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Risks
While SynAssets has built the platform with safety and security as its core pillars, there are risks inherent to decentralized finance that users should understand. To minimize these risks, our team has worked tirelessly to build and battle-test all of our smart contracts, while also in github open source code, community consensus participants jointly test and supervise, invite professional audit institutions to conduct security audits, multi-sign wallets which are jointly managed by community admins, community best contributors, and early consensus participants.
As with any investment, the possibility of experiencing loss exists. Please do your own research, know your limits, and act accordingly to your risk profile.
Smart contract security has come a long way since its infancy, but it would be irresponsible to claim that security does not remain a major issue for smart contracts and dapps (decentralised applications). Hackers still find opportunities to steal cryptocurrency and exploit vulnerabilities in smart contracts as they are deployed to various networks.
Investors should take the time to research any given DeFi product before they invest their funds.
Things to look for before investing:
The experience, or identity, of the developers behind the project. It's not unusual for developers of cryptocurrency projects to remain anonymous, but knowing the identity of the person or team behind the project can provide useful insight when researching a given protocol.
Completed security audits (although audits do not guarantee the smart contract cannot be hacked).
Reputation of the project - users should always do their own research.
As with traditional financial markets, crypto and DeFi prices are volatile. These changes in price can be quite significant, and a DeFi investor should be comfortable living with these sudden price moves, whether positive or negative for the investor.
SynAssets and the products it interacts with are fully decentralised. This means that users are fully responsible for their own funds. If users somehow lose access to their Crypto wallet, nobody can help them regain access. This risk can be reduced by safely storing the wallet private keys offline.
If you are buying crypto using EUR or GBP and intend to keep part of it in stablecoins (tokens which are not volatile in price, usually pegged to USD), you will be exposed to an FX risk. Therefore, if the USD decreases in price, your stablecoins will be worth less when converted back to EUR or GBP.
Some countries or regions have passed regulations and prohibitions on the blockchain and crypto currency. SynAssets will comply with relevant national laws and regulations, and will not provide services to residents of jurisdictions where SynAssets is prohibited, such as China, in order to avoid legal risks in such territories. If you are explicitly aware that you are not eligible to participate in SynAssetstransactions, or otherwise participate in SynAssets projects, you will bear all the legal liabilities and consequences arising therefrom.
SynAssets shall not be responsible or liable for the value, profit, transferability, liquidity, or availability in any market of SAT Tokens.
Due to various reasons, SynAssets may have the risks of development and operation not being carried out in accordance with the technology, unforeseen technical difficulties, funds shortage, etc.
Last modified 1yr ago