DeFiSafety Protocol: How to Strengthen Crypto Security

DeFiSafety Evaluation Criteria

• Code and team

DeFiSafety analyzes the security and robustness of DeFi protocols, including checking the availability of smart contract addresses, the availability of a publicly accessible software repository, the transparency of the development team and their response to feedback.

• Code documentation

Clear code documentation is important to better understand the protocol's operation. DeFiSafety evaluates the quality and clarity of this documentation to ensure that it is easier to analyze and identify potential vulnerabilities.

• Testing

Analyzing the results of testing plays a key role in ensuring the security and reliability of DeFi protocols. DeFiSafety examines the availability and results of testing at various stages of protocol development.

• Security

Asset security is a priority at DeFi, and DeFiSafety takes a comprehensive approach to assessing it. This approach includes analyzing smart contracts, conducting audits, assessing the team's response to identified vulnerabilities and adhering to security best practices.

• Administrative controls

Transparency and the presence of administrative controls in DeFi protocols play an important role in risk and protocol management. DeFiSafety analyzes the presence and transparency of such elements, including smart contract management mechanisms and protocol update processes.

Step-by-Step Instructions on How to Use DeFiSafety

• Go to DefiSafety

• Review project information

Before using it, familiarise yourself with information about the project, its objectives, methodology and evaluation principles.

• Go to the app

Click the "Launch App" button. Select the DeFi protocol you are interested in from the list of available protocols on the website.

• Read the evaluation results on the Read full report page

After selecting a protocol, review its evaluation results provided on the about page.

• Make informed decisions

Based on the information received and the protocol evaluations, make informed decisions about your participation in this DeFi protocol.

Summary

This article is created for users to familiarise themselves with DeFiSafety evaluation tool. It’s used to prove trustworthiness of DeFi protocols. Moreover, here we provided an easy step-by-step tutorial of how to use DeFiSafety.

Users can get all coins mentioned in this article on SimpleSwap.