Many web3 clients have benefited from the QR code signing since Metamask incorporated the Keystone hardware wallet last December. To counter blind signing, Keystone has teamed up with BENQI, a non-custodial liquidity market protocol on the Avalanche blockchain, and will also be adding their ABI to an ever-growing Smart-Contract Metadata Registry. After Trader Joe’s collaborative efforts last month, this is the 2nd DeFi-related decentralized app on the Avalanche blockchain to enable transactions to be signed safe and secure.
The BENQI protocol, which was launched in 2021, allows users to loan, borrow, and collect interest on their digital assets.
Through Avalanche subnets for Binance Smart Chain, Ethereum and Polkadot, they hope to be a cross-chain center, letting people smoothly access decentralized services and use financial services with no obstacles or high network service charges.
Customers will be able to visibly validate the integrity of the contract by working with the BENQI group to verify their transfers carefully before signing them. This is accomplished by inserting the ABI file into the Keystone hardware wallet’s SD card slot. The 4″ screen offers confirmation of the ABI’s validity, letting people double-check the dApp they are about to engage with, eliminating the need to gullibly trust any dApp.
The increasing number of ABIs in the Smart-Contract Metadata Registry will benefit not only DeFi consumers on the Avalanche blockchain but also the entire DeFi industry. This partnership adds a layer of safety for users to prevent them from falling victim to fakers trying to impersonate the BENQI dApp/website, effectively addressing the signing problem that still plagues decentralized applications.
Teams willing to participate in contributing to the safety of their decentralized applications for all customers can read and understand on their Smart-Contract Metadata Registry. They welcome any teams that want to help make web3 a lot safer to use by allowing their dapps to be secure and free of blind signatures.
BENQI’s vision of bridging DeFi and institutional networks begins with the launch of BENQI on the Avalanche C-Chain, which is built on Avalanche’s highly scalable network. The BENQI Liquidity Markets and BENQI Liquid Staking products are part of BENQI’s suite of yield-generating DeFi products.
Users can earn interest on their own supplied assets and take out loans on any available asset from the platform in an overcollateralized manner using BENQI’s Liquidity Markets.
The BENQI Liquid Staking protocol is a non-custodial liquid staking alternative that tokenizes staked AVAX, letting people use the yield-bearing asset within DeFi apps.
Keystone is a QR code hardware wallet. The wallet is intended to reduce attack costs, increase trust, eliminate potential human error, avoid single points of failure, and improve interoperability. In December 2021, it was officially integrated with MetaMask.