The newest financial service enabler within today’s data-centric world has been lending and borrowing crypto assets. DeFi lending platforms are available for anyone anywhere to lend and borrow as long as there is an Ethereum wallet. Investors and lenders can issue loans for interest through a distributed and decentralized application system. Lenders find this option is captivating. They can earn a relatively low-risk interest on existing holdings without authorizing their information to 3rd party services.
The growth of DeFi space has not gone unnoticed by hackers. According to Finance Magnates, as of May 2021, USD 88.6 Billion was locked into DeFi protocols. It was a mere USD 15.1 Billion on 1st January 2021.
CipherTrace Cryptocurrency Intelligence reported that DeFi related hacks already make up 76% of major hacks in 2021. When breaking down crypto crimes by those DeFi and non-DeFi related, a clear pattern emerges. By July 2021, DeFi-related hacks total $361 million, already making up three-quarters of the total hack volume this year — a 2.7x increase from 2020. DeFi-related fraud continues to rise, as well. In this report, DeFi-related fraud accounted for 54% of the significant crypto fraud volume. In contrast, last year, DeFi-related fraud only made up 3% of the year’s total. This shows the importance of vetting a DeFi related company before investing.
First of all, one has to verify the project’s team. For LandOrc, you can check their team members at their website. The team at LandOrc brings extensive experiences across relevant industry verticals and expertise. The multifaceted team consists of experts in each division to ensure quality, accuracy and client satisfaction. They consist of a multinational team that provides diversity in approaches and ideas. Their cumulative experience of 100 years is set to bring the product and valued investors to a landscape of safe, profitable and vast opportunities. You can always check their LinkedIn profile through their website.
Secondly, be sure to read through diligently a project’s whitepaper. Investopedia describes whitepaper as a document with the information where organizations use to promote or highlight the features of a solution, product, or service that it offers or plans to offer. One can read the LandOrc whitepaper at their website (https://landorc.io/) to know more about their platform.
Next, check to see if a third party has audited the project’s code. In the financial market, audits are essential. The financial reports that are audited give confidence to the investors and business community. Similarly, when it comes to smart contract’s code in Blockchain, it needs to be audited to prove that it will work accordingly. Without an audit, hackers or bad actors will easily exploit it to their benefit, which will cost the organization and investors. It is crucial to choose one of the best leading smart contract auditors in the world. Hence, LandOrc has appointed an award-winning firm, ENTERSOFT (www.entersoftsecurity.com), as their smart contract auditor. The team completed all required smart contract auditing on time, and LandOrc managed to fix one or two minor issues. Feel free to check them out at their website.
Finally, be aware of any potential red flags. Many projects promise unrealistic projected returns and overspend on marketing and promotions. LorcFinancing, under LandOrc, is backed by existing real estate assets as collateral. Real estate developers can approach LorcFinancing, collateralize the land for a relatively lower borrowing rate and start working on their projects. LORC token holders can stake their holdings in these developments for a return between 15% to 20%, as stated in the smart contract.
One can rest assured that LandOrc would satisfy all the vetting processes above. We are looking at a unique way of lending by LandOrc.io that combines both on-chain and off-chain methods through blockchain technology. They are having their private sale now with three months vesting. You can buy your LORC tokens through https://landorc.io/private-sale.html
Sources:
https://landorc.io/private-sale.html
https://spaces.landorc.io/public/Landorc%20Token%20Metrics%202021.pdf
https://spaces.landorc.io/public/LandOrc-Whitepaper.pdf
https://www.coindesk.com/tech/2021/07/13/defi-lending-3-major-risks-to-know/
https://ciphertrace.com/cryptocurrency-crime-and-anti-money-laundering-report-august-2021/
