The use of decentralized financing systems (Defi) has been the trend of the day within the financing sector. This has been based on the fact that the conventional use of the fiat system has been pegged on the lack of intrinsic value, as well as the voluntary inflation instances which have led to the loss of hard-earned money by most investors.
Good things in most cases, carry with them the situations of a hard lesson. With the oblivion of the masses, pseudo schemes have crept within this novel technology that utilizes the pump-and-dump methods to rake massing amounts of money, that has been painstakingly earned by the masses.
The most common forms of decentralized financing include Ethereum, Bitcoin, and many other altcoins. The recent Defi scams that raked up to $20 million from people include the infamous $FEW and yfdex. Therefore, ensuring that the Defi that you intend to venture has robust security is one of the best decisions to make.
One of the Defi service providers that have a robust security mechanism is Glox Finance. This is a startup that runs on the Ethereum blockchain which began trading on Uniswap on 10th Oct 2020. Glox attempted securing a Unicrypt Trust rating which was a success and they earned 99.1% after a complete 12 months of locking its Uniswap liquidity. This in turn means that there is no possibility of Rug-pull.
The tokens that have been allocated for the dev team in the Glox finance are locked within a smart contract. With this, it is not possible to operate a pump and dump mechanism within the Glox scheme. Even though Glox Platform is still barely an infant, it has soared to a whopping ATH amount of 1.25 Ethereum per Glox.
Within the short time of operation of less than a month, Glox is worth 0.65 Ethereum. Glox was listed on Bilaxy at 20:00 UTC +8 on October 29th. It is expected that the listing can potentially increase the value of Glox immensely. Glox as a Defi is expected to soon launch their insurance, farming, lending, and staking. At the moment, Glox lacks a good support team, but from their robust system, it is evident that they will soon reach the threshold of other Defis.
Contract Address: 0x0222bE1F1B8413b2d7d76EBfC9e0285C1300692f