Control mechanisms #
As already mentioned before, it is required to take a step forward and establish harsher control mechanisms for certain projects, which guarantee a certain level of comfort and safety when investing, but without threatening DeFi decentralization.
It is true that one can never be able to guarantee anything one hundred percent. We have recently seen the case of Terra/UST, in which a legitimate project has been attacked and fully sunk, but it is possible to limit the cases of developers who put together a project, attract funds, run away with the latter and, at the same time, put together a similar one and repeat the process.
As a FinTech providing financial services and having its own network, we are able to take advantage of our privileged position to add control mechanisms that a regular network cannot run.
- Audits
We can demand and provide auditing services meant to guarantee that we have registered the owners of the projects.
- Blocking liquidities
Blocking token liquidity pools for a certain period is a system that prevents developers from extracting all funds and running with the latter.
- Limited accounts on our platform
Require developers who want to apply for our certification to have their project accounts on our Galobank platform, so that we can block large daily outflows of money and guarantee investors that no one is going to take the capital overnight, without any previous justification before the compliance department of our Bank.
These are a few of our proposals, and we will continue adding greater possibilities and control mechanisms for the protocols that would like to request our certification, always striving to provide investors with the peace of mind required for the development of DeFi.
