CertiK has Audited Xion Finance

April 14th 2021, CertiK concluded their audit on the Xion Finance smart contracts. The One-Click to DeFi protocol driven by smart contracts running on the xDai chain, Ethereum Mainnet & Binance Smart Chain — where low cost swaps, attractive liquidity mining, lending, payments & rewards are powered by XGT(Xion Global Token).

The purpose of this audit was to discover issues and vulnerabilities in the source code of the Smart Contract as well as any contract dependencies that we not part of an officially recognized library. A comprehensive examination has been performed, utilizing Dynamic Analysis, Static Analysis, and Manual Review techniques.

We take security very seriously — especially in the world of DeFi and blockchains. The last thing we want is our users to lose any funds, which is why we are taking enormous steps towards security — Marvin Kruse(Tech Lead)

Skynet — 24/7 Security Intelligence System

The Xion Finance smart contracts enjoys the benefits of having realtime 24/7 security insights, for users to know how “safe” it is to perform a transaction.

CertiK’s Decentralized Security Oracle is a solution developed by CertiK Foundation to guard on-chain transactions and prevent DeFi projects from malicious attacks through real-time security checks.

The mission of the Security Oracle is to bridge industry-leading software security services with DeFi projects and fulfill all types of security needs. A security score is provided to help users gain insights and make important decisions.

Security Oracle leverages intelligence engines like Skynet to bring security insights on-chain.

CertiK Audit Findings

The security assessment resulted in 27 findings that ranged from major to informational. CertiK recommended these findings to Xion Finance, in order to ensure a high level of security standards and industry practices. The categories of findings ranged from: gas optimizations, logical issues, mathematical operations, control flow to coding style.

The team heeded the advice from CertiK and resolved all minor and major findings. Any remaining informational findings have been acknowledged and the Xion Finance team responded with:

We are currently developing a solution to further decentralize the project and shift the governance power from the team to the community. Additionally, any recommended libraries/functions have been noted for future deployments — Aeryn Quarmby(COO at Xion)

Prior to the audit, the Xion team already performed rigorous tests to increase the overall security and decentralization. Therefore, based on the relatively low severity of findings, the Xion team already had a secure protocol in production.

The team has more to say about their contracts…

Smart Contracts‌

The most important starting point for security in any blockchain or DeFi project is always smart contract risk. We are working together with proven experts from the Ethereum and Solidity community in order to build bulletproof systems that satisfy our high standard for security.

Throughout the development, the smart contracts have been peer-reviewed by different developers and auditors, and have also undergone an official audit (see below).

We built our smart contracts on safe and battle-tested dependencies from companies like OpenZeppelin and directly implemented various proven safety measures in our smart contracts to ensure that we can prevent and (in the unlikely case that this happens) even recover any lost funds.

We embrace the ethos of decentralization and want to be as transparent as possible. You can find the code of our smart contracts in our GitHub repository as well as on Blockscout (see the links below).

Audits‌

We are working with expert developers & auditors(ditCraft & byterocket) who always test our software extensively before deploying anything to production. However, we want to be 100% sure that our smart contracts don’t bear any risks for our users and we haven’t missed anything. This is why we are constantly in contact with various auditors, asking for second opinions.

Our first official audit was conducted by CertiK, one of the leading providers for audits and security solutions. You can find the official audit report below. Additionally, their 24/7 security intelligence is constantly monitoring our smart contracts and their activity.

‌While no vulnerabilities have been found, all of their other findings in the audit have been addressed by our developers immediately.‌

Xion Finance Audit Profile on CertiK: https://www.certik.org/projects/xion

Summary

A diligent audit was performed by CertiK on Xion Finance and while no vulnerabilities were found, all of the other findings in the audit have been immediately addressed by the Xion team. The result is a high ranking on security, governance, autonomy and various other analytics for the Xion Finance protocol.

This DeFi protocol is poised for success on not just one chain but several. And with their payments and rewards gateway(Xion Global) about to release, who knows… they might just be the next DeFi Unicorn 🦄

One Click to DeFi & Commerce

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