Meet HAPI: Use Case #2
Since mid 2020, hundreds of DeFi projects have been launched. Unfortunately, most of these projects have neglected the security audits. As a result, an unprecedented increase in the number of hacks has taken place. Most of the attacks in 2020 were focused on DeFi projects. To address this issue, we have established and continue improving our audit database for every cryptocurrency project. Although an audit cannot guarantee absolute security, it significantly mitigates the risk of a hack.
The biggest audit database has been created and you may find it at https://cer.live/audits
HAPI oracle will notify whether the platform’s smart contract has been audited or not. This information will be issued by the selected data provider. The provider will be chosen by the token holders.
Via the decentralized database of audits, DEX aggregators and DeFi platforms will be able to guard themselves and their users from the projects that have not completed security audits to mitigate financial and reputational risks. For example, decentralized exchanges’ aggregators would be able to divide the integrated exchanges into two categories: audited and unaudited.
How does it work?
HAPI DAO selects the main data provider. The auditor of a smart contract uploads data on the conducted audit into the provider’s database and this information is transferred to the HAPI smart contract. A user starts interacting with DEX or AMM and selects the token which he wants to buy or sell. The smart contract of the exchange requests the HAPI smart contract to find out whether the token’s smart contract audit has been conducted. When there is no data regarding the audit, the exchange limits the interaction with this token (reduces the maximum sum of interaction, notifies a user, or denies interaction).
Hacken is on the move to shape blockchain cybersecurity industry.
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