Case Study: Hacken’s Audit of EBSI Smart Contracts
Hacken performed smart contract audits for the EBSI, contributing to the safety and reliability of digital public services across Europe
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Today, the role of DeFi is becoming more evident, which increases the demand for it day by day. The range of services provided in DeFi is already impressive. It touches on lending opportunities, loans, insurance, stablecoins, and decentralized exchanges. All these operations are automated and impersonal thanks to the smart contracts that are intended to ensure safe and reliable interaction between participants.
Nevertheless, protocol security is one of the core issues that determine the reliability of a DeFi project. A small bug may result in tragic consequences, thus a professional security audit is important both for DeFi projects and for their users and investors.
In this article, we’d love to share the details of our cooperation with EmiSwap — the first community-governed AMM DEX supplemented by NFT mechanics — aimed at providing the EmiSwap users with ultimate security in swapping, farming, and providing liquidity.
EmiSwap, the world’s first autonomous AMM DEX allows the user community to be the owners of the exchange, have the rights to get a share of the project’s profits, and make decisions on the future development of the protocol. The platform already has strategic partnership agreements with Emirex, BitMart, DigiFinex, Alpha Sigma Capital, Xeno Hub, Everest and is open for business cooperation with the leading exchanges and funds aimed at decentralized governance of the protocol and revenue sharing.
The EmiSwap transparent approach to revenue distribution (all the fees are distributed between ESW native token owners and liquidity providers), gamified NFT mechanics, and well-known strategic partners allowed it to find its audience and attract attention in the DeFi market.
Since all revolutionary technologies primarily need absolute security, EmiSwap smart contracts have been validated by Haсken Cybersecurity Services, the leading security audit company.
“Being the first community-governed AMM DEX, EmiSwap needs to meet the top industry security standards to become a trusted platform for decentralized relations between people. Hacken is a reliable audit company that helped EmiSwap deliver a great product to the blockchain community.”
Kirill Mishanin, Chief Sales Officer at Emirex
Under the EmiSwap identification, the unique business logic of each smart contract has been reviewed; compliance with the code style guide has also been assessed. By doing so, the EmiSwap platform has been placed on par with such advanced projects as Ethereum, Tron, and EOS, which also have secured support from the service.
“Hacken team realizes the value of protocol security for DeFi projects. Having strong expertise in smart contract auditing, our specialists can identify even minor bugs and by fixing them projects can ensure the ultimate protection of their users. It is a great honour for us to conduct a smart contract audit for EmiSwap and a chance to confirm our high level of professionalism to the DeFi community.”
Dyma Budorin, Chief Executive Officer at Hacken
The products of the traditional finance world are built on outdated infrastructure and are not available to everyone. They have high transaction costs, while the DeFi ecosystem offers more open and transparent permissionless solutions. This is not only a non-custodial exchange of assets, deposits, and loans available to everyone secured by their funds but also directions that are typical only for the crypto industry – AMM, NFTs, yield farming, etc.
Institutional players are showing interest in decentralized finance. This is evidenced by the positive dynamics of venture investments in the sector and the intensification of the development of solutions aimed at large players. DeFi is a fast-growing field with broad opportunities that require absolute security. Since the sector is actively developing, EmiSwap has paid thorough attention to smart contracts audit procedures and the development of in-demand products and services.