Security
5 reasons Tomb forks should choose an audit
2022-04-08
Tomb forks originate from the Tomb.Finance, the first algorithmic stablecoin on Fantom Opera. Tomb.Finance aims to become the main medium of exchange on Fantom Opera through providing a mirrored liquid asset to $FTM.
The whole tokenomics reside on making Tomb token interchangeable with the FTM and keeping both tokens’ prices equal. Thus, this project functions like an analog of a central bank.
Aside from that, Tomb.Finance provides staking opportunities, bonds, bonuses, etc. The system attracts a lot of attention for its convenience and profitability.
Aside from that, Tomb.Finance provides staking opportunities, bonds, bonuses, etc. The system attracts a lot of attention for its convenience and profitability.
Why are Tomb Forks Popular
The popularity of Tomb forks is easily explained by the specifications of the project. The original Tomb’s mechanisms have attracted smaller projects and, since the original is open-source, it’s fairly easy to create a fork. The more similar project appear, the harder it is to make sure they are safe to use. Many forks seek to deliver quality results and with that, they choose to follow security recommendations, getting an audit.
Why Should Tomb Forks Consider an Audit
- Clear and correct codeMost forks copy the initial source-code, and rely on its audit. While in fact, they add features and change the code according to the needs of their project. Which may result in issues that would present themselves much later. This is why it’s a good idea to audit the code before releasing the project. 0xGuard has a lot of experience in auditing Solidity smart contracts and, in a relatively short amount of time 0xGuard has already completed many Tomb forks audits.
Protecting the users and showing that the project can offer security. The most effective way to prove to your clients that they won’t be putting their finances in danger is proving that you are ready to inform them of possible risks in advance. - Providing efficiencyA smart contract determines functions of the project or the token. Aside from that, it manages fees. A contract audit would allow to quickly uncover options to save gas to calling certain functions.An auditor provides recommendations on how to make the code more clear and efficient. So in a way, developers employ the additional help of experts that have a lot of experience in Solidity contracts.
- Preventing exploitationsUsers of a Tomb fork might have to rely on the project creators. However, with the anonymity in the crypto world it’s hard to put your trust along with your finances behind a team that isn’t ready to offer security. Anonymous projects are more likely to exploit users’ funds, especially when it’s a fork of a more famous project. But an audit and a KYC can be a good way to reassure the audience.
- Ensure the longevity of the projectIn a fast-paced crypto market, a DeFi venture is likely to succeed and exist for a long period of time if it follows basic security rules. For that, a security audit is a must. It doesn’t just show the users that you are here to stay, it gives you certain guarantees and defences against exploits and attacks.
Auditing the code is a sure way to add credibility to a fork project. Aside from that, it’s a good optiong to secure the reputation of the market and the blockchain. With a quality aduit Tomb forks have a real chance of succeeding.
0xGuard has audited over 20 tomb forks and we are happy to offer our services to more similar projects.