ShapeShift DAO — Open-Source, with Layers of Security
Following the launch of ShapeShift’s v2 platform last week, excitement has grown to learn more about app.shapeshift.com. ShapeShift v2 is now one of the most secure and privacy-centric ways to interact with cryptocurrency across various chains. v2 has no centralized database, meaning no infrastructure holding all of your important data for hackers to breach. It is just you, your funds, and the blockchain.
Hardware wallets are here to stay
In many ways, owning cryptocurrency comes down to holding a private key, since private keys are what enable you to authorize transactions with them. In the real world, transactions are usually authorized with your signature. However, in the crypto world, only private keys can authorize them, granting access to funds. Although anyone can generate a transaction involving your crypto assets, only the person in possession of the private key can sign, and thus validate the transaction. We recommend using a hardware wallet, and we support KeepKey (natively), Ledger, Trezor, Lattice, and Keystone through MetaMask. App.shapeshift.com has one of the most secure non-custodial software wallets if you do not have a hardware wallet.
How is ShapeShift’s v2 platform secure?
v2 does not run code from any other websites and was built from the ground up by members of the ShapeShift DAO and security experts in the industry. Users can have peace of mind that their transactions are exclusively executing their primary function, without tracking user data and information. The ShapeShift DAO created this new platform to enable users to seamlessly trade, track, and earn yield across multiple blockchains with the promise of security and privacy — and v2 delivers just that. The platform is entirely decentralized and uses unique content identifiers, which create a chain of custody with the highest levels of security. From its conception, security and privacy have been the driving forces of this project. The new ShapeShift v2 has the agility to evolve and keep up with the fast paced and ever-evolving crypto environment. Showcasing new features such as decryption and password stretching to add additional layers of security to your account, v2 of ShapeShift has positioned itself to be one of the most secure and private DeFi interfaces.
Following the launch of the new v2 platform, ShapeShift DAO’s Yearn router contract is deployed and live. This router contract allows users to use Yearn via ShapeShift with no added fees. The router contract makes it possible to track deposits from ShapeShift users so the DAO can earn affiliate revenues. Earning revenue from various partnerships allows the DAO to promise that all transactions through the application will remain 100% free to the user — without sacrificing yield.
External audits
The smart contract was audited by Zokyo on January 7th, 2022 and passed with a 99/100 score. The audit analyzes the smart contract codebase for quality, security, and correctness. A score of 99 means the smart contract has passed security qualifications and is fully production-ready.
Zokyo is run by the engineers that built, ran or secured some of the largest cryptocurrency companies to date — click here to learn more. As industry pioneers, their team has played a key role in elevating standards in the digital asset ecosystem and introducing products and services that have set the industry benchmark for security, transparency, and compliance.
Summary
ShapeShift v2 aims to become the dashboard for your entire DeFi experience while remaining true to the principles of DeFi and crypto — your keys, your crypto, with privacy protection. We are committed to empowering the world to securely take back control of their wealth. That is why we have built our platform around the most secure type of wallet — hardware. We will continue adding new compatible wallets for the ShapeShift platform, but our first iteration is intended to solve a current problem in the ecosystem by bringing convenience to cold storage through our open-source web app.
Storing your private keys on hardware continues to be essential among the most security-conscious members of the crypto community. Experience the new platform for yourself and let us know what you think!
Your keys, your crypto. At app.shapeshift.com
Additional Resources
https://medium.com/@ShapeShift.com
