Paraspace Gave Its Users An Update Yesterday And Announced Its New Community Observer Board

Popular NFT lending platform and $Ape staking system, Paraspace, gave its users an update on the protocol yesterday and announced the creation of a Community Observer Board that includes notable Bored Ape Yacht Club member 0xQuit.

The last three months have been anything but boring for the Paraspace protocol. As the Bored Ape Gazette previously reported, the system’s funds were saved by the white hat hacker team BlockSec on March 17th. Three months later, accusations of mishandled funds and an alleged company takeover stemming from the attempted hack led to the public resignation of several notable members of the Paraspace team.

As many in the NFT Space are wondering what’s next for the platform, Paraspace and its founder Yubo Ruan, announced the creation of a Community Observer Board that will be tasked with double checking what Ruan and the Paraspace team do going forward.

“GM @ParaSpace_NFT community, We always prioritize transparency in financial and accounting operations,” Paraspace tweeted on May 25th. “To ensure the continued integrity and resilience of our platform, we would like to move forward with two upgrades: 1/ The management of ParaSpace Insurance Wallet will be transitioned to the protocol itself to exclusively address liquidation shortfalls. 2/ Three security experts and auditors,

@0xQuit, @Jon_HQ , and @nathansecure3 will join our Community Observer Board. They will monitor and attest to wallet transactions to safeguard our community in the case of any potential security challenges.”

“Together we forge ahead and tackle any challenges that come our way,” Ruan tweeted.

Following yesterday’s announcement, the Bored Ape Gazette reached out to 0xQuit and asked him about the state of Paraspace and his inclusion on the system’s Community Observer Board.

“Yubo asked me if I would act as a witness for a return address should a whitehat ever occur in the future,” 0xQuit said. “Yubo has always seemed genuine to me, and the lift is small on my end so I was happy to offer to help. I can't really speak to the future of the platform or anything like that, this literally just means I'll double check the return address should the need arise (and I don't expect it to).”

The Bored Ape Gazette will continue to monitor the Paraspace and will keep you up to date on the platform. Stay tuned for updates.