ShibaSwap Fails Security Checkup From DeFi Safety Reviewer
The Shiba Inu token appeared on the market not so long ago but managed to win the hearts of many Dogecoin adherents, having enlisted a multimillion-dollar "army". But is everything so smooth with ShibaSwap? The DeFi Safety expert evaluating decentralized projects gave this DEX only 3% on the reliability scale.
Despite all the laurels earned by the heir to the meme "dog" token, fans should take a closer look at ShibaSwap, because so far it looks like they are investing in an obscure protocol with, to put it mildly, a dubious level of protection.
The success seems to have turned the heads of the SHIB developers a little. Against the backdrop of the general obsession with "dog" tokens, they were a little rushed by launching their decentralized exchange on the 7th with tempting influences in the form of profit for liquidity providers. After less than 24 hours from its launch, the TVL protocol surpassed an impressive $1 billion.
But today, DeFi Safety, which regularly reviews various DeFi projects, decided to check if ShibaSwap is so good and was horrified. The exchange received an almost zero reliability rating, although, according to the expert, a rating of 70% or more is considered “good”. ShibaSwap “successfully” missed 20 of the 22 review tests, totaling 30% for the simplicity of the knowledge published in its whitepaper.
Among the main disadvantages, the author of the review noted the anonymity of the DEX team, the complete opposite of the concept of "clearness" and vague data in the documentation. And this is not to mention the absence of an open software repository, project development chronicle, or at least code testing methods.
According to DeFi Safety, ShibaSwap has become an excellent illustration of what outrageous neglect and zero clarity look like, and added that while users are investing their funds in a black hole.
The platform is being audited by Certik, which previously worked with NEO, Crypto.com, and Ontology. However, more detailed information on their progress is not yet available.
On July 7, one of the Solidity developers emphasized that the ShibaSwap staking contract was controlled by only one address during the first day of work. This, in turn, has also generated a lot of concern in the community.
The DeFi Watch analyst also joined peers in sharing an overview from DeFi Safety and a Solidity developer warning.
Now we can only observe what will attract the attention of the creators of ShibaSwap first, the people's anger in social networks, or the words of experts.