Business News Report Technology
July 12, 2023

Ripple’s Automated Market Maker Achieves Successful Security Audit by CertiK

In Brief

Ripple’s XLS30d automated market maker (AMM) has successfully passed a security audit conducted by blockchain security firm CertiK, providing a secure and reliable protocol for decentralized finance (DeFi) to grow and potentially revolutionize the financial industry.

Ripple’s XLS-30d, an Automated Market Maker (AMM) developed on the XRP Ledger, has successfully passed a security audit carried out by blockchain security firm CertiK. This audit confirms XLS-30d’s high-security standards and emphasizes its important role in progressing the functionalities of decentralized exchanges (DEX).

Ripple's Automated Market Maker Achieves Successful Security Audit by CertiK

AMMs serve as key protocols in decentralized exchanges by determining asset prices through specific mathematical computations. Despite their utility, they have faced scrutiny for their limited liquidity, which often leads to greater slippage and price fluctuations. XLS-30d, however, addresses these concerns by introducing novel features such as new transaction types, trading fee voting mechanisms, and a continuous auction system.

Unlike traditional exchanges that rely on order books, where buyers and sellers set different prices, an AMM sets a token’s price based on a pricing algorithm. Liquidity providers deposit token pairs into a liquidity pool in an AMM, facilitating trading by enabling users to transact directly with the pool rather than having to find a trading partner. The introduction of the XLS-30d proposal in January marks a significant advancement in the development of AMMs.

Ripple and Certik

CertiK provides security audits and on-chain monitoring services. They’ve also developed Skynet, a product that scores the security of smart contracts and blockchain protocols.Recently, Merlin DEX, a decentralized exchange on the zkSync platform, experienced a security breach. This happened days after CertiK conducted an audit. Despite this, CertiK defended its audit’s quality. They attributed the loss to a private key management issue, not a coding flaw.

Ripple’s XLS-30d successfully passed a CertiK audit. This marks a shared commitment from both parties to enhance blockchain ecosystem security. As decentralized finance (DeFi) grows more popular, the need for secure protocols like XLS-30d also rises. Ripple’s focus on security, exemplified by XLS-30d, is significant. It can drive DeFi growth and potentially revolutionize the financial industry.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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