SundaeSwap, which calls itself “the sweetest decentralized exchange on Cardano”, has made an important security-related announcement.
What I SundaeSwap ($SUNDAE)?
SundaeSwap is “a native, scalable decentralized exchange and automated liquidity provision protocol”.
It is backed by cFund (“an early-stage sector agnostic venture firm in the Blockchain industry anchored by IOHK and managed by Wave Financial”); Alameda Research (the quantitative cryptocurrency trading firm and liquidity provider founded by FTX CEO Sam Bankman-Fried); and Double Peak Group (“a family office focused on investments in the digital asset and blockchain space”).
Here is why the SundaeSwap team decided to build a DEX on Cardano:
“… in simple terms Cardano is faster and cheaper than the alternative smart contract platforms. It also is run by a non-profit foundation and regularly collaborates with high profile academic institutions. All in all it is more advanced and a better option for future projects to be built upon.“
SundaeSwap Goes Live on Public Testnet
On 6 December 2021, the SundaeSwap team announced that they had gone live on Cardano’s public testnet, which prompted a seemingly delighted Charles Hoskinson (Co-Founder and CEO of IOG) to invite members of the Cardano community to “go get some ice cream.”
SundaeSwap’s Security Audit
On 28 December 2021, SundaeSwap Labs announced that “Runtime Verification (RV) has finished its security audit of the SundaeSwap protocol. All issues that were identified by the audit have been resolved to the satisfaction of the auditor’s validation process.”
This blog post went on to say that “the RV audit included a thorough review of SundaeSwap contracts using verification-based techniques, the identification of specific risk vectors, and a full analysis of the SundaeSwap development team’s fixes for issues identified by the audit.”
Pi Lanningham, Chief Information Officer of SundaeSwap Labs, had this to say:
“There were no rubber stamps here. RV’s thorough process identified a number of issues that we were able to quickly resolve. The result is a DEX that is able to safely meet the needs of the Cardano DeFi Community. Cardano’s core principles embrace security and resilience, and it is important for the protocols built on Cardano to carry on this tradition. By completing this audit, we have accomplished that for version 1 of the SundaeSwap protocol.“
He then added:
“We plan to continue to engage with Runtime Verification as we build future improvements to the protocol and present them to the DAO for voting,” added Lanningham. “It is critical for the long-term success of any DEX to evolve in a secure and robust way.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.