Mango Markets to Alter Its Multi-Sig Feature to Minimize Security Hazards
Mango Markets, a decentralized exchange (DEX) based on the Solana ecosystem, has declared a couple of the latest features in advance of releasing version 4. The platform has mentioned that, in addition to the respective move, it will pay a lot of attention to minimizing the instant security hazards. The company has been offline and no operations were being carried out by it since October 2022 when it went through a severe exploit.
Mango Markets to Launch V4, Modifying Multi-Sig Features to Decrease Security Hazards
The exploit paved the way for the drainage of up to $114 million from the exchange platform. This incident was witnessed as a result of the price manipulation done by the exploiter for Mango Markets’ oracles. While endeavouring to prevent another exploit or hack, the company will implement exclusive limits and restrictions on its multi-sig wallet. This will permit the developers to react to unexpected market dynamics as well as the potential shortcomings of the program code.
A thread of tweets was shared by the decentralized exchange on the social media platform Twitter. It noted that all the members of its decentralized autonomous organization (DAO) will require to authorize the exclusive changes to implement them. It stated that the instant program updates do not occur frequently. Nonetheless, it pointed toward a couple of requirements for such upgrades.
Emergency program upgrades are rare, but two points seem unavoidable, require response within a few hours, and the need to avoid public disclosure.
A) response to unforeseen market dynamics
B) reaction to a vulnerability disclosure concerning the program code
— Mango (@mangomarkets) February 24, 2023
As per the platform, they require a quick response within just a few hours. Another requirement in this respect is the evasion of public disclosure. It added that version 4 is focused on limiting the multi-sig. This will assist in dealing with security issues to improve trust among consumers.
Additional Security to Be Provided by the Security Council
The company emphasized the role played by the DAO members as well as the security council. According to it, the reduce-only mode has been made by it to prevent borrows, buys, deposits, and increasing positions. After that, the DAO of the platform can vote for the termination of trades, moderation of the risk parameters, as well as forced settlement.
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The firm asserted that the security council of the platform can restrict unauthorized access to the assets. As a result of this, the program can become partially unusable. Along with this, the crucial code paths are to be blocked till the approval of a program update by DAO. Mango Markets further noted on Twitter that more updates regarding version 4 (V4) will be provided soon.
