BENQI & Keystone Partnership: Secure Signing on Avalanche!
Since Metamask has integrated with the Keystone hardware wallet in late December last year, more web3 users have been benefiting from the QR code signing.
Keystone has partnered with BENQI, a non-custodial liquidity market protocol on the Avalanche blockchain, and will be adding their ABI to the ever-growing Smart-Contract Metadata Registry to combat blind signing. This makes it the second DeFi-related dapp on the Avalanche blockchain to help make transaction signing safer after Trader Joe’s collaboration last month.
Founded in 2021, BENQI protocol enables users to lend, borrow, and earn interest using their digital assets. They aim to become a cross-chain hub via Avalanche subnets for Ethereum, Polkadot, and Binance Smart Chain, allowing users to seamlessly access decentralized services and use financial services without any hurdles or high network fees.
By collaborating with the BENQI team, users will be able to authenticate their transactions prior to signing them by visually verifying the authenticity of the contract. This is achieved by loading the ABI file in the Keystone hardware wallet with the SD card slot. The 4” touch screen provides a visual confirmation of the ABI’s authenticity, allowing users to double check the dApp they are about to interact with so they won’t need to blindly trust the dApp they think they are interacting with.
The growing number of ABIs in the Smart-Contract Metadata Registry will not only help bolster security for DeFi users on the Avalanche blockchain, but also the whole DeFi industry as a whole. This new partnership provides users with another layer of security so users can avoid falling victim to imposters impersonating BENQI dApp/website, effectively tackling the blind signing issue that is still plaguing dApps and prevent further victims in the future.
Teams interested in helping to make their dApps safer for all of their users can read and follow up on our Smart-Contract Metadata Registry here! We welcome any teams who are also interested in helping make web3 a safer place to use by allowing their dapps to be validated and free from blind signing.
Keystone is a 100% air-gapped QR code hardware wallet. The wallet is designed to maximize attack cost, minimize trust, prevent potential human error, avoid single-point-of-failures and boost interoperability. It was officially integrated with MetaMask in December 2021.
Built on Avalanche’s highly scalable network, BENQI’s vision of bridging decentralized finance (DeFi) and institutional networks starts by launching BENQI on the Avalanche C-Chain. BENQI’s suite of yield-generating DeFi products consists of the BENQI Liquidity Markets and BENQI Liquid Staking.
BENQI’s Liquidity Markets allows users to earn interest on their supplied assets, and borrow any available asset from the platform in an overcollateralized manner.
BENQI’s Liquid Staking protocol is a liquid staking solution that tokenizes staked AVAX to grant users the ability to utilize the yield-bearing asset within Decentralized Finance applications.