The blockchain technology landscape is advancing in leaps and bounds, bringing promising innovations to the forefront. One recent development comes from zkLink, a multi-chain trading middleware using zero-knowledge proofs. On May 11-13, zkLink plans to carry out the first “Dunkirk Test”, a novel way of setting a DeFi safety benchmark. The 72-hour test will involve the company shutting down its servers and inviting users to experience the emergency asset recovery feature while earning rewards for their participation.
Co-founder Vince Yang claims that the Dunkirk Test could become the new gold standard for safety in the crypto industry, and draws parallels between the event and a fire drill. As billions of dollars continue to be lost yearly due to custody fraud or cross-chain bridge exploitation, the Dunkirk Test aims to encourage other DeFi protocols to implement similar tests to prove the security of user funds.
During the shutdown period, starting May 11 at 12 pm Singapore time, users can visit a recovery node and withdraw their assets back to their wallets. ZKEX.com, one of zkLink’s ecosystem dApps, will also participate in the shutdown test. To partake in the event, users can visit Galxe.com to register, and then trade using free test tokens on ZKEX.com’s testnet until May 10.
Balal Khan, co-founder of ZKEX, describes this event as a fake rug pull with a happy ending. The intention is to reassure crypto traders that they will have control and ownership of their assets at all times, even during periods when zkLink is down or ZKEX.com is unavailable.
zkLink’s asset recovery app is also open-source, allowing anyone to download and run a private recovery node for fund withdrawal. The company has 14 partners hosting recovery nodes, with their mainnet launch planned for summer 2023 shortly after the Dunkirk test.
The Dunkirk Test is not only meant to boost user confidence in zkLink’s system security but also to create a new industry standard for absolute fund security. While zkLink and its partners are taking the initiative to develop a safer crypto ecosystem, the test’s success will depend on whether other DeFi protocols recognize its value and embrace the standard as well.
The Dunkirk Test raises essential questions about the blockchain’s future, particularly in terms of safeguarding assets and users’ trust. As the industry continues to evolve, it remains yet to be seen if this new safety benchmark can become an effective solution for mitigating risks and ensuring security in the blockchain domain.
Source: CryptoDaily
