Solidproof, the platform that audits DeFi projects, offers a free DeFi audit in the form of a community tournament. The process also comes as a token of appreciation for the platform's supporters. The announcement came into the light on the 26th of August, 2021.
Offer of Free Test Run
In the tournament, users vote for the DeFi projects they feel deserve to get a free audit the most. To be able to vote, they have to follow Solidproof on telegram or subscribe to their Twitter and Facebook social pages.
Users should check all boxes concerning eligibility to be able to apply. After that, they can submit their application via a specific google form. A week of voting follows, with the projects voted for eligible for a free audit.
Concrete Audit Process
Based in Germany, solidproof's area of expertise is the inspection of smart contracts. It is useful in judging the level of threat from bugs identified within projects.
Solidproof's audit process has been tested and proven to be reliable and legitimate. The platform uses KYC and auditing procedures to ascertain the levels at which DeFi projects can be trusted.
The solidproof team begins by accessing the code of a DeFi project. It then analyzes the project's white paper and protocol. The purpose of the analysis is to understand what role the smart contract plays. Judging by the smart contract's complexity, the tool sends a tailored quote to the project's team.
The audit process is now kick-started, with Solidproof contacting the project's developers for better understanding. Subsequently, Automatic tests proceed, followed by manual ones with recommendations sent back. Threats and bugs are ranked using scales such as critical, medium, and low.
Trust Reassured in the DeFi World
As a young and growing innovation, many issues affect the DeFi world today. Fraud and malware are perhaps the most severe and feared of these issues. Many firms have strived to come up with impressive innovation in an attempt to address these issues.
Investors ought to commend Solidproof's contribution towards solving the problem for its high credibility levels. Their recent audit of the CyberRacing project from the Binance Smart Chain is a good indicator. Investors are now able to have more trust in DeFi projects thanks to its efforts and services.