SundaeSwap is one of the most prominent projects in the emerging DeFi ecosystem on the Cardano blockchain and is set to become the first functional DEX on the blockchain.
Cardano-based DEX Partnered With Runtime Verification
According to an announcement on December 28, SundaeSwap, a Cardano-based decentralized exchange, announced that it has partnered with Runtime Verification (RV) to conduct security audits.
The audit helps identify several key issues in the protocol. A detailed overview will be presented in a separate report that will be published soon.
Pi Lanningham, Chief Information Officer of SundaeSwap Labs, stated that DEX can now meet community standards:
“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.”
After the audit is complete, the project will continue to work with RV for future updates. Lanningham stated that such a collaboration was “critical” to the long-term success of the exchange.
Before the mainnet’s debut, it has plans to fix various inefficiencies.
Charles Hoskinson Spoke on DeFi’s Shortcomings
In September, SundaeSwap teamed up with the Chinese public blockchain Nervos to provide more liquidity.
According to Fxcryptonews, Charles Hoskinson, CEO of Cardano developer Input Output, recently spoke about DeFi’s shortcomings on a regular live broadcast on YouTube.
The cryptocurrency celebrity suggested creating several specific standards that the industry must follow and expressed regret for the substandard projects in the existing DeFi space that can only rely on “hope and prayer”.