Successfully undergoing external audits is an essential part of every DeFi project on the market. Having code reviewed by top tier auditors to iron out any potential issues or vulnerabilities is critical, especially when finances are concerned. Merlin Lab, a high APY auto-compounding yield aggregator for Binance Smart Chain, successfully passed its CertiK audit this week.
Why Audits Are Essential
In a world of decentralization where code is law, there are little to no solutions if things go awry. When users send funds to an incorrect address, it is lost forever. The same logic applies to smart contracts: if the code is not up to par security-wise, someone will take advantage of it sooner or later. Many coding issues can be prevented proactively, so audits by reputable firms, such as CertiK, are crucial in this industry.
The process takes a while, as every possible vulnerability needs to be tested. Spending the necessary time on these processes can prevent DeFi solutions from being attacked. Unfortunately, it seems like a decentralized finance venture suffers from a hacking incident nearly every week.
Merlin Lab, a popular yield aggregator, acknowledges the potential of audits. As a result, the team has tapped CertiK to review its code and help the team learn of any potential improvements to be made. Smart contracts are only as good as the developers who write them. When introducing automated features and solutions, it never hurts to take a closer look and make sure everything works correctly. Additionally they have hired a White Hack Specialist and contracted other audits, one completed by Hacken, and another in process by Haechi Labs.
CertiK Audit For Merlin Lab Is Very Positive
Per the audit report published by Merlin Lab, the review was rather positive. Although a total of 15 issues were detected, they were only minor and informational in nature. That is rather common in the blockchain and cryptocurrency world, yet they are still essential to resolve as quickly as possible. The Merlin Lab team has done so, for the most part, as some minor fixes are still underway at this time.
Now that this audit has been completed, users can look forward to safely and securely earning high APYs on their yield. Returns can range from 11% to 1,502% - at the time of writing - depending on active promos. Popular pairs include MERL-BNB, CAKE-BNB, and the CAKE pool vault. Merlin Lab offers a hands-off DeFi solution for those who want to achieve the highest APY while farming yield but don't want to keep shifting their assets around too often.
Even though most DeFi users may not be aware of the need for audits and code reviews, it is good to see developers approach things slightly differently. There are many opportunities to explore in this industry, but that can only happen if and when the code used for decentralized finance products and services can hold its own. An audit - or several audits like in Merlin Lab's case - will help establish a degree of trust in solutions that aim to automate multiple tasks on behalf of the users.
For every successful audit involving a DeFi project, the broader industry gains more legitimacy. Although a code review does not mean there may never be any coding issues or exploits, undergoing this process creates a degree of legitimacy. Self-respecting projects will often undergo audits every time new features are added or significant code changes take place. It is crucial not to give criminals any opening to seal funds, as that has happened more than enough times in the DeFi industry already.