Top DEX (decentralized exchange) MDEX was rated a 93% security audit score by CertiK, a high-end blockchain security firm. MDEX is now certified as one of the safest leading decentralized finance (DeFi) projects.
CertiK is an established global blockchain security firm, having conducted over 400 audits and secured more than US$10 billion in digital assets, It was founded by computer science professors at Columbia and Yale Universities. It has performed audits for top crypto exchanges such as Binance, OKEx, Huobi and a hundred over top-shelf blockchains and DeFi protocols like Bancor, Shapeshift, Blockstack and Tera.
Scoring 93% on the CertiK Security Audit
MDEX passed with a 93% total score after CertiK audited the protocol’s smart contracts, analyzing security risks with a formal verification process.
Here is an overview of the security audit results. At the time of this reporting, MDEX scored 97% in Static Analysis, with minor security vulnerabilities; 92% in Social Sentiment, based on a sentiment analysis that was overwhelmingly positive toward the protocol; 98% in Market Volatility, with robust indicators over trading volume/depth/liquidity; 100% in On-Chain Monitoring, meaning real-time transactional tracking systems are healthy; 92% in Governance & Autonomy, a ‘Strong’ score in activity tracking and contract verification over decentralized practices; and lastly, 90% in Safety Assessment, an ‘Excellent’ result from the protocol’s fact-based and comprehensive safety evaluations
A summary at the end of the audit states that “(MDEX) source code is well written with security practices” and “(MDEX) business logic is comprehensive and implemented accordingly.” It was also noted that CertK had communicated at length with MDEX over upgrades and improvements to the protocol and that the development team had resolved issues brought up by CertiK promptly.
The Critical Importance of Security in DeFi Smart Contract Protocols
As vital as security is for CeFi networks and projects, it is especially integral to DeFi’s continued success.
CEXes (Centralized Exchanges) are the responsibility of the companies who run them, meaning the safety of their systems rests on their shoulders. DEXes (Decentralized Exchanges) on the other hand are designed to be independent from the organizations and corporate entities that build them. Smart contracts are instead responsible for the millions or billions of dollars of transactions on these peer-to-peer platforms.
As the nature of smart contracts is their immutability after deployment, security risks and issues in the protocol’s code have to be fixed before their release. If the code is flawed and there are security vulnerabilities, it might result in a mishandling of funds or allow smart contracts to be co-opted by hackers.
MDEX Commits to Security
Part of MDEX’s rise into a leading DEX on both Coingecko and Coinmarketcap is due to its use of dual chain and dual mining mechanisms for liquidity and transaction mining, resulting in very low (or zero) fees and speedy transactions.
Trust is key. MDEX understands that being one of the biggest decentralized protocols deployed and maintained by HECO, its commitment to the highest standards of security and decentralization is critical.
If MDEX is to reach its goal of being the composite DeFi ecosystem that integrates DEX, IMO and DAO, maintaining the security and accuracy of its smart contracts and blockchain-based protocols will need to be top of mind.
To find out more information about MDEX, please check out their Official Website: https://mdex.com/#/
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