Hacken’s Community-Driven DeFi Security Flash Pool Sells Out in 11 Minutes

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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October 24, 2024

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Hacken, a prominent blockchain security auditor, has introduced its innovative DualDefense Flash Pools, which blends real yield with community-driven security enhancements in decentralized finance (DeFi).

The platform was launched on October 23, 2024, to address critical gaps in the industry by offering sustainable financial models while boosting security through a collaborative effort between clients, security researchers, and the community.

Upon its debut, the initial pool of 206,000 $HAI tokens, offering an attractive 115% annual percentage yield (APY), sold out in just 11 minutes. This first pool was dedicated to the Node Terminal community audit, where the rewards from the staked pool will be given to bug hunters who identify vulnerabilities in the project.

Hacken has indicated that more pools will be available soon, with growing interest from clients and token holders.

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

Hacken’s DualDefense model introduces a new approach to security auditing in the DeFi space. When a client requests an audit, Hacken reviews the project’s code in depth.

Afterward, a 35-day smart contract-based Flash Pool is launched, where Hacken contributes USDC, and $HAI token holders can stake their tokens. Independent security researchers are then invited to analyze the code. If they find critical vulnerabilities, they are rewarded from the Flash Pool.

This process offers a win-win for all involved. Clients benefit from an additional layer of security without extra costs, ensuring their projects are comprehensively protected.

Meanwhile, $HAI stakers can earn up to 180% APY, a reward from real market activity rather than inflationary token emissions.

This marks a significant step towards more sustainable financial models in DeFi, as the returns are rooted in tangible utility rather than speculative growth.

In a press release shared with Cryptonews, Hacken CEO Dyma Budorin stressed the company’s commitment to transparency and security. Budorin noted;

“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

One of the standout features of Hacken’s DualDefense is its focus on leveraging the community to enhance security. Hacken’s new platform provides an additional security check by incentivizing independent researchers.

These researchers are motivated to verify Hacken’s audits because their findings can earn them rewards from the Flash Pool.

Moreover, Hacken has introduced the first-ever prediction market tied to audit verification, offering real-world utility beyond traditional speculative models. Participants who stake in the Flash Pool essentially bet on Hacken’s thoroughness.

It is clear that as more users stake $HAI, white hat hackers will be encouraged to join, and that will create a robust system where security and profitability go hand in hand.

Hacken’s vision extends beyond offering another yield-generating platform. The company is creating a system where security, community participation, and sustainable growth are intertwined.

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

Hacken is among the leaders in the blockchain security space. Since its founding in 2017, it has conducted over 1,500 audits for over 1,000 clients.

This latest development is a big advantage for the space, especially since security threats have heightened.

In the third quarter of 2024 alone, an estimated $409 million was stolen by crypto hackers. The report notes that 99.25% of losses came from hacks, while fraud accounted for just 0.75%.