YfDFI Finance, the project that is building the first fully community-driven DeFi finance ecosystem enlisted Hacken as its official product auditor. According to the official announcement shared with Altcoin Buzz, Hacken will help to increase YfDFI products’ security level in order to prevent any potential risk. Moreover, this happens to be the best time to enlist Hacken as an official auditor. That’s because YfDFI Finance is close to launching some of its flagship products.
According to YfDFI aggressive roadmap, the project is about to launch the much-awaited Liquidity Farming Platform (V1.0) in December 2020. Furthermore, the DFI.Swap and DFI.Exchange (DEX) are in the final stages of development. Q2 2021 will also see the launch of DFI.Insurance and DFI.Ventures. With so much community-centric development activity going on, the highest levels of review and scrutiny have become a must.
Why does YfDFI need Hacken?
YfDFI Finance is a fully community-driven DeFi ecosystem and it is a movement against the DeFi pump and dump projects. What that means is that all the solutions will be developed by the community members independently. As a result, these solutions need the highest levels of scrutinizing and auditing before release. Apart from the solutions, the smart contract code also needs auditing. This would ensure to the community that all smart contracts used within the ecosystem have been audited by a top-class security firm.
Great News! We just performed a second token contract audit with @hackenclub, one of the top cybersecurity firms in the blockchain industry.
Our smart contract has been qualified as "Well-Secured" with no vulnerabilities.
— YfDFI Finance (@YfDFI_Finance) December 22, 2020
According to the official press release, YfDFI solutions need to be audited by premiere cybersecurity. This is being done:
- To instill trust among token holders and potential investors
- For the sustenance and survival of the project as a security loophole can mar the credibility of the platform and impact its success.
Hacken has an edge!
Hacken is one of the leading cybersecurity firm working to make DeFi a safer place. In November 2020, it became the first cybersecurity consultant to join the European Business Association (EBA). Currently, they are the partner of the Coinmarketcap DATA Alliance.
Along with the above credentials, Hacken also runs one of the most successful bug bounty platforms, HackenProof. Furthermore, the platform can utilize a 2000-strong whitehat hacker YfDFI community to conduct audits of the client projects.
Security hardened and No Rug DeFi Project
By enlisting Hacken as an official auditor, YfDFI will ensure that its solutions do not pose any security risk to the platform users. Along with that YfDFI has also locked all non-circulating tokens through different contracts. This includes all the team YFD tokens, staking tokens, farming tokens, and liquidity tokens. Interestingly, this makes YfDFI a “No Rug” DeFi project.
YFD, the native YfDFI token launched at zero value and has jumped by over 20% in the last 14 days. At the time of press, the YFD price is a little over $335.
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