Security & Risks
Last updated
Was this helpful?
Last updated
Was this helpful?
The Decentralized Finance (DeFi) industry is continuously evolving at a rapid pace, growing exponentially with BSC emerging as one of the leading DeFi platforms since it launched. Today, there are more than 600 projects generating tens of millions of daily transactions on the BSC.
Users have to understand the risks of projects and smart contracts before venturing into DeFi. We call this term DYOR (do your own research).
As part of Pacific DeFi's long-term commitment to security and building trust within the community, we have laid out the ways in which we attempt to mitigate risks and provide a great Pacific DeFi experience that users can trust.
There are many risks that users have to be fully aware of before investing in to different DeFi protocols.
Impermanent loss is a major risk, as well as scams such as wallet draining and private keys being stolen.
Users must also pay attention to scams on Telegram as that is a common place for users to get scammed with scammers pretending to be project admins.
Please remember that our admins on Telegram will never DM you first.
Users always need to be careful and learn to continuously educate themselves in DeFi industry. You can find a guide to keeping your funds safe here.
Sometimes a small coding mistake in smart contracts can turn into a major disaster that causes assets worth millions to be compromised.
Some common coding mistakes include:
Function permission(modifier)
Typos
Incorrect number of digits
Missing/incorrect variable value assignment
Smart contracts are an innovative way for cryptocurrencies to interact with one another and with dApps (decentralised applications).
However, due to the complexities that come with smart contracts, certain smart contracts may be prone to hacks. We've mitigated this risk by having reputable auditors audit the entire project.
Most of our vaults are operated using only 1 smart contract, hence our team does not have to create new contracts for each vault.
New vaults will be created using the same construction (but with different constructors - these are the parameters/inputs to the contract).
Having the same construction of vaults assures the following:
Vaults will be completely audited end-to-end by the best audit firms
Faster times to create and implement new vaults
Focus on our core business lines and driving revenues back to token holders
All vaults on the Pacific DeFi ecosystem will be audited by very reputable auditing houses.
We are currently working with NonceAudits (https://nonceaudits.com/) to conduct 3rd party audits on our token and the relevant smart contracts.
We will update this page with all the audits once they are completed.
Pacific DeFi will be partnering Immunefi in order to establish a way for the community to help and improve on the general quality of used smart contracts.
Immunefi is the premier bug bounty platform for smart contracts and DeFi projects, where security researchers review code, disclose vulnerabilities, get paid, and make crypto safer.
Immunefi removes security risk through bug bounties and comprehensive security services to help drive high-quality decentralized financial products to the public.
