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Cetus Protocol Relaunches After Exploit, Goes Open Source to Rebuild Trust
- Cetus Protocol, a decentralized exchange on the Sui blockchain, has officially relaunched after a damaging exploit, aiming for a strong comeback.
- The relaunch includes strategic decisions to rebuild trust, enhance security, and promote decentralized development.
- Following a major exploit that affected liquidity pools, Cetus managed to restore assets to 85-99% of their original levels, showcasing resilience.
- The team allocated 15% of its native token, $CETUS, for compensating affected users, distributing 5% immediately and unlocking the rest over 12 months.
- Cetus adopts a community-first restitution approach to strengthen user loyalty and align long-term incentives in the DeFi ecosystem.
- The decision to go open source post-exploit and launching a white-hat bounty program aims at transparency and fostering collaboration.
- Shifting to open source invites developers and auditors to review and fortify the protocol's vulnerabilities, enhancing operational security.
- The protocol's reformation through open sourcing signifies a pivotal step towards rebuilding credibility and trust post-exploit.
- Legal action is being pursued against the exploit perpetrator, signaling a commitment to accountability and potentially aiding future victims of DeFi exploits.
- Cetus Protocol's recovery roadmap sets a remarkable example in crisis management, emphasizing quick liquidity restoration, user compensation, and open development.
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