Shiba Inu (CCC:SHIB-USD) has been working hard to upgrade its doghouse, launching its own decentralized exchange last week. Working to earn a larger share of the altcoin market, it has pushed out new tokens, new trading pairs and most recently, an audit by CertiK. The latest Shiba Inu crypto news is showing develops laying their cards on the table and working to address internal problems.
So what do you need to know?
To start, CertiK is one of the most popular crypto auditors. Essentially, the company dives into a cryptocurrency, looking for any fatal flaws within the code. After completing its review, it publicly shares its scores and any advice it has for the developers.
Over the weekend, SHIB developers unveiled the results of the audit, just in time for a new liquidity pairing on its ShibaSwap exchange. Notably, developers are adding an Ethereum (CCC:ETH-USD) pairing with stablecoin Tether (CCC:USDT-USD). By removing some volatility from transactions, buying the various Shiba Inu tokens on the exchange is easier than ever.
Of course, the developers are hoping the audit’s results will compel investors to make use of those new pairings and buy some SHIB.
So, what did CertiK find in this audit of today’s hottest meme token? Let’s take a look:
Shiba Inu Crypto News: 7 Takeaways From the SHIB Audit
- The audit found 34 total issues with the entire Shiba Inu ecosystem. These issues range from informational — the lowest in danger of error types — to major. No critical issues are present.
- As of this morning, developers have resolved 33 of these issues upon the recommendation of CertiK. The last is partially resolved.
- The most major of these issues are a series of security threats regarding the “owner” address and centralization issues.
- Notably, the audit points out the “owner’s” ability to withdraw tokens from the liquidity pool and put them into arbitrary addresses.
- This can make investors quite uneasy, considering recent fears around rug-pull schemes. It also means bad news if the address were ever to be compromised. A hacker could rug holders even if the developers means well.
- To mitigate these fears, the developers are implementing a multi-signature feature to the wallet. Nine addresses are now the “voting board” over transactions to and from the owner wallet.
- Outside of security issues, the audit is allowing developers to correct any unforeseen coding errors that could lead to exploits. The audit shows the SHIB team is heeding most of CertiK’s advice to close errors.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
