Security has never been more relevant in the online world, and especially when it comes to money. With all the scammers and hackers going around, it is more important than ever for traders and investors to be aware of the dangers and risks that online finance carries.
The stakes are even higher when it comes to decentralized finance, which is still largely in its experimental phase, where various projects are emerging left and right, promising opportunities, but often carrying a lot more risks than traditional finance.
But, while investors and traders need to be wide awake and keep an eye on potential dangers, so it is the projects’ task (at least when it comes to legitimate ones) to increase security as much as possible and not allow their users to come to harm due to their own mistake.
This is why MocktailSwap — an AMM protocol that uses multi-strategy yield optimizing on BSC to allow traders maximum returns through lending, yield generating, and vault compounding — has taken security rather seriously.
How MocktailSwap Handles Security?
According to what is known of MocktailSwap, the project is handling security in the best possible way — by employing an expert and allowing it to provide adequate protection.
The expert in question is CertiK — a security blockchain that offers a wide variety of uses. Primarily, the project uses its in-house format verification technology to conduct security audits, and MocktailSwap has accepted the use of this tech to become fully audited by the company.
CertiK’s audits can be used on any blockchain product or project, including various protocols, wallets, smart contracts, dApps, and more. It has already partnered with many other projects, such as Akash Network, SafeMoon, YouSwap, CoinSwap, and others. It also recently unveiled its Security Leaderboard, which is a tool for retail investors to check out the audited projects and navigate the decentralized web in the most secure way possible.
So, by having CertiK audit it, MocktailSwap has added another layer of legitimacy to its project.
It also allowed CertiK to use its Skynet system that monitors smart contracts within the project’s network at all times, scanning for security issues, or any other kinds of anomalies that might endanger users in any way.
Lastly, the project also allowed CertiK to activate its Shield, which operates as insurance against hacking for MOK token holders. With hackers being a constant threat — particularly in the young DeFi sector — additional security against them is never a bad thing.
As many likely remember, it took even the established crypto industry — if it can be called established, at this point — years to find a way to keep hackers at bay. Even now, online criminals continue to find ways into exchanges, wallets, and other crypto-related products and services, and steal users’ funds.
With DeFi offering a more complex array of services and possibilities, potential points of impact are much greater in number, and it will likely take years more before this sector can be called fully hacker-proof. So far, hackers have mostly been targeting lending services, where they would trick them through flash loans, typically by exploiting some unknown vulnerabilities or approaches that were never considered by the projects’ developers.
All in all, it is safe to say that the threat of hackers is still very real in the DeFi sector of the crypto industry, and that young projects need all the help they can get to protect themselves and their users. It is a good thing that MocktailSwap recognized this, and that it accepted help from a professional security firm, rather than to take unnecessary risks.