May 8th 2021. Breaking News: www.CryptoAdvice101.com

Another major milestone has been accomplished by MoonRat Finance today as their DeFi project successfully passed a security audit by Certik, the leading Smart Contract auditor in the cryptocurrency industry. The Secured MoonRat Token has already received and passed an audit from TechRate (see here), but this latest development further solidifies their position in the cryptocurrency market and will provide significant peace of mind to holders and prospective new investors.

The community driven MoonRat Finance Defi project built on Binance Smart Chain provides a revolutionary new mechanism which allows holders to earn BNB through passive staking (no bonding required). More information and analysis on the value proposition of MoonRat can be found in this article here, a good place to start for newcomers to the Secured MoonRat token looking for an introduction to the mechanics of this protocol.

So what exactly does the Certik audit mean? Well first and foremost, it validates the security and and legitimacy of the Smart Contract. It gives prospective investors and holders reassurance about the integrity of the project and its source code. MoonRat has now been independently tested and verified by the most trusted security auditor in the cryptocurrency industry, with many large clients including the Crypto.com centralised exchange. The audit also helps the development team identify and eliminate potential security vulnerabilities from the MoonRat mechanism, which helps to safeguard the platform from hackers or future exploit opportunities.

Secondarily, it identifies any issues within the codebase that deviate from best practice standards in the industry. While no critical or major issues are outstanding within the MoonRat Smart Contract, some minor issues were identified which can’t be addressed yet since the MoonRat development team have already renounced ownership of this contract. Any recommendations from Certik can only be implemented when MoonRat Smart Contract migrates from V2 to V3 in approximately 6 months. The development team have advised that they will be obtaining a second audit in advance of this so that it can make the suggested changes and pass the audit before the V3 Smart Contract is deployed. The V3 contract will reportedly include Bitcoin & Ethereum earning pools, adding further value and uniqueness to their passive staking model. To summarise the findings by Certik:

You can read the full audit report of MoonRat token by Certik security here. The official statement from the MoonRat developers is here & an introduction to MoonRat for prospective investors can be found here.

Originally published at https://cryptoadvice101.com on May 8, 2021.