.png)
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.
Binance carried out its 17th $BNB burn, a whopping $640 million in value in its quarterly token burn. In comparison, the previous token burn only amounted to $390 million in value then.
The transaction ID (TXID) for the BNB burn can be found here. The recent burn has decreased the total supply from 168,137,036 BNBs to 1466,801,148 BNBs. This burn mechanism will continue every quarter until 50% of the total $BNB supply is removed from circulation.
The burning mechanism works by using profits generated by the platform to buy back BNB tokens from the market and taken of circulation to reduce the total supply.
The burn mechanics also includes users’ lost tokens in accepted cases and counted as BNB’s quarterly token burn. This program was introduced last year in BNB Pioneer Burn Program to help eligible users recover losses made while trying out the Binance Smart Chain. 17,839 BNB tokens were burned from the BNB Pioneer Burn Program this round.
Binance reports that it continues to grow and has improved its category position in the market from 69.6% in June to 69.7% in July and 70.3% in August based on the research from The Block. There is a caveat placed on the statistics because the figure is only based on a small number of exchanges that the researcher deemed as ‘legitimate’.
According to our own research, which includes a much more comprehensive dataset - hence lowering our category position estimate - our “true” position is lower: somewhere about 50%. However, the relative proportions of the big exchanges are the same. - Binance believes its category position is much lower and believes that the industry’s growth should be the main focus.
Changpeng Zhao (CZ), the Chief Executive Officer (CEO) of Binance in the same announcement gave insights into Binance’s positioning and point of view on regulation. He listed 3 reasons as to why Binance welcomes regulation.
CZ believes that mass adoption requires regulation. 95% of the rest of the population, which he calls the ‘mass audience’ can only be bridged by having regulatory frameworks and licenses. The crypto industry is now entering this phase. Secondly, being the category leader stands in a good position to lead and influence regulation. Finally, regulation will weed out unethical and questionable practices thus promoting a healthy and robust industry.
The burning mechanism is fast becoming an integral part of tokenomics. Having fewer tokens in circulation can be achieved by minting lesser tokens rather than resorting to a burning mechanism. However, the perception of the community is important.
The community would likely view the presence of a deflationary mechanism and a gradual decrease in circulating supply as a more attractive feature to drive value. The scheduled burn also serves as a periodical reminder that the platform is profitable and the efforts taken to reduce the total supply regardless of the value of the tokens.
Andrew (BSC.News)
Hello everyone and welcome to the AMA with CoinSwap!
Today we have @coinswapbull joining us today to talk about their exciting platform!
Great to have you here
CoinSwap Bull
It's wonderful to be here, it's an honor to join your great community and tell your community about CoinSwap and what our team is building! Thanks for having us!
Andrew (BSC.News)
Yeah it's wonderful to have you here!
So how this will work is, the AMA will consist of two rounds. The first round will be us going through the questions that I had prepared for you before hand. And then the second round will be a community round where I will open up the room to allow questions to come in. The second round is also where we will select the two winners of our giveaway
Sound good with you?
CoinSwap Bull
Sounds excellent, I'm really looking forward to this! Let's go ahead and begin!
Andrew (BSC.News)
Awesome so let's get started!
1. Please introduce yourself and the team behind CoinSwap
CoinSwap Bull
I’ve been in the bitcoin and blockchain space since 2009. I’ve written two blockchain books, written for countless projects and advised many others.
I joined CoinSwap’s team right before launch because I believe in their goal to become the world’s most innovative DEX and provide all people with decentralized financial inclusivity.
Since joining the team I can already sense that we’ve a great opportunity to achieve this goal and to become number 1 amongst all DEXs.
Andrew (BSC.News)
Oh wow 2009?
So you were here since the beginning
CoinSwap Bull
Yes sir, I've seen everything in this space and I love to see real developers at CoinSwap building the protocols I've been waiting many years to see built.
It's a pleasure to watch!
Andrew (BSC.News)
That's amazing, and for you to join a project like CoinSwap must mean more than just one more team member
So let's talk about the project itself and why you joined it
CoinSwap Bull
Absolutely, let's get into that now!
2. What is CoinSwap? What does it mean to be a decentralized cloud trading protocol?
CoinSwap Bull
Let me first give you an overview of our launch and upcoming events and that will lead me into more about DeCloud and or functions.
Launch Time: CoinSwap.com officially launched on BSC on Sep 13th.
Mining Launch Time: CoinSwap.com will officially launch mining function on Oct 20th.
Vision
Not only an AMM-based DEX, but also an ecosystem.
CoinSwap.com is committed to building a decentralized financial ecosystem integrating DEX, Cloud, NFT, DAO, GameFi, etc.
Functions:
Advanced Trade: Users can trade by observing real-time K-line and liquidity pools.
Liquidity Migration: CoinSwap.com provides this function of one-click “Liquidity Migration” that can easily allow users to migrate the liquidity previously provided on DEX.
Node NFT: Each node will become the unique NFT system of CoinSwap.com to support free transfer.
Financial Derivatives: As the trading volume and liquidity of CoinSwap.com continue to increase, we will gradually enrich the structure of various products.
Assets: You can check your wallet balance on CoinSwap.com directly.
Deductible Fees: Coins can be used to deduct 50% trading fees. The trading fee can be as low as 0.15%.
