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The popularity of blockchain technology has opened new opportunities like decentralized finance (DeFi) applications governed by smart contracts. These protocols authorize decentralized networks by providing cutting edge innovative financial services to the masses. DeFi projects eliminate middlemen like banks hence enabling anyone to participate in economic activities, benefiting millions of unbanked people worldwide. Apart from the general public, investors find DeFi extremely attractive as it offers high-interest rate savings, unlike traditional financial institutions.
However, there is a setback; the colossal total volume locked (TVL) in DeFi raises several security concerns. Many users have lost millions of dollars to cybercriminals threatening potential investors looking forward to DeFi. Currently, DeFi lacks good-quality smart contract checks to prevent cybercriminals. Due to this loophole, cybercriminals have successfully targeted DeFi applications absorbing millions of crypto funds. With over 200 projects utilizing smart contracts and blockchain, there's a growth of bad actors constantly looking to infiltrate DeFi code. The most notable attack on DeFi occurred on November 19, 2021, when hackers found a loophole in Poly Network and stole $600M worth of digital assets. Again in December 2021, malicious actors targeted BadgerDAO, stealing over $120M in crypto.
Chainsulting is a Germany based software development firm that brings superior security solutions to decentralized finance (DeFi) by providing comprehensive distributed ledger technology (DLT) solutions. The firm started working in 2017 as a blockchain consultant company.
Their services include smart contract audits, blockchain development and consulting. The firm focuses on providing services that ensure every blockchain project is secure; they are determined to solve the issues of continuous DeFi exploitation by hackers who deter investors from entering the crypto and blockchain economy.
Smart contract audits
Blockchain architecture and development
Providing consultation on digital assets and distributed ledger technology (DLT)
Security risk analysis
The firm uses real-time communication tools to connect with the project team and provide remedies accordingly. The team also provides consultancy to the token developers in applying necessary fixes. DeFi protocols usually interact with blockchain networks through smart contracts. Smart contracts replace third parties in a transaction, thus maintaining transparency. Thus Chainsulting has introduced an institutional smart contract auditing process that combines lengthy steps to provide 100% test coverage on all the DeFi projects. Through this reforming approach, decentralized protocols can conquer investors' trust, taking the crypto industry to greater heights.