The major cryptocurrency exchange, Binance is one of the leading digital asset exchanges to keep pace with the highly developing DeFi sector.
From issuing a $100 million fund to bridge CeFi and DeFi to adding support for DeFi tokens, Binance is determined to capitalize on the DeFi hype.
The hype around the DeFi sector is continuously mounting. Though Binance is partnering with blockchain auditing venture, Certik to bolster its security.
The experimentation and abrupt growth of the DeFi ecosystem is what makes it more unique. Daryl Hok, COO of blockchain auditing company, Certik said:
“We’re providing a way for early adopters to continue to reap the benefits without having to be the guinea pigs bearing the brunt of the risk. As security experts in the field, we’re in a unique position to extend the security promise to include an insurance-like reimbursement program to protect users of smart contracts.”
Binance to build interoperability protocol
Binance aims to implement Binance Smart Chain to develop a new interoperability protocol in partnership with CertiK. The details came to light on September 22. As the DeFi market continues to grow, the security of certain protocols is being questioned.
Though, Binance’s new initiative tends to act as a safeguard for the DeFi sector. In the past, DeFi has come across scaling issues, which later, Binance provided an alternative by unveiling Binance Smart Chain.
The COO of Certik said:
“CertiK will provide BSC with best-in-class cybersecurity services such as customized security audits and penetration testing, as well as decentralized security products such as CertiK Security Oracle scores and CertiKShield reimbursement pools.”
The DeFi sector has grown to a point where it is driving the cryptocurrency sector forward alongside it. And the immense growth of this sector has brought massive money although speculative.
While its development comes alongside countless benefits, several projects came to an end due to bugs in the system. As Defiye previously wrote, Cream Finance almost lost 50% of its value due to an error in the system. A single bug pushed the token backward.
Therefore, the core aim of this partnership is to provide security to the DeFi tokens.