Bitty Doc
  • Introduction
    • Why Bitty?
    • Pros for borrowers
      • Borrow money instantly
      • Repay money anytime
      • Interests lower
      • Batch borrows in one transaction
      • Claim airdrops in loans (Ordinals)
      • Proof of Ownership (ordinals)
      • Liquidation-protection (ordinals)
      • Get value from the auctions (ordinals)
    • Pros for lenders
      • Get interests instantly
      • Withdraw money anytime
      • Get protected from defaulting
  • User guides
    • Borrowers
      • Borrow money
      • Repay loan & interests
      • Claim airdrops
      • Proof collateral ownership
      • Redeem when auction started
    • Lenders
      • Deposit money
      • Withdraw money & interests
    • Liquidators
      • Trigger liquidation
      • Offer higher auction bid
      • Get the collateral as auction winer
  • Risk
    • Platform
    • Oracle manipulation
    • Borrower
      • Collaterals liquidation
    • Lender
      • Bank run
    • Liquidator
      • Lost money after the ordinals auction finished
  • FAQ
    • How to implements pool lending without smart contract?
    • Are my assets safe?
    • How liquidation works?
    • What is 72 + 3 blocks ordinals auction?
    • What is potential first bid bonus?
    • What is Health Factor?
    • Interest rate
  • Community Discord
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  1. Risk

Platform

No platform can be 100% risk free, here are the risk of the platform:

PreviousRiskNextOracle manipulation

Last updated 6 months ago

In general, if a platform provides a valuable service that users genuinely need, an innovative team is less likely to take risks by engaging in malicious activities to steal users' funds. The likelihood of such behavior diminishes further if the team is subject to due diligence by venture capital investors and has a vested interest in maintaining their reputation and family security.

However, it’s important to know that risks can never be entirely eliminated, whether dealing with a non-upgradable smart contract or a Bitcoin multi-sig script.

Frontend Hack Risk

If Bitty's frontend is compromised, you could risk losing your wallet assets while signing transactions. To mitigate this, we use GitHub's Continuous Integration (CI) to ensure that no new frontend code can be published without team permission. PS: Always double-check before signing any transactions to confirm that you know what you are doing.

Backend Hack Risk

If the AEE cloud platform we use is hacked, you may risk losing your supplied assets. If both Bitty and our third-party partners are compromised, you could lose your ordinals. For more details on these risks, please refer to .

The longer the platform run, and the more money in the protocol, the more trust platform earned from the market, we as part of the team, had been running BendDAO for safe 800+ days.

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