Octane Finance has cleared the security assessment for its smart contracts with flying colors. CertiK, one of the most reputable blockchain security audit organizations, assuring unparalleled security for blockchain and smart contract implementations, conducted and verified the audit.
Implementation of Smart Contract in Octane
Limit orders have the potential to be very lucrative, but the present systems do not provide any means of implementing them. With the inclusion of DeFi, Octane Finance enhances the finest features of limit orders. In order for the platform to work, it needs the OCTANE Token. It’s a governance and utility token that’s deflationary in nature.
To place and fulfill limit orders, most of its rivals’ platforms use a maker-taker paradigm. The command must be fulfilled by the taker before the creator may proceed. If the limit price is reached but no one wants to buy, the order will not be performed.
In the case of limit orders, Octane does not employ a maker-taker model but rather relies on DeFi AMMs for execution liquidity.
Need for a Smart Contract Audit?
A smart contract audit is a detailed examination and study of a smart contract’s code that interfaces with a cryptocurrency or blockchain. This procedure is used to find bugs, faults, and security flaws in the code and recommend fixes and improvements.
Unlike centralized information systems, smart contracts lay faith in the code rather than incorporate bodies. A code that is responsible for processing billions of dollars in transactions. Octane Finance places a high value on the importance of blockchain security. CertiK was brought in to undertake security code audits on smart contracts of Octane to ensure the seamless running of the project while maximizing the security as well. One of Octane Finance’s goals is to ensure all security risks are eliminated from each of the links.
Wide Adoption and Acceptance of CertiK
Top crypto exchanges such as Binance, OKEx, and Huobi have been certified by CertiK. Moreover, the Binance Accelerator Fund uses CertiK audits to ensure the safety of the top selected platforms it invests in. There are more than 100 top-tier blockchains and DeFi protocols CertiK has audited, including but not limited to Binance, Tera, and Bancor, as well as Matic and Pancakeswap. Furthermore, Binance Labs just invested millions of dollars in the security and audit firm.
CertiK’s Rigorous and Industry Best Auditing Standards
The Octane audits are now complete. CertiK conducted a thorough security analysis and provided optimization feedback to ensure its contracts’ security. CertiK tested, evaluated, and inferred the implementation and structure of Octane.
Using dynamic, static, and manual review methodologies, CertiK examined the Octane project carefully during the audit process.
Furthermore, during the audit, specific emphasis was made on the following:
1. Perform a thorough examination of all possible attack vectors on smart contracts.
2. Determine whether the code base is up to date with industry standards and best practices.
3. Ensure the contract’s logic is in accordance with the design specification and the project’s design goal.
4. Compare and refer to the industry’s comparable structures
5. A line-by-line manual examination of the whole codebase.
The CertiK team reviewed Octane’s complete code base on the system and then began the audit process while carefully adhering to the high standards criteria throughout. All recommendations from CertiK have been resolved or acknowledged by the Octane team.
On CertiK’s website, Octane’s finished audit has already been published and is available for download. Investors may also check out other projects the security firm has audited on their platform to date.
Security a Priority for Octane
Octane came into existence to create an open-source trading platform that is both capital efficient and rewarding. Octane leverages current DeFi lending/yield mechanisms on pending limit order assets to create the optimum APRs.
Octane Finance prioritizes security in pursuit of long-term growth and establishing a dependable blockchain ecosystem. It has underlined its commitment by safeguarding the security of its blockchain and smart contracts, offering transparency and maximum value to investors and users, with the audit certification from CertiK. As a result, Octane Finance’s momentum is bolstered by the current platform security clearance.
However, even after an audit, there is no way to know whether a smart contract is completely secure. Inconsistent protocol behavior rising from Smart Contract vulnerabilities and exploitation is nothing new. Going a step further to ensure security, Octane will launch a bug bounty program to uncover such unpredicted security flaws.
CertiK Audit Development Benefits
Since Octane Finance’s Mainnet beta is now up and running, investors may start placing limit orders and earn high APR without any fuss thanks to the CertiK audit development. Due to such accomplishments, Octane has established itself as an industry leader with a proven track record of delivering on its promises.
The Audit report can be viewed or downloaded by clicking on the link mentioned below;
Octane is a completely decentralized rewarding limit order platform powered by a network of executors. On pending limit order assets, Octane utilizes the existing DeFi lending/yield procedures in order to achieve the best APRs possible, while minimizing risks.
Join Our Community!
We want you to be very keen player in our ecosystem! Come and join us on our telegram group.