Blog > Announcements > Articles
Who will keep your crypto funds safe? Mike's Monthly Message
Table of Contents
July was yet another month with a high-profile crypto exchange hack. This time it was Bitpoint, a licensed exchange in Japan, hacked for 32 million USD in crypto assets. When will we see the next major hack or security breach? History tells us we probably won’t have to wait too long – a sad reality.
Thankfully for Liquid customers, we have remained committed to holding ourselves to the highest possible standards when it comes to security. While other crypto exchanges continue to get hacked or shut down, we persist with our unwavering commitment to keeping our customers safe.
I strongly believe that Liquid’s firm approach to security will allow us to outlast the majority of our competitors.
Earlier this month, we released a detailed web page that outlines all the steps we take to keep funds, data and personal information secure. By showing the great lengths we go to, we strive to lead by example and show other exchanges best practice.
Many of you in our community will already be aware of our strong account protection measures that include mandatory 2FA and our Iron shield protocols, but our security runs much deeper than that.
In any given week we consistently block anywhere from tens of thousands to millions of attacks. As a result, it’s essential that we use the latest technologies to stay ahead of vulnerabilities and exploitation attempts.
I encourage our community to read our new security page to learn more about how we keep our customers safe.
Now for a look at some of our other developments over July.
Naturally, I am very proud of our products, but there is always room for progression and improvement. One of our major tasks at the moment is working on the next phase of Liquid Infinity, Infinity Evolved.
Traders need control. The more control you have, the better you can adhere to your trading strategy. Because of this, we will introduce advanced order entry to Liquid Infinity, which will vastly increase the control traders have when placing orders. This will also extend to margin trading too. Users will be able to set take profit and stop loss levels when placing an order.
Beyond this, Liquid Infinity will shift to a perpetual contract offering, which will make the product even more attractive and cost-efficient to you as a user.
Our talented development team has integrated a new update to our TradingView charts that makes charting on Liquid even better now. You can now save your individual chart drawings, meaning you are able to have multiple charting ideas for one trading pair.
It’s now also possible to save indicator templates, which are usable between pairs. For example, if you are a fan of using RSI, MACD and bollinger bands, you can create a template with these three indicators turned on and have your favourite analysis tools ready to go.
We want Liquid users to feel at home on our platform, so if we can cover all needs under one roof, we’re ahead of the game. In this case, these chart improvements really increase the ability for traders to chart on Liquid all the time.
As you may know, Liquid employs cold wallet storage for 100% of customer assets. We are utilizing a multi-party computing (MPC) technology system that allows us to provide our users with fast withdrawal times while maintaining our security standards.
MPC is a well-researched area of cryptography that gives Liquid the tools to secure private keys and quickly process withdrawals at the same time. Liquid’s implementation of MPC technology has been extensively battle tested to ensure it lives up to expectations – which it does.
We continue to gradually roll out this technology to ensure it’s fully optimal. Of course, it takes time to set up the infrastructure to support different token types.
Most recently, Litecoin has been added to our fast withdrawal service. LTC withdrawals are now processed multiple times a day, every day on Liquid.
Liquid Pro improvements
The Liquid mobile team is always hard at work making sure the app is the best it can be. For me personally, our mobile applications are very important. Not only does it provide traders the means to trade wherever they want, it also vastly increases the accessibility of Liquid. I want Liquid to be reachable by the most amount of people possible.
Here are a few mobile app updates that have occurred over the last month:
- Isolated margin
- Improved margin coverage gauge logic
- Introduced position history
Also, dark and light themes are in development. Stay tuned!
On July 15 our social media accounts shared the logo of a well known, highly anticipated crypto project.
Some astute community members cracked the case and were anticipating some news regarding Hedera Hashgraph.
Hedera Hashgraph is innovative and different, which is something I love to see. They aren't afraid to challenge the sector normalities. Instead, Hedera have identified weaknesses with existing public DLT offerings, aiming to capitalize on them with a unique, patented consensus mechanism.
I know you are all waiting to hear more about the World Book. There’s a lot of work going on behind the scenes. For now, I can give you a small update.
Our latest stage of testing has been successful, which was carried out at the end of June. We are progressively deploying the strategy now that we are happy with the performance. More to come.
Qash for fees
It’s great to see that Qash is by far the most popular fee payment method on Liquid. Over the last month, around 80% of all fees paid were paid in Qash.
July was a great month for us at Liquid. I’m looking forward to seeing what August brings.
The Gram Token Sale
I was incredibly pleased with the outcome of the Gram token sale. It was a huge success.
For starters, Liquid sign-ups increased more than 4x due to the sector-wide interest in buying the coveted Gram tokens.
The Qash rebate was clearly popular with Gram buyers, who collectively added nearly 2 million Qash to their balances before the lock-up period began.
The Gram raffle also generated a lot of buzz. We have distributed tens of thousands of raffle tickets. I’m looking forward to the raffle draw and making some Gram buyers very happy.