MELBOURNE, Australia, Aug. 18, 2021 (GLOBE NEWSWIRE) — Certik, one of the leading blockchain security audit companies, announced that XCarnival’s primary product XBroker has passed the Certik Security Audit.
XCarnival is a synthetic asset aggregator for DeFi and XBroker, XCarnival’s first product, is a platform that lets users use their NFTs as collateral to take loans on DeFi. The security audit of XBroker was conducted in an effort to identify any underlying vulnerabilities that could threaten the safety of user assets.
Certik conducted a comprehensive examination of XBroker. A combination of static analysis and manual review techniques was used in this process. Certik scanned XBroker’s codebase using a line-by-line manual review process followed by an assessment to ensure that the code complies with all the current industry standards and best practices.
Certik also assessed whether the contract logic meets all the specifications and intentions of XCarnival. XBroker’s smart contracts were tested against common and uncommon attack vectors and their structure and implementation were compared with those of industry leaders.
Post audit, Certik certified that there were no vulnerability issues with XBroker’s source code. However, the smart contract protocols were found to have two major vulnerabilities and two medium vulnerabilities. One of each of the major and minor vulnerabilities was resolved and the remaining were acknowledged. Four minor issues were also identified later, of which three were resolved and one was acknowledged. Certik also identified three informational vulnerabilities with XBroker.
On the whole, XBroker was given a score of 94% by Certik experts along with suggestions and recommendations that will help improve the protocol.
XCarnival CEO, Leon Liu, said, “The security audit shows that we’re on the right track with our product development. It also helped us mitigate some major vulnerabilities and provided scope for further improvement of XBroker. Our technical team is working towards the recommendations made by Certik and we will continue to increase our overall security levels and ensure the safety of users’ assets.”
XCarnival is also working towards reducing the level of centralization of its product.
About XCarnival: XCarnival is a synthetic asset aggregator for DeFi that follows an everything is collateral motto, bringing on-chain exposure to crypto and non-crypto assets. It provides users with financial products that let them create their own synthetic assets. Through its primary product XBroker, XCarnival lets users borrow money with their NFTs with a simple pledge, eliminating the need to sell them. XCarnival is also building an ecosystem of products like Megabox and XArena that aim at unlocking liquidity in the marketplace and letting users turn their ideas into synthetic assets to earn money.