Welcome to the DeFi Saver knowledge base.

Is DeFi Saver safe to use?

Written by Nikola Jankovic
Updated 2 weeks ago

All of the actions performed using DeFi Saver are done in a trustless manner using logic stored in DeFi Saver’s smart contracts.

The source code of DeFi Saver smart contracts is publicly available in the DeFi Saver smart contracts Github repository.

Audits

As of now, DeFi Saver smart contracts have not received formal external audits, though they are continously audited internally by our team which has also done auditing work previously, for projects such as Connext, SportX and others.

We in no way underestimate the importance of external audits and have audits planned for Q1 2021.

Insurance

We are currently in talks with Nexus Mutual in regards to adding cover options specifically for using DeFi Saver.

We aim to have the option of acquiring Nexus Mutual cover for (and within) DeFi Saver available as soon as possible.

Additionally, we will also be looking at other insurance options that we can include and offer to our users.

Security issues

As of January 2020, there have been two security incidents at DeFi Saver.

  1. Exchange vulnerability discovered in June 2020, affecting users of our separate Exchange users from early 2020 until that point.
    No funds were lost or stolen. No other parts of the app were affected. More info can be found here.
  2. Compound import (migrate) contract vulnerability discovered in January 2021, affecting users that specifically used the import (migrate) option for their Compound position.
    No funds were lost or stolen. No other parts of the app were affected. More info can be found here.

Final notes

Although security is our topmost priority, we suggest that users always consider the possibility of potential smart contract risk, given how young the decentralized finance ecosystem is and how connected multiple protocols and numerous smart contracts are.

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