Risks in a crypto protocol can come from both outside (hackers) and inside (malicious team). External attackers can target the protocol (flash loans, reentrancy attacks...) or users (phishing, website spoofing).
As a user, you can't do anything to prevent external attacks on the protocol (that's our job), but you can do everything to prevent attacks that are directed at you and, if the protocol is well designed, you can also do a lot to help prevent internal attacks and minimize their consequences.
In this section we give you some tips to be safer when interacting with Geminon Protocol.
The deployer of the smart contracts is the owner and therefore is the only address that can use certain functions in the contracts, some of which are critical for the safety of the protocol since their use in a malicious way can compromise the value of the tokens.
All critical functions of the protocol have timelocks implemented as a security measure as they facilitate public control of those actions.
For this reason, the public accountability of the owner address is very important. Always review periodically the actions of that address over the protocol smart contracts in a blockchain explorer and check that they have been publicly announced and their objectives and motivation clearly explained.
Actions that must always be announced by the owner:
- Add minter to the GEX token or the stablecoins (timelock 7 days).
- Apply price feed change of a Genesis Liquidity Pool (timelock 7 days).
- Apply Stablecoin Minter change in a Genesis Liquidity Pool (timelock 30 days).
- Apply Oracle change in a Genesis Liquidity Pool (timelock 30 days).
- Apply Treasury Lender change in a Genesis Liquidity Pool (timelock 30 days).
- Set pool weight of a Genesis Liquidity Pool, specially if it is a lower weight and this action is repeated several times.
- Request Migration of a Genesis Liquidity Pool (timelock 30 days + reduce pool weight to less than 5% previously and 2% after + mint gets paused in the pool).
- Request Remove of a Genesis Liquidity Pool (timelock 30 days+ reduce pool weight to less than 5% previously and 1% after + mint gets paused in the pool).
You can find the deployer address in the corresponding section: