CSP DAO Project Review: DeFiYield
DeFiYield is the first cross-chain decentralized security network fulfilling the goal of making the DeFi space safer for everyone. DeFiYield performs comprehensive smart contract security audits, encourages projects to solve their security problems, shares knowledge with the community, and warns users about DeFi risks they are exposed to.
The fundamental principle of DeFiYield when developing all products and services is assuring decentralization. Thus, the project relies on decentralized governance and aims to decentralize all the data it provides: results generated by the automated smart contract scanner, the SCW registry and historical DeFi data. The information is subject to decentralized verification performed by distributed Indexers — node operators on DeFiYield Chain.
WHAT DOES DEFIYIELD ECOSYSTEM CONSIST OF
The DeFiYield ecosystem unites a large community of DeFiers, from newbies and part-time enthusiasts to degens and whales. Its community, which has grown tremendously since the project’s launch, includes the following vital elements:
- The only security dashboard that combines effective crypto asset management with built-in safety infrastructure that enables users to manage DeFi risk
- An open-access safety toolkit includes the security audit database, the rekt database, the smart contract scanner, the timelock contract viewer and the advanced impermanent loss calculator.
- Community governance was built with OpenZeppelin’s Governor system, including the GovernorCompatibilityBravo module, which Compound initially designed.
- The system of decentralized security verification is based on a peer-to-peer network of security validators running nodes on the DeFiYield Smart Chain.
$DEFI is an ERC20 token with a fixed total supply planned to be limited to 1 billion tokens. The central utilization purpose of the token is the implementation of an on-chain governance system, which is a key element of decentralized protocols.
Owners of the token can delegate their voting rights when the token balance of a $DEFI holder changes, their voting rights are adjusted proportionally. Voting rights of delegates are adjusted automatically as well.
Other $DEFI token utilities include :
- Discount for the app services for $DEFI holders. For example, a discount will be applied to Multi-harvesting, which allows users to claim rewards from all pools simultaneously.
- Obtaining full access to all DeFiYield products: the audit database, the rekt database, the smart contract scanner and approved contracts info
- Accessing and commenting closed community chats on DeFi projects
- Strategic partnerships. This includes implementation of $DEFI as additional rewards for participation in certain pools of partnering projects
- Collateralization of DeFiYield’s stablecoin — $defiUSD
- Staking and locking $DEFI for creating and running verification nodes on DeFiYield Chain
- Arranging reward allocation for smart contract auditors; Requesting a certain app feature to be developed. Proposals apply to any element of DeFiYield’s ecosystem
- Defining and approving new dashboard integrations
- Revisioning DeFiYield’s pricing mechanics and rates
- Defining grants and community/partner rewards.
- Requesting smart contract auditing with decentralized verification, where payments for the service are done in $DEFI and used to reward node validators for performing smart contract security checks with the automated scanner.
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DEFIYIELD - DeFi Investing & Yield Farming Platform
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