(EN) Building a more secure Autofarm
Security in DeFi (Decentralised Finance) is anchored by trustlessness, yet in light of the recent attacks on several decentralised protocols, it is evident that much more needs to be done to protect the interests of users.
At Autofarm, security is something we do not take lightly. We recognise that users entrust us with their funds and that it is our responsibility to ensure they are kept safe in any circumstance. This is why we have added precautionary measures through insurance protocols and renowned auditors so that no one has to lose funds (or sleep) over an unlikely but potential compromise to the protocol.
Helmet.insure is a peer-to-peer price-shield insurance protocol that Autofarm has teamed up with to protect users against impermanent loss. We launched a policy mining campaign of $hAUTO that allows for the swap of BNB for AUTO at a fixed rate of 1$hAUTO + 42 BNB for 1 AUTO. This means that if the price of AUTO increases, $hAUTO holders are entitled to swap BNB for AUTO at the fixed-rate, much like a call option, thereby earning a profit from the price difference and cushioning the impact of impermanent loss.
$hAUTO holders can make the swap only if the price of AUTO hits or exceeds 42 BNB. The policy can be activated on Helmet.insure up till the expiration date on 24th March 2021, 24:00 SGT.
Soteria Mutual is a decentralised personal insurance provider for over 17 products on Binance Smart Chain. It covers losses from protocol exploits or hacks resulting from smart contract vulnerabilities and unintended use of the contract code. As partners of the Soteria Mutual Partner Program, users are able to purchase insurance against Autofarm and remain protected in the event of a protocol attack.
Full details of the coverage can be found here.
To purchase the insurance, users must first create a membership on Soteria which requires a fee of 0.1BNB. Using BNB or Soteria’s native token, SOTE, users can then buy flexible coverage against Autofarm, with full control over the coverage amount and cover period (30–365 days). A detailed version of how to purchase the Soteria insurance can be found here.
We have also partnered with CertiK to implement CertiKShield, a decentralised reimbursement system that protects individuals against potential theft or lost funds. User assets are safeguarded using what is known as a Shield, representing the protection of an asset. Shields are fully-collateralized from the funds used to purchase them and this guarantees any potential reimbursement claims can always be covered by the collateral pool.
Shields can be purchased via DeepWallet accounts by selecting Autofarm’s protection pool. Upon payment, coverage is automatically activated in 21-day cycles that can be renewed at the end of each period.
Autofarm’s protection pool is set to launch alongside the release of our CertiK audit report.
As part of our participation in Binance’s Most Valuable Builder (MVB) Accelerator Programme, the Autofarm team is pledging all the 30% gas rebates which we will receive from the monthly BUIDL reward (we’re currently 3rd for the month of February & March) to be utilised for Autofarm’s protocol insurance. This will be used for reimbursements to Autofarm users in the event of exploits or loss of funds.
Details to be released soon!
To ensure the integrity of Autofarm’s smart contracts, we have engaged several best-in-class smart contract audit platforms to review and evaluate our smart contracts.
Anchain.AI is a leading blockchain security company trusted by the likes of Microsoft, Huobi, and Tokeninsight. Of the 50k smart contracts evaluated by Anchain.AI, Autofarm contracts outperformed 100% of those with similar code and received the maximum score level of 100 with the lowest threat level. View the full report here.
Also known as Vidar The Auditor, the blockchain and Solidity developer evaluated Autofarm’s smart contracts with low to no risks identified. Any issues raised were promptly reviewed and fixed by the Autofarm team. View the full report here.
CertiK + Skynet
Autofarm has done a full audit with CertiK, a company that specialises in smart contract cybersecurity with various BSC and Ethereum protocols in its repertoire. Additionally, Autofarm smart contracts will be monitored by Skynet, CertiK’s on-chain automated monitoring system that constantly looks out for vulnerabilities in our contracts.
We have also submitted our smart contracts to undergo a 2nd audit with SlowMist as part of our commitment to continually reviewing our code and reinforcing protocol security. SlowMist is a company that focuses on blockchain ecological security and has served multiple customers such as crypto exchanges, blockchain networks, and various crypto projects. View the full report here.
Bug Bounty Program
As part of our commitment to security, the Autofarm team developed a bug bounty program together with Immunefi, a premier bug bounty platform for smart contracts and DeFi projects, where security researchers review code, disclose vulnerabilities, get paid, and make crypto safer. Immunefi removes security risk through bug bounties and comprehensive security services to help drive high-quality decentralized financial products to the public.
For a start, Autofarm will be hosting its bug bounty program of up to $50,000 on the Immunefi platform. By enlisting the help of the community, we will emerge with an even stronger and more secure product.
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