain. We take pleasure in presenting our recent partner who has integrated Aegis into their operation – Nereus Finance.
Operating on Avalanche, Nereus Finance is a decentralized, non-custodial liquidity market protocol, allowing users to participate as either depositors or borrowers. Depositors contribute liquidity to the market, earning a passive yield. Concurrently, borrowers can borrow in both over-collateralized and under-collateralized ways.
Additionally, Nereus Finance features an NXUSD stablecoin app. This app lets users borrow NXUSD and utilize it diversely. NXUSD, tethered 1:1 to the US dollar, combines traditional fiat currency stability with the security and efficiency of blockchain technology. This reliable and secure digital asset is an excellent tool for financial transactions and investments in the fast-paced DeFi landscape.
Alex, Nereus Finance’s co-founder, and CEO, expressed his enthusiasm:
“Nereus Finance’s novel financial solutions coupled with Lossless Aegis’ robust security create a new safety and trust benchmark for Avalanche blockchain users. We aim to offer an ecosystem safeguarding digital assets and managing potential risks, fostering a secure environment for exploring decentralized finance.”
Echoing this sentiment, Vygandas Masilionis, Lossless’s CEO, stated,
“Our growth hinges on expanding to multiple chains to enhance Aegis’ availability and provide security solutions to various protocols and companies. Avalanche’s inclusion into our supported chains signifies growth, mirrored by Nereus Finance pioneering Aegis’ use on AVAX.”
Nereus’s adoption of Aegis demonstrates to industry peers the necessity of robust security measures. By closely monitoring smart contracts for malicious activity, protocols can preemptively mitigate potential threats. Aegis empowers users with the means to take immediate action in threatening situations, potentially saving assets from hacks.
The Lossless team rejoices in the growing momentum of their security platform.