Proof of Deposit: NFT Powered Security
Hats is unique in the DeFi security space projects because it allows users to participate in protocol security by depositing to bug bounty vaults. When you deposit into a vault, you know you are contributing to a greater cause while accessing NFT powered perks. Participating in the Hats ecosystem is both wisely selfish as well as being altruistic in nature. It is wisely selfish because each new deposit to a bug bounty vault helps protect individuals’ additional holdings. However, it is also altruistic as they are contributing to a crucial aspect of a protocol’s security and are, therefore, helping to protect all other users.
Giving communities the access to become chain protectors (bug bounty depositors) is a powerful message. It lets people know they have a say in the way a project functions and resolves security issues. Imagine being able to make an impact in the security decisions Apple makes because you have an iphone, or voting on how much security engineers and ethical hackers get paid for resolving security issues that ensure the safety of your information. In Web2, users are unable to have a voice or vote in the way companies operate and monetize. This is rapidly changing within Web3 as projects such as Hats pioneer decentralized and community-oriented initiatives.
Hats Finance is the first Web3 security protocol to allow all users to get involved in the security of crypto projects they use everyday. By combining the power of DeFi and Web3 security, Hats allows users to join security efforts and use a portion of their funds to maximize security. Although providing liquidity can seem like a very altruistic behavior, we do our best to create logical incentives for individuals to act in the best interest of all. In addition to the peace of mind that comes from helping protect one’s own funds, users will also be rewarded with $HATS and other NFT perks once our TGE occurs.
NFT Incentives: Chain Protectors Collection
The Protector of the Chain is an NFT collection that acts as a proof of deposit to users who add liquidity to any protocol’s bug bounty within the Hats ecosystem. The Protector of the Chain NFT collection is designed to reward those who back up their belief and trust in a project’s team, community, and vision by investing in the protocol’s security. We think of this NFT as a badge of honor that recognizes those who are doing their bit to bring greater trust and light to the dark domain of DeFi security. Those users who are willing to participate in the creation of a more secure Web3 space are what we call Protectors of the Chain. Thank you for taking security seriously and contributing to the protection of your own and others’ best interests.
Chain Protector NFTs comes with many perks, including future participation in the airdrop machine, access to one or more Embassies in exclusive Discord groups with project’s founders, committees, and security researchers.
What is an Embassy and What Happens at the Embassy?
Each embassy is composed of builders, community members, and an array of security experts that contribute to the growth of a project. When you are part of an embassy, you gain privileged access to non-vulnerability news and security affairs of each project, allowing you to vote and propose ideas on how these projects should handle security matters.
- Visit Hats dApp https://app.hats.finance/vaults
- Chose vault you want to protect and be part of, and click “Deposit/Withdrawal”
- Deposit at least 0.1% of the bug bounty’s value to qualify for a redeemable NFT that grants you access to an embassy. Important: The minimum requirement to enter an embassy changes according to the vault. (Staked token).
- Click Deposit and a redeem NFT popup will appear. We suggest redeeming it immediately. However, if you choose to wait to redeem your NFT, you will be able to access it via notifications in your Hats account.
- Once the NFT has been minted, you can access your embassy discords by verifying your wallet to the Hats discord.
Become a protector of the chain by visiting the Hats dApp and providing liquidity to any bug bounty vault.