- OKX Ventures has announced a strategic investment in Shutter Network to combat malicious miner-extractable value (MEV) and front-running.
- Shutter Network utilizes encryption technology to protect user transactions against MEV and front-running activities.
- The recent launch of Shutter protoDAO marks a significant step toward the decentralization of Keypers nodes.
OKX Ventures, the investment arm of the cryptocurrency exchange OKX, has made a strategic investment in Shutter Network as part of its ongoing efforts to address critical issues in the blockchain space, particularly malicious miner-extractable value (MEV) and front-running.
MEV refers to the profits that miners can make by exploiting their ability to include, exclude, or re-order transactions within the blocks they produce. A common form of MEV is front-running, where someone takes advantage of knowing the details of a transaction and acts on it before the transaction is executed.
Shutter Network is a blockchain project focused on tackling MEV and front-running by allowing users to send encrypted transactions that are not visible to potential attackers. The project is also focused on decentralization and offers a gas-efficient solution, making it an effective and cost-efficient platform for users.
Dora Yue, Founder of OKX Ventures, commented on the investment by saying, “At OKX Ventures, we are dedicated to building a secure and reliable on-chain ecosystem through strategic investments in high-impact projects. Shutter Network has demonstrated its potential in stabilizing the network and providing valuable solutions in the face of the growing issue of MEV.” (SOURCE).
In May 2023, Shutter Network took a significant step towards decentralization by launching Shutter protoDAO, which is aimed at decentralizing Keypers nodes. This development is crucial as it further strengthens Shutter Network’s position as a decentralized solution for combating MEV and front-running.
With the support of OKX Ventures, Shutter Network aims to continue its mission of providing a secure and efficient environment for blockchain transactions. This partnership underscores the importance of collaboration and innovation in addressing some of the longstanding issues in the blockchain and cryptocurrency sectors.