Shiba Inu Decentralized Exchange ShibaSwap Ranks as the Most Secure Platform by CertiK.
Shiba Inu’s decentralized exchange ShibaSwap is ranked as the most secure platform on the CertiK security leaderboard.
The ranking, which is provided by popular crypto security company CertiK, saw ShibaSwap record a security score of 94 out of 100.
“#Shiba has taken the #1 spot on the Security Leaderboard, the top Trending Project on the website, and is trending on Twitter all in the same day,” CertiK tweeted earlier today.
#Shiba has taken the #1 spot on the Security Leaderboard, the top Trending Project on the website, and is trending on Twitter all in the same day?
Use CertiK to check out their on-chain monitoring, liquidity, sentiment, and more ?@Shibtoken #SHIB https://t.co/ICSISKiqzp
— CertiK Security Leaderboard (@CertiKCommunity) March 1, 2022
Following the latest rankings, ShibaSwap now ranks ahead of other leading projects on the list, including Terra, Polygon, Binance-based PankcakeSwap, Aave, 1inch Network, Decentraland, among others.
Reacting to the development, the official Shiba Inu account tweeted:
“Woof! Thank you @CertiKCommunity!.”
Woof!
Thank you @CertiKCommunity! #ShibArmy #UseShibaSwap https://t.co/EOkKA8Nn0A
— Shib (@Shibtoken) March 1, 2022
Hackers Exploiting Loopholes
The importance of security to a project cannot be overemphasized. In recent times, hackers have exploited loopholes on most platforms to steal users’ liquidity and leave investors in major losses.
Over the past year, hundreds of millions of dollars have been stolen by hackers who take advantage of the inadequate security provided by a project’s founder.
Sometimes, these illicit activities are conducted by external players, while other times the unfortunate incidents are conducted by the project’s team themselves in the form of a rug pull.
Shiba Inu Constant Development
Launched last year, ShibaSwap is the decentralized exchange of Shiba Inu, where enthusiasts can swap different tokens for each other such as $SHIB, $LEASH, $BONE, etc.
Aside from swapping Shiba Inu tokens for each other, enthusiasts of the project can also use the platform to trade the project’s non-fungible token dubbed Shiboshi.
The platform is part of the initiative launched by Shiba Inu to convert the crypto project from being a mere memecoin to a utility token.
Recall that Shiba Inu has been working round the clock to ensure it gives users a project with enormous utility.
The constant development of the Shiba Inu ecosystem has established trust and confidence in the hearts of many as seen in the widespread adoption of the cryptocurrency.
Earlier today, a Shiba Inu whale purchased a whopping 442 billion SHIBs worth $11.9 million, thus making Shiba Inu rank in the top 10 purchased tokens by the biggest Ethereum wallets.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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