Market Data: Query Token market data anytime, anywhere.
DAO Governance: Users who hold COINS can initiate and vote on the system. Related proposals include block rewards, halving cycles, new token launches and adjustments to liquidity weights of trading pairs, etc.
Andrew (BSC.News)
Yeah so while CoinSwap is very innovative no doubt, I want to expand on it and analyze why CoinSwap is necessary
3. What inherent problems have you seen within BSC that CoinSwap can provide solutions for?
CoinSwap Bull
CoinSwap is a large supporter of Binance and Binance Smart Chain and believes in their vision to provide a chain for users with high transaction throughput.
This allows DeFi protocols like ours at CoinSwap to flourish and continue to take more market share over time from the ‘legacy’ DEXs like Uniswap or Pancakeswap that haven’t really innovated over the last year and CEXs as well once users become more comfortable in the crypto sector.
Through our referrals, NFT and Supernode NFT, users can create their own ecosystem to trade with even cheaper fees than any other DEX already running on BSC.
Our users are already giving us excellent feedback on the protocols and really appreciate us pushing the space forward with our new functionality!
Andrew (BSC.News)
Okay nice!
So my next question is
4. How does being a “DeCloud” differ from other trading protocols?
CoinSwap Bull
Other DeFi protocols aren’t as distributed as CoinSwap because CoinSwap is the first DeCloud computing protocol in the history of DeFi.
DeCloud enables every supernode to be a DEX and this may be the most revolutionary advancement in NFTs in blockchain history yet.
DeCloud gives our users even more decentralization than the normal DEX and way more decentralization than any CEX as well. This is the future of DeFi because users will increasingly want to have a decentralized cloud just like they want decentralized blockchains.
Supernode NFT empowers the users to have more control of their finances and that’s the endgame of blockchain and DeFi.
Andrew (BSC.News)
Wow that's amazing!
5. How do you use/get started on CoinSwap?
CoinSwap Bull
Our team made a full tutorial on how to get started on CoinSwap.com in this youtube video.
There are other specific tutorials and overviews on our youtube channel for users and there will be more youtube videos in the future when we launch even more functions, so make sure you’re subscribed for all news, product launches, and giveaways!
Andrew (BSC.News)
Yeah I'm watching the video and it's very solid learner material
Even teaching users how to download and set up the BSC RPC for those who may not know
CoinSwap Bull
Thank you, sir, I appreciate it!
💪
Andrew (BSC.News)
Nice guys
CoinSwap Bull
CoinSwap's team wants everyone to have access to these services, we have to make it easy to understand, thanks!
6. What is your vision for CoinSwap? Can you provide us with a roadmap?
CoinSwap Bull
The overall vision is to become the #1 DEX in the entire world! Our team is focused on the small day to day goals which will lead to us becoming number #1 eventually.
The small victories will lead us to even greater things and our community is continuing to grow on every continent daily!
CoinSwap is launching mining today! This is a huge event in our roadmap and brings all of our functions and utility to the LIVE stage of our platform.
Of course we will keep innovating but this is a major day for CoinSwap and we’re very proud of our team and our community!
Andrew (BSC.News)
What a great mindset to have
And congrats! That is a huge step
So while we are on the topic of mining
CoinSwap Bull
We appreciate it, we're very excited!
7. What is $COINS? How is it used for your platform?
CoinSwap Bull
COINS Use Case:
1. COINS used to pay for fees will not participate in rebates but will be directly burned.
2. Deductible Fees. COINS can be used to pay for fees. The discount rate is shown in the table below.
3. The creation of the supernode NFT needs to burn COINS.
4. If the project party's tokens participate in liquidity mining, the project party will provide the tokens and host the user's single staked COINS to mine the project party's tokens.
5. COINS can participate in the new functions of the platform such as NFT and IFO.
6. The COINS value can be provided in subsequent contracts and lending products.
Andrew (BSC.News)
Okay nice, so this is for sure not a project that created a token just because
Definitely resonates with the idea of an ecosystem that you guys are building towards
CoinSwap Bull
Absolutely not, CoinSwap's token has a real use case as you can tell, a token for the future of DeFi!
Thanks
8. Is your platform audited? How can you ensure users that your platform is safe to use?
CoinSwap Bull
This is one of the most important questions when evaluating any crypto protocol, let me explain.
CoinSwap.com underwent a full audit by CertiK. CertiK is the leading security agency in the blockchain space that makes sure all users are safe when using DeFi products.
You can read the full audit of our protocol done by CertiK here:
Andrew (BSC.News)
Yeah without a doubt!
All smart contracts carry a risk when interacting so I'm glad you guys understand the severity of potential risks and are taking the steps to mitigate those risks
Last but not least
9. Any exciting news you would like to announce today?
CoinSwap Bull
🗣 CoinSwap.com Genesis Mining will start today, are you guys ready?
No Private sale, No ICO, No Pre-mining!
Be the first one to have COINS4
CoinSwap #YieldFarming : October 20th 12:00 (UTC)
CoinSwap Bull
Absolutely but please make sure you use this link when you head over to the site!
That way we know you're a part of the BSC NEWS family!
🗣OFFICIAL LINKS:
Telegram Announcement:
Andrew (BSC.News)
Awesome! Thank you so much
CoinSwap Bull
You're welcome, sir!
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.
