The decentralized exchange (DEX) ShibaSwap, from the DeFi Shiba Inu (SHIB) project, received the same security score as PancakeSwap, the core of Binance's smart chain ecosystem.
According to certifying company Certik, which specializes in DeFi projects, ShibaSwap is secure and has no hidden mechanisms or carpet-pulling in the code. The assessment found no critical flaws in the protocol after the audit and considers DEX to be "healthy".
As a result, the platform received a score of 92 out of a possible 100, matching the score of other famous projects such as PancakeSwap (CAKE) and Polygon (MATIC).
Although certification is considered a good indication of security for DeFi projects, it also takes into account market issues and investor sentiment captured mainly on social networks. In this regard, ShibaSwap increased its score mainly because of these issues.
If only the specific evaluation of security is taken into account, ShibaSwap scored 87 points, less than PancakeSwap's 89 points, but well above Polygon's 82 points, one of the best projects of the year.
Highlights.
ShibaSwap's certification comes after the Shiba Inu exchange was criticized for allegedly containing a bug that would allow developers to take LP tokens and remove liquidity at any time.
In response, the team behind the project said it had corrected the bug in the contract, theoretically eliminating the possibility of a token withdrawal by creators.
The project has also been accused of being too centralized, however, according to Certik, this problem would have been resolved. Other details such as "code volatility" and "rate optimization" are also listed as resolved in the certifier's seal.
Experts interviewed by BeInCrypto say that Certik's certification process takes time and "appears to be serious," as it requires a number of clarifications from creators, including identity and background verification.
The company, however, does not explain how it performed this type of verification in the case of Shiba Inu, which has an anonymous creator.
ShibaSwap
Expert caution was not enough to slow down the strong adoption of Shiba Inu's decentralized exchange, which, like other DeFi projects, offers revenue through token wagering.
Before long, the demand was so great that SHIB and other related tokens dominate the Ethereum (ETH) network's commission ranking. DEX quickly reached the impressive $1 billion mark in total value locked (TVL).
Despite this, the community around the project continues to complain that the novelty was not enough for the cryptocurrency to reach new highs, or at least recover some of the losses of recent weeks after multiplying by 500,000 in 2021.
At the close of the article, SHIB was trading at $0.00000757, down 3.5% on the day. ShibaSwap now exceeds $1.4 billion in NAV.