Defi hacking and the security of TRAVA
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Hi, I just wanted to discuss the current state I feel of the defi market. I feel the entire defi crypto market is beaten down due to two main reasons: Hacking and unclear future regulation from most major countries. Once these issues become more "handled" I feel there will be the enormous future for defi like originally planned. From what I can see a lot of the hacking has to do with bridges, lazy coding, and failure to keep up with constant security updates from prior hacks on other platforms.
In order for TRAVA to continue and be the super success I feel it should be, what is Trava doing to keep things continually secure as the hackers keep getting more and more sophisticated? I read the work they have already done for security and that is great on their whitepaper and website. The communication and updates from the TRAVA team are also great but I feel that they should begin a constant update and discussion for investors of how they are continuously working on security to protect the platform. I feel that the security of the protocols is just as important as the cool new changes and new products to ensure strong future growth of market cap. If TRAVA ever gets hacked, I feel it is too small to survive a true recovery to its future it deserves. Can anyone update us on the latest security work and maybe make that part of the marketing plan to show the continued focus on growth as well as security for the platforms? I feel this would bring us in the bigger investors once that is more proven over time.
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Hey @jefe811. Yes, security is one of the most important factors overall in Crypto Space nowadays and especially in DeFi Space as well with lots of other finance projects getting hacked / "hacked" or even rugging. That is why security has always been the top priority for Trava Finance and 2 audits were completed prior to even launching Lending Pools, Staking Vaults. Attaching relevant audit information below, you can find the reports from both audit projects as well.
- Hacken Medium: https://medium.com/trava-finance/trava-announces-second-successful-audit-collaboration-with-hacken-e78ae306a6a0
- Hacken report: https://hacken.io/audits/#trava_finance (there is a download button near Trava Finance audit)
- CertiK Medium: https://medium.com/trava-finance/trava-audit-completion-by-certik-705988ecc307
- CertiK report: https://www.certik.com/projects/travalist
I would like to point out that contract codes which have auto-top ups / Token reimbursements coded are usually the ones which are more susceptible to hack attacks. That is why Trava Finance tops up contracts running out of Tokens, like bridge, staking vaults, LP vaults, lending contracts, manually by setting up notification bots to alert relevant Team members to complete the top-up. Additionally, Team is constantly reading the latest news and hacks happening in Crypto Space and investigating contract code particularities which were the point of attack.
Another point - Trava Finance does not support flash loans due to flash loan attack possibilities, but other projects like AAVE do support them. That is why we do not see TRAVA as an asset within Lending Pools as using other project protocols it could lead to TRAVA's Token price downfall if it were to be used in flash loan attack scheme.
I would also like to invite @ducTrava to share his knowledge and clear any doubts about Trava Finance DeFi security.
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@kel thank you again for the detailed response to my post. I had read the audits before originally investing but the rest of your response I feel is unknown and should be on large display in the token information. It is very valuable stuff and I appreciate you sharing all of this. Also another great feature being missed out in the fine print is the token burn or deflation mechanism Trava has also implemented. I feel that all the new features and cool stuff is great for most retail investors. But I feel these detailed "other" mechanisms the Trava team has implemented is not well documented or bragged about and should be. For the larger or institutional investors these facts need to be on full display right beside all the fun updates. Your updates on this post show us more reason why this project is so undervalued and a great deal at todays prices. Thanks again.
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@jefe811 Thank you for your post. Security is Trava's top priority. We have established an in-house security team since the foundation. Our team participates in every step of product design, which is quite unique in Defi.
Trava's products are also audited by both internal and top third parties. In short, by taking security seriously, we can minimize the risk.
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@ductrava Thank you for the updates and information on Trava security.
