XCarnival, the metaverse assets liquidation aggregator for everyone planning to launch on the Binance Smart Chain (BSC), has passed the security audit by Certik, according to CertiK’s official website.
XCarnival Smart Contracts are Secure after Four Audit Rounds
CertiK, one of the world's leading blockchain security firms, uses its internal formal verification technology to conduct independent code audits. After assessing the XCarnival's underlying code, the firm certified it to be secure and ready for implementation. This is an endorsement for the metaverse assets liquidation aggregator open for all users.
Notably, XCarnival chose thoroughness or speed and underwent four rounds of audits with Certik in a bid to pick out any underlying, deep-seated flaw. According to the aggregator, this was done to deliberately ensure that their product is safe for users who chose to use their innovative liquidation solutions for a variety of NFT assets and long-tail crypto assets.
The Liquidity Problem in NFTs, LPs, and Sub-Stream Altcoins
In the last year, NFTs have exploded in popularity, with the leading marketplace in Ethereum registering billions in trading volumes every week. With the promise of limited-edition assets, scarcity, and security all tied to the transparency of the blockchain, observers are confident NFTs could have a bigger impact than DeFi in the future. The latter is another technology that's gaining traction, already managing over $80 billion in TVL.
However, despite the popularity of NFTs assets, they are comparatively illiquid. Holders in possession of valuable NFTs like CryptoPunks or NBA Top Shot, for example, cannot easily unlock value by using them as collateral in lending marketplaces. This divergence between the speed of innovation and the failure of incumbents to catch up is forcing developers back to the board to solve pressing problems.
The XCarnival Solution: XBroker and Megabox
XCarnival introduced a Peer-to-Peer XBroker platform prioritizing user experience enhancement while also acknowledging the impact of metaverses in the digital and physical world. The XBroker uses a time-limited auction liquidation mechanism to solve price and liquidity challenges that plague the NFT ecosystem. Riding on XBroker's tailcoat will be a farming program set to reward liquidity providers for borrowers who stake their NFTs in exchange for funds in USDxc. Farming rewards depend on the type of NFT and order amount.
Besides the XBroker, the development team also has the Megabox. It is a solution the team plans to use to unlock liquidity of long-tail assets like altcoins and liquidity provider (LP) tokens which have relatively low liquidity. The Megabox also focuses on lending and mortgages, integrating a Pool Mortgage Rate Setting Model and Risk Control System. According to the team, this will help unlock liquidity and expand profitability to altcoins and other sub-stream tokens owners.
The Significance of the Certik Audit
As XCarnival plans to launch the mainnet, releasing the XBroker and Megabox, the successful passing of Certik's audit solidifies confidence in the project. From the audit report, all critical errors were resolved. Specifically, the auditor focused tests on testing XCarnival's smart contracts' ability to remain resilient against attacks, whether the code's logic functioned properly as per XCarnival creators' requirements, uniqueness of the code, and its compliance with industry's best practices.
After reviewing the code manually and through static analysis based on evaluations such as structure, decentralization degree, access of control, test verification, preemptive transactions, and other critical criteria, XCarnival's core smart contracts proved to be secure and ready for implementation. Certik affirmation that XBroker and Megabox codes are safe would see participants receive rewards for supplying liquidity through farming. At the same time, NFTs, altcoins, and LP tokens can now be unlocked as collateral for funds.