Tip : How do you protect your assets?(1)
Yesterday I wrote an article about portfolio. So how do you protect your assets if your portfolio is profitable? Let’s learn about DeFi risks today.
Today I will write about three of the most important ones.
Manage your assets yourself
First of all, the main premise is “manage your own assets”. It’s really dangerous without this awareness.
In fact, your cryptocurrency on the Exchange(CEX) is not yours.
Remember, CEX is “not a blockchain”.
Therefore, basically, let’s act by thinking that the cryptocurrency on the Exchange “may not be yours”. (In a broad sense, it can also be called CP.)
You have to understand that by the nature of the blockchain, if you can’t prove that you have a private key for that asset, you’re like not having an asset.
“If you use an exchange, trade it and put it out.” This is basic!
A hardware wallet is the most recommended management.
Don’t tell anyone your private key, don’t lose it
The next is also important.
Don’t tell anyone your Private Key! Make sure you keep this in your mind.
Once you know your private key, tell your heart that your money will be stolen in a second. Don’t tell anyone, and of course no one will help you if you lose your password or private key. So don’t forget it.
Don’t Approve unnecessarily
On Ethereum network, in order for the contract to handle ERC20 freely, it is necessary to do an act called “approve”. This approve is a command that asks, “Which tokens are allowed to be freed for how much amount for the contract?”
It is easy to set it at infinity because the gas fees is wasteful, but allowing it to move to a contract means that if the contract is abused, the corresponding token will be taken infinitely. Therefore, avoid unnecessarily improve as much as possible.
If you have approved a lot of platform, you can visit here.
You can keep your property safe just by paying attention to these three things. There are many other risks, but I’ll write about them next time.
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Participating in ARIES FINANCIAL is relatively easy. You can start Yielf Faming by creating and depositing LP_token for BNB and USDC assets using Zap.
The APYs mentioned above are current and do not necessarily last forever. Please understand this point before making an investment decision within the range of risks you can take.
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