Key Points:
- Ripple’s XLS-30d undergoes successful security audit by CertiK.
- Ripple’s automated market maker (AMM) brings new features to decentralized exchanges (DEX).
- CertiK’s Skynet assigns security scores to smart contracts and blockchain protocols.
Ripple’s XLS-30d, an automated market maker (AMM) developed on top of the XRP Ledger, has passed a security audit conducted by blockchain security firm CertiK with flying colors.
CertiK has assessed the security of XLS-30d and confirmed its adherence to high-security standards, highlighting its critical role in advancing decentralized exchange functionality. An AMM is a type of protocol used in decentralized exchanges (DEX) that determines the price of assets using specific mathematical calculations. However, AMMs have faced criticism for their limited liquidity leading to higher slippage and price fluctuations. But XLS-30d addresses this issue by proposing new features such as new transaction types, voting on trading fees, and a continuous auction mechanism.
Instead of using an order book like a traditional exchange, where buyers and sellers create orders at different prices, an AMM sets the price of a token based on a pricing algorithm. In an AMM, liquidity providers deposit pairs of tokens into a liquidity pool. These pools make trading possible because users can trade directly with the pool, instead of having to find another person to trade with. The XLS-30d proposal, which was introduced in January, is a significant step forward in the development of AMMs.
CertiK primarily focuses on identifying potential vulnerabilities in blockchain protocols and smart contracts to ensure their safety and correctness. In addition to security audits, CertiK provides on-chain monitoring services and has developed a product called Skynet that assigns security scores to smart contracts and blockchain protocols. It is worth mentioning that CertiK recently faced controversy following a significant security breach. Merlin DEX, a decentralized exchange on the zkSync platform, was compromised by bad actors just days after CertiK conducted an audit. However, the firm defended the quality of its audit and attributed the loss to a private key management issue rather than a flaw in the platform’s code.
The successful audit of Ripple’s XLS-30d marks a shared commitment between Ripple and CertiK to enhance the security and reliability of the blockchain ecosystem. As decentralized finance (DeFi) continues to gain more traction, the need for secure and reliable protocols like XLS-30d becomes more critical. Therefore, Ripple’s commitment to security through initiatives such as XLS-30d is a significant development that can drive the growth of DeFi and potentially revolutionize the financial industry.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Ripple’s Automated Market Maker Passes Audit
Key Points:
- Ripple’s XLS-30d undergoes successful security audit by CertiK.
- Ripple’s automated market maker (AMM) brings new features to decentralized exchanges (DEX).
- CertiK’s Skynet assigns security scores to smart contracts and blockchain protocols.
Ripple’s XLS-30d, an automated market maker (AMM) developed on top of the XRP Ledger, has passed a security audit conducted by blockchain security firm CertiK with flying colors.
CertiK has assessed the security of XLS-30d and confirmed its adherence to high-security standards, highlighting its critical role in advancing decentralized exchange functionality. An AMM is a type of protocol used in decentralized exchanges (DEX) that determines the price of assets using specific mathematical calculations. However, AMMs have faced criticism for their limited liquidity leading to higher slippage and price fluctuations. But XLS-30d addresses this issue by proposing new features such as new transaction types, voting on trading fees, and a continuous auction mechanism.
Instead of using an order book like a traditional exchange, where buyers and sellers create orders at different prices, an AMM sets the price of a token based on a pricing algorithm. In an AMM, liquidity providers deposit pairs of tokens into a liquidity pool. These pools make trading possible because users can trade directly with the pool, instead of having to find another person to trade with. The XLS-30d proposal, which was introduced in January, is a significant step forward in the development of AMMs.
CertiK primarily focuses on identifying potential vulnerabilities in blockchain protocols and smart contracts to ensure their safety and correctness. In addition to security audits, CertiK provides on-chain monitoring services and has developed a product called Skynet that assigns security scores to smart contracts and blockchain protocols. It is worth mentioning that CertiK recently faced controversy following a significant security breach. Merlin DEX, a decentralized exchange on the zkSync platform, was compromised by bad actors just days after CertiK conducted an audit. However, the firm defended the quality of its audit and attributed the loss to a private key management issue rather than a flaw in the platform’s code.
The successful audit of Ripple’s XLS-30d marks a shared commitment between Ripple and CertiK to enhance the security and reliability of the blockchain ecosystem. As decentralized finance (DeFi) continues to gain more traction, the need for secure and reliable protocols like XLS-30d becomes more critical. Therefore, Ripple’s commitment to security through initiatives such as XLS-30d is a significant development that can drive the growth of DeFi and potentially revolutionize the financial industry.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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