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.
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.
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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MDEX is the decentralized exchange (DEX) platform built on Heco, the Huobi exchange blockchain. It is strategically positioned as the optimal choice for Eco-token transactions and the largest DeFi ecosystem with DEX, IMO, and DAO integration.
It is a decentralized exchange based on Automated Market Maker (AMM) technology on the HECO and Binance Smart Chain (BSC) with a tune of over $5 billion in total value locked. They aim to create cross-chain compatibility between leading chains to create a composite DEX ecosystem.
MDEX became the first project to integrate a dual mining mechanisms into its ecosystem. It utilizes a Liquidity and Transaction mining mechanism:
Liquidity Mining: Various liquidity pairs are available on its LP mining platform, including LP and single stakes. Currently, the platform holds one of the largest TVLs on the Heco chain. They offer a wide range of LP tokens available in the Heco ecosystem.
Its APYs are the largest on the Heco chain and quite competitive with other Dexes available in other chains. Users can start accessing the LP mining incentives and APYs by connecting to the pool.
Transaction Mining: MDEX is the first platform to integrate transaction mining which rewards users for transacting on the platform. By trading using the DEX, users get rewarded for all trade actions done on the DEX.
High APY revenue of transaction mining up till 26th Feb 2021 (source: mdex.com)
Decentralized Autonomous Organization (DAO): MDEX runs a DAO structure using its token MDX to achieve governance. MDX holders can propose to initiate a token listing by voting or collateralizing.
Initial Miner Offering (IMO): Similar to the Initial Coin Offering (ICO) on the Ethereum chain and the Initial Dex Offering (IDO) on BSC Dex chains, MDEX will standardize fundraising activities. Fundraising will be facilitated through its IMO platform. The token will help achieve a standard fundraising token based on the HT-IMO, the decentralized fundraising protocol on MDEX.
The platform is active with various incentives mechanism for its numerous LP pools, listings, and pairs. By interacting with its official Medium handle, can stay updated with the new pools, revised reward mechanisms, and new additions and information.
Four days ago, the platform passed its Certik audit, according to the team, “with flying colors.”
The project has a 93/100 score which shows a healthy indication of its codes and its platform features as safe for use.
MDX token distribution
The project is dubbed the “DeFi Golden Shovel” in Chinese cryptocurrency circles. The immediate roadmap plan is on achieving cross-chain interoperability with various chains.
The platform is looking prime to go multichain with the integration of top chains such as BSC and ETH to achieve a multi-chain era in DEX. According to its released Medium post:
“MDEX will gradually support ETH (layer 2 network), BSC, OKExChain, DOT, NEAR, and other public chains so that assets are inter-connected. In this way, we seek to build a pan-eco transaction protocol.”
On January 6, the project went online.
On January 19, liquidity mining & trading mining were open; the liquidity of the day reached US$275 million; and the transaction volume amounted to US$521 million.
On January 24 (18 days after its launch), the single-day transaction volume exceeded US$1 billion.
On February 1 (26 days after its launch), the liquidity exceeded US$ 1 billion.
On February 3, the Boardroom (Board of Directors) mechanism was launched, and the MDEX ecological fund, worth $15 million USD in MDEX was established.
On February 19, the single-day transaction volume exceeded US$2 billion.
On February 25th, MDEX ranked first in the CoinMarketCap global DEX rankings. It accounted for 53.48% of global DEX trading volume. The daily transaction volume reached a whopping $5 billion USD.
March 10 marked 51 days of MDEX being live. The cumulative transaction volume exceeded $100 billion USD.
On March 12, the total amount of repurchased and burnt MDX exceeded 10 million.
On March 16, MDEX Version 2.0 was released.
On March 18, the 24-hour transaction volume exceeded US$2.2 billion.TVL exceeded US$2.3 billion which builds a new record.
On March 19, in total 143 million MDX are distributed in the form of transaction mining subsidies + liquidity mining rewards, worth US$577 million.
The transaction fees over the first two months were over US$340 million. The platform's 7-day transaction fees rank 3rd, only after Bitcoin and Ethereum.
On Apr 8, Mdex launched on BSC, supporting single currency mining, liquidity mining, trading mining and asset cross-chain.
Within two hours of launch on Binance Smart Chain, the TVL of MDEX exceeded $1.5 billion. The total transaction volume exceeded $268 Million and the TVL on HECO and BSC is now over 5 billion.
The high transaction fees on the Ethereum saw a slice in ETH dominance. Many users in the DeFi sector have gravitated to other blockchain infrastructures like Huobi and Binance Smart Chain.
MDEX integration of other chains like ETH and BSC in the future will make it a multichain DEX service. It will offer unique features like transaction mining and an increase in TVL. Due to the user incentive mechanism of transaction mining and repurchase rewards, MDEX currently has relatively low transaction costs, and users benefit from transactions. Overall, MDEX presents low fees, incentives for transactions, low slippage, and ever-increasing LP pairs will make the platform attractive to users and maintain its dominance as the leading DEX in the ecosystem.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
For those who wish to learn more about MDEX, check out the following resources and media pages:
Lola (AMA HOST): Can the team member of HOLDEFI say hi?
