Protection Mechanisms
Last updated
Last updated
Top protocols in Web3 gained tighter security through audits. Having a new set of external eyes critically assess a codebase will definitely uncover the loopholes it has. Hence, it is crucial to do every due diligence and get the service of expert security reviewers.
, an Optimism-based DeFi protocol, lost nearly $8 million due to a mathematical error: the decimals were not rounded off precisely. Every mathematical equation, oracle, dependencies, and other components of the smart contract should be critically audited.
Top audit companies and groups have technically sound staff who have discovered critical vulnerabilities in complex protocols. Thus, such expertise would be needed to assess the Zodium protocol.
There have been cases where protocols had multiple audits, yet fell for smart contract exploitations; see the case of Euler Finance.
Therefore, it is important to go the extra-mile and have auditors on contest platforms—such as Cantina, Immunefi, and Code Arena—assess a protocol to pick more vulnerabilities.
These platforms have proven to be effective due to the number and quality of security researchers on them. They have discovered vulnerabilities from top protocols such as zkSync, Phala Network, etc.
Zodium strongly emphasizes security, which is why we have outlined the security measures above for the protocol.
Post-audit-contests, we also plan to have a bug bounty publicly available as we encourage responsible vulnerability disclosure.
In the history of Web3 security, this has proven helpful and effective, as responsible bug hunters search for findings in the protocol and report ahead of unethical threat actors.
After every security measure has been taken, the Charis community never planned to leave anything to chance.
Therefore, we plan to have internal security researchers whose sole responsibility is to devise ethical hacking methods for the protocol and submit fix patches to the development team.
We believe such robust security measures will go a long way in ensuring the safety of our users’ assets and data.