All About IX Swap’s CertiK Audit Report

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All About IX Swap’s CertiK Audit Report

We are pleased to share with the IX Swap community that we have completed our CertiK audit. 

What is CertiK?

CertiK is a pioneer in blockchain security that utilizes best-in-class AI technology to analyze, secure, and monitor blockchain protocols, DeFi projects, and other smart contracts. The company is driven by its mission to provide streamlined solutions and tackle security pain points using its proprietary technologies.

At present, CertiK has collectively worked with over 2500 enterprise clients, helped secure over $310 billion worth of digital assets, and detected over 45,000 vulnerabilities in blockchain code. Their clients include leading projects such as Aave, Polygon, Binance Smart Chain, Terra, Yearn, and Chiliz.

Why does IX Swap need an audit?

As with any other blockchain project, IX Swap utilizes smart contracts to run our platform. Smart contracts are immutable and cannot be changed once deployed, thus we need to make sure that our code security has been perfected before our launch.

We also need to ensure that we keep up with all the best practices in the industry to maintain our platform’s safety and security, which are always our priorities at IX Swap.

A third-party audit through CertiK will help us do that as it will identify and eliminate security vulnerabilities using the most rigorous and thorough cybersecurity techniques. Their audit report will also classify vulnerabilities, propose solutions for them, and show the mathematical proofs from the formal verification. 

CertiK Audit Findings for IX Swap

One of the findings based on the CertiK Audit Report is centralization-related concerns, which has already been acknowledged as we speak. 

This is an interesting case because, by its nature, the IX Swap platform is a CeFi-DeFi bridge. This means that we deal with features of centralized finance, such as borrowing and lending, while simultaneously providing DeFi services like automated market makers, staking, and liquidity mining.

Another finding in the audit report is related to the transfer of IX Swap’s liquidity provider (LP) tokens. In certain instances, the input amount varies from the received amount due to the transaction fee that was charged. This has already been acknowledged as well, and we are implementing mitigation mechanisms to ensure that this is resolved. 

Overall, we appreciate the CertiK audit as it helps us ensure that we are on top of our game when it comes to the safety of our user accounts and the security of our platform.

. . .

About IX Swap

IX Swap is a next-generation platform that leverages DeFi services backed by CeFi regulatory compliance to facilitate safe and convenient issuance, listing, and trading of security tokens and fractionalized NFTs.

By bridging the gap between traditional finance and innovative blockchain-based solutions, IX Swap is paving the way in democratizing access to traditional financial markets that have never been done before.

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