New DeFi ventures continue to emerge from the blockchain space everyday. Although not all of them make it to the mainstream, they show us the power of blockchain technology. It has become easy to create a DApp with the aid of Ethereum and third-party development services. However, the ease of creating a DApp that runs on in smart contracts have paved the way for security vulnerabilities. Rushing new products without proper audit is risky for users, and this is the genesis of DeFi hacks. More than ten DeFi hacks were recorded in the blockchain space in 2021, amounting billions in losses.
While reinforcing the security aspect in the best way possible, Pontoon Finance is glad to announce the successful completion of security audits by reputable blockchain security studios including Zokyo, PeckShield, Coinspect, SlowMist and BlockSec. The coordinated effort of all the audit firms will be instrumental in enhancing the security of Pontoon Finance. This can prove to be critical to the growth of the project, as well as become a catalyst for the massive adoption of the DeFi projects.
Amassing the Power of Five Leading Security Companies — Zokyo, PeckShield, CoinInspect, SlowMist, and BlockSec
Pontoon Finance is committed to offering users one-click liquidity mirroring across blockchains, such as Ethereum, Binance, Huobi, and Polygon, has teamed up with leading blockchain security and code audit firms to provide an increased protection shield to fight security breaches and improve smart contract code. Security is indispensable in the ever-changing DeFi space, and Pontoon took the all-essential steps to reinforce security and make the platform hack-proof.
Our protocol has successfully concluded in verifying the correctness of their smart contract code. This implies that the cross-chain liquidity protocol’s smart code has been properly evaluated based on security standards prevalent in the industry to drive the greater adoption of DeFi.
Highlights of the Technical Summary of Pontoon’s Smart Contracts
The various leading blockchain security and code audit firms analyzed the codebase of the Pontoon Finance smart contracts, evaluating the code based on performance, security, and correctness. After evaluation, the testable code of the audit aggregated to above 95%, matching the current industry standard. Pontoon made its collective efforts to imbibe a continuous security approach to mitigate the threat of malicious actors while facilitating the security audits.
The code audit firms reviewed the code step-by-step to discover any issue that might potentially affect the quality of the codebase. During cross-comparison tests and smart contract logic testing against cyberattacks, the audit firms continued to review the codebase again to identify any vulnerability that the codebase might have in the future.
After scrutinizing the stack layers, Zokyo confirmed that the code was errorless and scalable in nature. SlowMist and PeckShield focused on break testing the smart contracts by simulating various attacks. After manually reviewing the security protocols, the two firms agreed that the contracts had lower chances of manipulations, therefore safe.
CoinInspect examined the reentrances and crypto wallets thoroughly for the scope of any possible attack, and the reports turned out to be unfavourable for malicious attacks. Moreover, BlockSec audited the smart contract host platform, which has been blamed as one of the significant factors that leads to cyberattacks. After performing manual code and automatic code analysis for the smart contracts, BlockSec identified that there was a lack of security vulnerability on that front, therefore ensuring another successful milestone in Pontoon’s journey.
The audit teams advocated that the code was appropriately written. This means that Pontoon’s performance has been validated and that its smart contracts meet the relevant regulatory requirements. Additionally, the success of the audits implies that the smart contracts are well optimized and executed against its blockchain network. Investors can be confident that their interests will be protected and funds are safeguarded.
What Next for Pontoon Finance?
With high-level security reinforced, Pontoon Finance is ready for its mainnet launch. However, this is the beginning of the exciting journey . Pontoon Finance will continue to work with the security audit firms to deploy highly-secured decentralized solutions that will accelerate the growth of the DeFi landscape.
About Pontoon Finance
Pontoon Finance, a blockchain solution that offers users one-click, decentralized liquidity mirroring across blockchains, such as Ethereum, Binance, Huobi, and Polygon. The protocol provides an Incentivized relayer network and liquidity mining for liquidity providers. It solves the challenges of looking to move assets from one chain to another. $TOON is the ERC-20 governance token of the protocol, empowering stakeholders to vote on proposals.