Yieldy, the first DeFi platform built atop the Algorand blockchain, has successfully concluded a hacker-resistant smart contract and blockchain audit by award winning cybersecurity firm Halborn. Via its rigorous verification techniques, Halborn has provided audits for some of the industry’s most established blockchain businesses, including Coinbase, BlockFi, Stellar and Avalanche.
As an increasing amount of capital spills into the DeFi sector, it is of utmost importance that DeFi protocols continue to inspire confidence in their users. This is especially true in the wake of an increasing number of “rug pulls” and exit scams — primarily originating from unaudited, or improperly audited protocol smart contracts.
Security audits are designed to provide a detailed analysis of a protocol’s smart contract set in order to identify and eliminate vulnerabilities, bugs and exploits.
The issue is that many protocols fail to implement third-party audits prior to going live, instead choosing to bolster security after a flaw has been discovered. As a result, over $285 million in DeFi user’ funds have been lost to bad actors since 2019.
Yieldy doesn’t intend to make the same mistake. Below is an overview of Halborn’s findings.
On May 8, 2021, Yieldly engaged the services of Halborn to assess the security of its native smart contract protocol. The analysis team — which consisted of three data engineers — was provided with a total of two weeks to finalize the audit. In their report, the team acknowledged that the platform utilizes the “best possible practices” for securing their smart contract ecosystem.
The security engineers chosen to carry out the operation were blockchain and smart-contract experts holding extensive experience across niche technical domains such as advanced penetration testing and smart-contract hacking.
What did the audit entail?
The goal of the audit was to ensure that Yieldy’s native smart contract functioned as intended as well as to weed out any security issues and exploits that may compromise the contract’s long term efficacy and overall operational utility.
The process was carried out in a number of phases using certain specialized tools that were employed through the entirety of the audit. To begin with, the architecture and purpose of the platform was analysed and the system’s manual code was subsequently tested for its functionality via the use of certain graphing techniques. A further assessment of the contract’s logic/connectivity/functions — as well as solidity variables and functions — was carried out in order to determine if there were any arithmetic related vulnerability classes.
Halborn reviewed Yieldly’s prize game and staking contracts against 11 assessment criteria. Yieldly passed all assessment steps with flying colours.
Good news abounds
This successful audit comes mere days after the conclusion of a 5 x oversubscribed IDO, inspiring even greater confidence for Yieldly in the market.
Emma Cui, CEO of LongHash Ventures shares her enthusiasm: “Having worked with their top-class team during the Algorand Asia Accelerator, we are excited to further support Yieldly in building the key primitives for DeFi on Algorand and expanding the space further through their cross-chain solutions.”
Parties that missed out on the IDO still have a chance to participate. By June 17, Yieldly’s DeFi liquidity pools will be open to the public, giving users the chance to use Yieldly and engage on the platform. The YLDY token will also be available for purchase later this month on major exchanges including Probit.
To keep up with the latest news and developments, join us on t.me/yieldly.
Originally published at https://yieldly.finance on June 3, 2021.