“Slope is more than just a wallet….it’s a way of life!”
Slope wallet created a lot of hype when it was launched. On 22nd June, at 12:00 pm UTC, the first cross-chain crypto wallet, Slope Finance Wallet, was launched officially. It was built on Solana with the aim of building a wallet with super-fast speed, low transaction fees, and an intuitive interface DEX for ordinary people. However, the wallet made negative headlines earlier in August after users lost millions from their Slope wallets. Do you know what slope wallet is and if its design and program were actually to be blamed for the security breach? Let’s find out
What is Slope Wallet?
Slope wallet is Slope Finance’s first cross-platform web3 wallet designed for Solana. It is also available through the App Store, Google Play, and as a Chrome extension. It offers a comprehensive user experience that includes Solana Pay, DeFi engagement, visualized NFT management, IDO aggregator, and token SWAP. The Slope is the most straightforward and secure way to connect to Solana DApps. Slope wallet is versatile in that it allows access to DeFi assets as well as several NFT platforms.
Aside from sending and receiving assets, it can also be used for Solana, Ethereum, and Binance Smart Chain cross-blockchain transactions. Users are always in control of the Slope wallet when interacting on the new decentralized web. Users can choose to manage their own accounts. The slope wallet will assist users in encrypting and backing up their credentials. When the wallet was first released, the team praised its features in various marketing events. As a result, community engagement and user retention increased.
What is Slope Crypto?
Slope Wallet allows users to quickly create new or import existing Ethereum and Solana wallets. Users can store Ethereum and Solana assets with a single click and clone Ethereum assets on Solana. If you are a Slope wallet holder, you can conduct instant transactions at 1/1000 the cost on Ethereum.
The Slope blockchain service will soon release the Slope Crypto, the ERC-20-based native cum utility token of the Slope wallet cum DEX based on the Solana blockchain, via an ICO. There has been no official announcement regarding the dates for the upcoming Slope ICO. The upcoming Slope ICO intends to distribute 16% of tokens to the community via mining and pledging, among other methods. 20% of tokens will be locked for one year after issuance before being released in a linear fashion over the next year. 15% of the tokens will be used for marketing activities such as airdrops and so on.
Advantages and Disadvantages of Slope Wallet
The advantages of the Slope wallet are numerous. Few wallets support the Solana blockchain, and the user experience is poor. However, the slope wallet, with its low transaction costs and blazing-fast speed, attempts to solve those issues. Slope Wallet also provides users with the Slope DEX and Slope NFT marketplace with a complete user experience. However, its disadvantages became clear to the crypto community following the chaos on August 2. Let’s go over the advantages and disadvantages of the Slope wallet:
Advantages of Slope Wallet
- Different blockchains are currently not identical in terms of the underlying technology, infrastructure, and security model. This implies that there is no interoperability between chains. Users of Slope Wallet can access multiple mainstream public chains like Ethereum, BSC, and Terra. Users only need to switch blockchain networks to access different networks and view asset information in real time.
- Solana users can convert their Solana-based assets into those based on Ethereum, Polygon, or Terra. This meets the interoperability needs of Slope wallet users. It further improves the efficiency of asset trading for users.
- The Slope wallet is more than just a crypto wallet. It also functions as a financial platform. It allows users to stake crypto assets or participate in liquidity mining of DeFi projects in the wallet in order to become a liquidity provider.
Disadvantages of Slope Wallet
- One of the main disadvantages of the Slope wallet is that its technologies are assumed to be not secure enough. It became clear after the community began reporting that their Solana (SOL) and other tokens were being drained from their crypto wallets earlier in August. An estimated $8 million in cryptocurrency was stolen from nearly 8,000 wallets.
- Despite admitting the wallet’s vulnerability, Slope Finance has refused to co-sign hacking claims. They believe that there is insufficient evidence to support vulnerability. They further claimed that there was no conclusive evidence to support vulnerability.
Slope Wallet Sentry Vulnerability
The Slope Sentry vulnerability poses a serious security risk by collecting sensitive information and storing it unencrypted on a central server. Sentry Application Monitoring (www.sentry.io) is a popular third-party plugin for debugging applications. It assists developers in fixing application errors by automatically collecting a large array of data saved in memory and sending it to a central server where the development team can evaluate it.
To debug its mobile applications, Slope used an on-premise instance of the application monitoring service. The Slope Chrome browser extension’s application monitoring was never implemented. According to audits conducted by several independent platforms, a greater proportion of Slope wallets were hacked than exploited. This again raises concerns regarding another attack and if Slope wallet is immune from hacking now. However, the Slope team promised to fish out the attacker, recover stolen tokens, and gain users’ trust back by working on their mistakes.
During its launch, the Slope Finance team promised a bright future for the Slope wallet and its users. However, the picture changed when from July 28th to August 3rd, there was a vulnerability in the Slope on-premise 3rd-party application monitoring service on Slope Wallets mobile app. During this time, Slope wallet addresses inadvertently logged sensitive data in cases where the apps generated an error event. But after audits, no proof was found that all security layers were breached. As a result, the Slope Finance team believes that the most recently patched version of Slope Wallet is safe to use. The Slope team assured their users that they would continue to obtain regular audit reports and work on a rolling basis with security professionals to avoid such mishaps in the future.
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