An audit from DeFiYield uncovered some security concerns on ApeSwap and the protocol proved responsive and apt for adjustment.
DeFiYield, one of the leading providers of smart contract security audits, conducted an in-depth assessment of ApeSwap protocol, uncovering 38 low-priority issues and one critical problem. DeFiYield gave a score of 80.25% in their 40-page summary published on June 18. Two low-priority issues and the one labeled critical have now been resolved on the protocol’s Binance Smart Chain network.
An Audit Success Story
ApeSwap users will undoubtedly feel assured that the exchange moved quickly to resolve the matter after becoming aware of an issue. Following the auditing process DeFiYield Tweeted a statement on June 24th which read:
“As a result of the auditing, no significant issues were found in the code of ApeSwap.finance’s smart contracts. No suspicious functions endangering user funds were revealed.”
The official report cited that the most critical issue on ApeSwap has now been resolved. The description read: “The most critical problem in code was found in ApeRouter.sol in removeLiquidity() function. Instead of transfer, safeTransfer should have been called as in other functions.” DeFiYield listed all the other vital issues pertaining to the project as well. There are still 35 unsolved issues on the protocol.
DeFiYield praised ApeSwap for its token ownership and distribution. According to the report, there is “no risk” of a token dump since there are no major token holders who can influence the price of BANANA. No whales are hoarding these BANANAs. DeFiYield also pointed out the strong burn mechanisms of the token as another key benefit that helps reduce risk.
A Clean Bill of Health
The summary also concluded that the only weaknesses apparent in the project are incomplete documentation and centralized governance. An update to the report confirmed ApeSwap was forthcoming in the process to resolve these specific issues. The ApeSwap team was quick to fix the critical problem and even updated their GitBook for improved documentation.
Having identified issues and fixed them, the ApeSwap audit marks a success story for DeFiYield and ApeSwap. Following the rug pull at StableMagnet, some users have questioned the thoroughness of the auditing process from TechRate which gave the exchange a clean bill of health. In discovering issues with ApeSwap, DeFiYield has gained considerable credibility and demonstrated its ability to assess and audit smart contracts.
What is ApeSwap
ApeSwap is an Automated Market Maker, Yield Farming, and Staking platform on Binance Smart Chain that was is a fork from PancakeSwap. The protocol built by DeFi Apes, for DeFi Apes has trailblazed across the AMM space of the BSC ecosystem. The team provides features that are innovative and beneficial to their community. $BANANA is the native currency of our platform where users can stake, pool, and earn $BANANA tokens.
What is DeFiYield
DeFiYield is a smart contract auditing provider that began in July 2020. They focus on checking the security of yield farming projects and the world’s only DeFi cross-chain asset management protocol based on machine learning techniques. As an industry leader in auditing, DeFiYield is pushing the standards with its approach to audits. As exploits and scams appear across the ecosystem, the work from DeFiYield is providing relief to investors and developers.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.