#FTX was considered a "secure" CEX, $UST was hailed as a "stable" coin, and #Celsius was seen as a "reliable" yield farm.
11 Sep 2023, 16:53
#FTX was considered a "secure" CEX, $UST was hailed as a "stable" coin, and #Celsius was seen as a "reliable" yield farm.
Recent web3 history has taught us that nothing in the crypto industry is entirely secure or stable, regardless of a protocol's size, as anyone can face dramatic pitfalls.
While avoiding such events entirely is impossible, we can mitigate financial losses by following these rules:
1. Keep your tokens in hot or cold wallets instead of CEXs.
2. Diversify with multiple stablecoins for reserve funds.
3. Spread your tokens across various yield farming and staking providers when locking them.
š© IMPORTANT NOTE: For absolute, non-negotiable protection against these crypto tempests, you cannot afford to overlook the paramount significance of decentralized insurance products!
Safeguard your assets today. š”
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