AutoFarm Receives Complete CertiK Audit

User security should be of utmost importance as the reach of the DeFi ecosystem expands. You may wonder why AutoFarm is so security conscious - with a lot of protocols hosted on it, avoiding a hack is necessary.

By
Rebecca Asseh
on
April 5, 2021
Category:
Breaking News

Introduction

Companies must focus on increasing the quality of their product, source code or IT infrastructure, whether they be centralized or decentralized. On the 30th of March, AutoFarm announced that it is now fully audited by Certik Audits. This means that the CertiK team has carried out independent data collection and analysis about the structure, source code and infrastructure of AutoFarm. The Audit was to review and evaluate and ensure the integrity of AutoFarm’s smart contracts.

Following the assessment, AutoFarm has partnered with CertiK to implement CertiKShield. AutoFarm is taking its security a step further with CertikShield, a decentralized reimbursement system that will ensure that user assets are safeguarded against potential theft or loss of funds using a “Shield.” Auto farm describes Shields as “fully collateralized from the funds used to purchase them and this guarantees any potential reimbursement claims can always be covered by the collateral pool.” AutoFarm users can obtain full coverage by purchasing Shields via DeepWallet accounts after selecting Autofarm’s protection pool. Coverage is offered for a 21-day cycle that is automatically activated and can be renewed at the end of each cycle. 


A Glimpse at Certik

CertiK is focused on ensuring blockchain security by using cutting-edge Formal Verification technology on smart contracts. Since its launch, Certik has carried out over 220 Audits, secured $8.03B in value, and audited over 118k lines of code. Top exchanges like Binance, OKEx, and Huobi have been secured by CertiK with a Fund sponsored by the Binance Accelerator Fund to help secure some of the top platforms it funds. Popular DeFi protocols such on Binance Smart Chain such as Pancakeswap have had their smart contracts audited by CertiK as well as servicing over 100 top-shelf blockchains and DeFi protocols like Tera, Bancor, Shapeshift, and Blockstack.

Certik utilizes the CertiK BSC Security Oracle to audit protocols. Smart contracts are submitted for audit according to the specification of their intended behaviors. First, they undergo a mathematical method of formal verification. After this is done, experts with experience from Oracle, Google, Microsoft, and Facebook will review the contract manually. Finally, Certik will provide you with an audit report showing proof from the mathematical formal verification classifying the vulnerabilities of the smart contracts and proposing solutions for them. From the audit prepared for Auto Farm, we can see some resolutions on some of their findings. The auditing process takes about 48 hours and verified smart contracts or projects get a QR encoded hashed CertiK Verification Badge.


What Does This Mean for AutoFarm

With the rise in the number of transactions handled by DeFi protocols, it is important to ensure that code security is top-notch before their release. The smart contract might be open to vulnerability if a single bug is out of place. This gives room to hackers to exploit the contract. However, AutoFarm has kicked its security one step higher with Shield. User security should be of utmost importance as the reach of the DeFi ecosystem expands. You may wonder why AutoFarm is so security conscious - with a lot of protocols hosted on it, avoiding a hack is necessary. AutoFarm is a yield farming aggregator hosted on both Binance Smart Chain (BSC) and Huobi ECO chain (HECO) supporting four protocols three on BSC (Venus, PancakeSwap, and bDollar) and one on HECO (MDEX). While AutoFarm has taken these initial steps they still have a few vulnerabilities they must sort out in their contract.

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Rebecca Asseh

Rebecca Asseh is a crypto and blockchain Writer with an interest in emerging technologies and financial psychology. When she's not writing, she's watching medical and crime shows.