DeFiYield Launches World’s First Smart Contract Audit Archive

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In Brief
  • New archive details security audits and issues.

  • Ethereum and BSC protocols supported for now.

  • DeFi TVL holds $65 billion.

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The Trust Project is an international consortium of news organizations building standards of transparency.

As the wave of attacks on unsecured decentralized finance (DeFi) protocols continues, a greater need has arisen for auditing and now there is a new web archive to aid research.

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In an announcement on June 1, the DeFiYield protocol unveiled a web archive of smart contract audits in what it claims is a world first.

The move comes in the wake of a wave of attacks that have targeted Binance Smart Chain protocols that are launched almost daily, are mostly clones, and are not always audited.

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DeFiYield offers a decentralized platform for cross-chain asset management and a DEX aggregator. The new archive details 289 audited projects, 367 partner audits, and 44 audits carried out by DeFiYield itself which also offers this service.

The blog post explained that the Open Audits Archive has been developed so the users can verify projects either by scanning for existing security issues or by downloading security reports provided by multiple companies.

Accessing DeFi Audits

The free-to-access database is currently in web format but the project plans to integrate it with popular crypto wallets such as MetaMask, Coinbase Wallet, WalletConnect, Authereum, and Torus in the future.

The actual audit reports can be downloaded in full for those wanting deeper research and data on specific smart contracts and protocols. It advised reading the reports:

“In all situations, you should read the reports, since a short evaluation of the number of existing security issues won’t give a complete picture.”

A trust score will be added to the archive ‘soon’ it stated. Other chains and platforms such as Polygon, Huobi Eco Chain, and Avalanche will be added as the archive only currently supports Ethereum and BSC-based projects.

Companies can also request an API access page and the corresponding authorization token that will be used to perform API requests from the platform.

Total Value Locked Update

DeFi is showing signs of recovery even if bitcoin itself continues to look bearish. The total value locked across listed protocols is currently $64 billion on DeFi Pulse and a similar $65 billion on DappRadar.

There has been a retrace from the all-time high TVL figures in mid-May but this has largely been due to the crypto price crash since they are derived from USD values.

The top protocol at the time of press is Aave, which has surpassed MakerDAO to take the number one spot with a collateral lockup of around $9.6 billion.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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