A great tool for verifying security on DeFi Platforms.
The attention that decentralized finance or DeFi is receiving at the moment is extremely high, so it is common to find different platforms that offer different services and benefits. Among the most popular at the moment we can find PanCakeSwap and Uniswap, that's why it's not surprising that they each have more than 40 million users.
But apart from these two, there are also many other decentralized finance platforms that to be honest have dubious security systems, and if you are new this can be risky as you don't want to lose your money. So in response to the demand to know the security of defi platforms, a website has recently been launched that is able to show you which are the safest DeFi platforms and which ones you should totally avoid. **It emphasized that it only verifies security, not other things.
It is *DeFi Safety, it is a website uses different protocols to classify the projects and decentralized finance (DeFi) platforms according to their security levels. DeFi Safety details which are the elements it verifies in each audit to make its classification. Using a criterion that seeks to check the quality, and also that its methods are applicable to all smart contracts, not only those used in DeFi.
The 5 verification steps that defi safety performs to give you the results of the most secure sites are as follows:
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1) Verify that the address of smart contracts already deployed on the blockchain are shared or published in a timely manner by their developers.
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2) Verify that the published contract address is the same as indicated in the software repository used to program the contract.
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3) Verify that all documentation about the capabilities of the smart contract and what tasks it can perform is available.
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4) Verify that the developers have performed tests or simulations and show evidence of this by executing the code they claim corresponds to the smart contract.
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5) Verify that the smart contract code has been verified by experts outside the project, to avoid any bias in its evaluation.
These five ways analyze the security of a smart contract, but do not determine whether the contract is the most appropriate for coordinating a specific financial scheme or protocol, since they do not focus on evaluating its efficiency in this regard.
The most secure DeFi platforms to date
Compound 97%
mStable 97%
Synthetix 96%
Bancor 96%
Gnosis Safe 95%
DeFi platforms to avoid
DeFiner 20%
C.R.E.A.M 8%
YFV Value DeFi 8%
Peeling X 3%
YFFI Finance 2%
Incredible as it may seem, the UniSwap site received an 86% security score, but even though it is not among the five most secure, it does have an acceptable security ranking in addition to many other excellent features such as: It is 100% decentralized, Access to the protocol can be done using any web3 wallet (MetaMask) and create custom applications on them, Possibility to create an exchange for any ERC-20 token, this and many more that makes it an excellent choice.
To conclude, I would like to add that the demand for DeFi platforms and security systems are going to be on the rise this year 2021 as last year we saw how applications like MakerDAO, Compound, AAVE, Uniswap, SushiSwap and many others have had a significant growth, with historical records in transactions made. And in view of their great popularity, they are increasingly being targeted by thieves and hackers who attack these decentralized platforms, leaving thousands of users without their money and these projects seriously affected.
That is why Definir safety recommends which are the defi platforms with a higher security system, the best thing is that these data provided by defi safety are constantly updated to provide updated information all the time, it is important to remember that this site does not analyze the utility that is given to the platforms only analyzes the security.
But what do you think? Would you use this site to verify the security of DeFi platforms before using any of them?
Posted Using LeoFinance Beta
