Ahead of its upcoming ERC20 Token Generation (TGE) event in Ethereum, Polkadex, a decentralized cryptocurrency exchange built on Substrate, will use two independent audit firms for auditing its smart contract built on Ethereum.
Respected Blockchain ecosystem firms Omniscia and Halborn will be in charge of comprehensively auditing Polkadex ERC20 smart contracts using state-of-the-art tools, at a time when many DeFi projects are launching their token without strict audits.
As part of Polkadex’s security policies to ensure that the environment is safe for users, the Token Generation Event (TGE) that expires this month may be extended to accommodate these separate audits.
This is taken into consideration in the wake of the recent attack on other platforms which allowed the hackers to mint tokens by exploiting the smart contract.
For this reason, Polkadex, aware of its professional ethics to be a secure platform, is committed first to exhaustively complete these audits that certify safe use without compromising user funds in the ecosystem, before the launch of its TGE ERC20 on Ethereum.
“Considering recent events in the DeFi sector where private keys were compromised due to social engineering and other similar attacks, we are considering two independent audits to ensure the security of our ERC20 implementation prior to the launch of our mainnet” said Gautham J, CEO of Polkadex.
Polkadex, a non-custodial, high frequency trading DEX built for the Ethereum and Polkadot ecosystem, launched in September last year, got tremendous response from community and investors alike for its unique approach in solving the problems in DEX space
They recently closed their $3M seed and private fund led by leading investors in the crypto space.
Regarding the established alliance, Yvan Nasr, Cofounder of Omniscia stated that he was “excited to leverage our team of experts to help the Polkadex team harden the security of their smart contract. It is refreshing to see projects like Polkadex work with multiple auditing firms to ensure high security standards and provide transparency to their stakeholders.”
For his part, Steven Walbroehl, Cofounder & CISO of the Halborn firm, highlighted that “Polkadex is an important player to take into account in the DeFi sector, and that due to its importance, it is essential to have independent audits that provide security and trust the user in critical moments where attacks are the order of the day ”.
The launch of the Polkadex token will be an IDO that is expected to go live in the second week of April, considering the current turn of events.
The entry into the Polkadex market represents a change in the rules of the game for a flourishing industry such as the ecosystem of cryptocurrencies, and especially decentralized finance.
Omniscia is a group of auditors with a long history in the Blockchain ecosystem who use their experience to offer platforms based on Blockchain technology next-generation security audits.
Halborn is a firm specialized in cybersecurity for companies in the Blockchain ecosystem that audits smart contracts using award-winning and ethical hackers as well as Blockchain specialists.
Polkadex exchange proposes to position itself as one of the first decentralized exchanges in the market that attracts a simple and powerful interface to the user, while ensuring endless liquidity for the execution of commercial operations demanded by investors of all sizes, thus making non custodial exchanges mainstream.