Why Audit Matters in DeFi: Tozex Explains in Part 2

Tozex
3 min readMay 31, 2023

In the vast landscape of DeFi and blockchain technology, vigilance and security cannot be overstated. As we’ve previously highlighted, despite a decrease in frequency, crypto attacks still accounted for an alarming loss of $3.6 billion in 2022 across 167 incidents. Predominantly, these attacks capitalized on vulnerabilities in DeFi projects, often preventable with better-audited contracts. Today, we’re here to discuss the critical importance of audits and reiterate our unwavering commitment to them.

Why Audits still Matter in 2023

At the core of every DeFi and blockchain operation, we find smart contracts. These scripts, acting as self-executing contracts with the terms directly written into the code, must be flawless. If not, they risk exploitation by malicious users. Audits, therefore, serve multiple functions. They protect investments by certifying the safety of code before users deposit funds. They mitigate risks, bolster security, and minimize losses.

Remember QANPlatform, Rabby, Mango Markets, and Temple DAO in October 2022? These four alone totaled $115 million in stolen funds!

Such breaches underscore the importance of thorough audits.

Audits, much more than just Validation

The process of an audit goes beyond mere code validation. It also provides expert advice on designing smart contracts. But an audit’s role isn’t limited to just that…

The Bigger Picture: Technical Issues and Interoperability

Even with impeccable smart contracts, vulnerabilities could reside on the website hosting these contracts. These flaws could potentially be exploited, such as redirecting users to a malicious site that prompts them to enter their keys. Therefore, an audit enhances user experience, facilitates integration, and ensures proper decentralization.

Audits: The Future Standard

While audits are not obligatory today, they symbolize a project’s quality seal, assuring its users that renowned companies have meticulously examined the code, its structure, and its effectiveness. As blockchain legislation becomes increasingly prevalent worldwide, audits will likely become a norm, mirroring ISO/TC307 standards found in various sectors. It is wise to be prepared for this eventuality.

Building Credibility Through Audits

Audits also contribute to establishing a solid brand image. By opting for professional auditing companies and investing in user security, you can build a sustainable reputation and credibility.

Creating a Safer Ecosystem

Major brands will hesitate to transition to the web 3 ecosystem if it remains synonymous with attacks, thefts, and criminal activities. At Tozex, we understandthis well. In response, we offer a comprehensive open-source library that allows anyone to effortlessly develop smart contracts on our platform. Additionally, we’re implementing solutions like our custom Tozex Multisignature token Bridge interoperable with Ethereum, Avalanche, Polygon and Binance chain.

And of course, all of them were audited by trusted entities!

The Importance of Having good partners to bring Blockchain to the next level

Utilizing Tozex’s solutions assures you of the rigorous audits conducted by our esteemed partners — PeckShield, Omniscia, QuillAudits, and Entersoft. These organizations are distinguished entities in the field of blockchain and cybersecurity, recognized for their meticulous approach and comprehensive evaluations.

Our collaboration with these partners forms the bedrock of our commitment to provide secure and reliable solutions to our users. When you employ our services, you’re not just leveraging a tool — you’re accessing a system scrutinized for any possible vulnerabilities and perfected for optimum performance.

PeckShield is known for its trailblazing blockchain security services, Omniscia excels in driving intelligent solutions, QuillAudits is renowned for its smart contract audits and blockchain security services, and Entersoft brings to the table its prowess in providing holistic cybersecurity solutions. Each of these partners applies their distinct expertise to verify and certify the safety and reliability of our solutions.

But the service doesn’t stop there. These partners are also available to consult your code, ensuring it functions as intended. This collaborative process allows you to harness their expert knowledge, refine your code, and build a robust system that meets the highest standards of security and efficiency.

Are you ready to embrace the future of blockchain with Tozex? Our solutions offer you a unique blend of state-of-the-art technology and top-tier security, all underpinned by rigorous auditing from the most trusted names in the industry. But we’re more than just a platform; we’re a community that values security, transparency, and continuous innovation. We believe that the safest future for blockchain is one we create together, and we invite you to be a part of that vision.

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Tozex

Tozex is a non-custodian tokenization platform proposing 4 services: Launchpad, NFT Marketplace, Token Bridge & Multisignature Vault.