Cengiz: Hi everybody, Glad to be here. I'm from Holdefi project and ready to answer your questions.
Feel free to ask anything about Holdefi ☺️
Lola (AMA HOST): You're welcome Cengiz. Glad to have you with us today.
Hope you're good.
Cengiz:Thanks
Me too😉😊
Lola (AMA HOST): Good👍
Let's move on to the questions.
At the 2nd half, the Community would be dropping their questions and you can pick any 3 questions of your choice.
Shall we start now
Cengiz: OK lets start.
Q1. Can we get to know more about you and your team? What are your roles and past experiences?
Cengiz:We are a +30 person company based in Turkey and have more than four years of experience in the cryptocurrency and blockchain world. We had a lot of success in the local sector, and today we are looking to implement our first global project.
Lola (AMA HOST): Great. What a team! More than team. And How have been your experience with them?
What's your role?
Cengiz: I am content leader of this lovely team.
We have Blockchain Development team, Web development, Marketing, R&D, Content, Graphic Design and management.
Lola (AMA HOST): Ohh. Great.
Q2. A lot of Projects are either on BSC or ETH. Rare to see Multichain Projects. Why did you choose to be on both? Is there anything behind this great move?
Cengiz: We have developed Holdefi on ethereum blockchain from the start. But today it is not hidden to anyone that BSC growth was really amazing and has its own community and fans. So we have decided to launch Holdefi protocol and token also on BSC besides ethereum.
Lola (AMA HOST): That's really good
Q3. Holdefi is an Opensource non-custodial money market protocol that allows users to be depositors or borrower. How can users participate?
Cengiz: Depositors provide liquidity to the market to earn a passive income, and everyone can borrow from this liquidity and repay it after a while. The Borrower must add collateral before borrowing any tokens. The value of the collateral should be greater than the value of the assets they want to borrow. This collateral is, in fact, a guarantee that they will repay the borrowed assets.
Lola(AMA HOST): Okay. Aside from the Collateral, will there be any interest?
Cengiz: No.
Collatoral is only a guarantee for repaying the borrowed assets.
Lola (AMA HOST): Okay. Thanks 😊
Q4. What offer do you have for HLD token holders?
Cengiz: HLD has many use cases include but are not limited to: Protocol governance, Burning, Liquidity mining, staking, Revenue sharing.
I will also share some links at last for reading more about the details.
Lola (AMA HOST): Okay. That would be nice.
Q5. Is there any requirements to join in the HLD IDO? And what should participants expect?
Cengiz: Our IDO has been finished. Now HLD is being traded on PancakeSwap and UniSwap. HLD also being added to centralized exchanges in the near future.
Lola (AMA HOST): All right. Thanks for the Update.
Q6. Can you also tell the Community about the revenue sharing and Liquidity mining?
Cengiz: Liquidity mining in summary means when people provide liquidity to Holdefi protocol they can earn/mine HLD token.
Revenue sharing also means Holdefi protocol revenue from the fees will be shared with the token holders.
Q7. What's the Future plans of this HOLDEFI?
Cengiz: Staking, competitions, Holdefi-V2, and many many plans are coming. We have a whole long-term plan that I do not want to spoil now😉, but our path is very long and certainly, those who joined us from the beginning could be very lucky.
Lola (AMA HOST): Wow! That's quite impressive. Then we are ready to journey with you to the Future. ☺️
Q8. Can you explain to the community about HLD pools?
Cengiz: If you mean HLD pools on UniSwap and PancakeSwap, Liquidity provided tokens by the team are going to be locked for years.
Lola (AMA HOST): Can you give exact period? Like for how many years?
Cengiz: We did not make final decision yet but I think at least 4 years. Maybe we will do that with the third party like TrustSwap. We will announce to the community when we made it.
Q9. Can you tell the Community what makes your Project different from others?
Cengiz: I can mention some of them here.
At Holdefi we have a feature called Promotion that we can do it on different markets which is Increase interest rates.
This feature helps us to increase the liquidity of our pools quickly and grow fast.
or on the otherside, we can decrease the borrow rate for borrowers to attract them to the platform
We seperate the market and collateral pools so that users can withdraw their money at any time. it is what other platforms do not have right now!
This pic also can describe promotion feature better.
Again community can find more details in our documents. I will share the links in the end of our conversation.
Lola (AMA HOST): All right.
Q10. Do share with us all the links that the readers can find out more and also follow the development of the project.
Cengiz: Holdefi website:
Lola (AMA HOST): Thanks Cengiz.
Can we also have the roadmap or is there a lite paper link we can check through too?
Cengiz:Yes you can find our whitepaper and other details at https://docs.holdefi.com/
Lola (AMA HOST): Okay. That's great.
Q11. Lastly, our favourite question in BSC News, do you have any alpha or juicy news that you can share with us today?
Cengiz:
We are in the last phases of Holdefi codes audit and tests, So Holdefi mainnet will be launched at the end of April early May.😊
Lola (AMA HOST): Great. Can't wait for it!
Cengiz: 🙈
Lola (AMA HOST): Thanks for this wonderful AMA, short and Precised. 😊
Cengiz: Thank you for inviting me here for this AMA.
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.
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.
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.
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.
