Alkimi, the world’s first decentralized ad exchange, gets audited by Smart State
2 min readNov 23, 2021


Alkimi Exchange is a decentralized alternative that seeks to address the inefficiencies of legacy ad exchanges with the mission to restore the value exchange between advertisers, publishers, and users.

Alkimi is powered by the Hypergraph — a revolutionary blockchain technology — trusted by the U.S. Department of Defense — which allows the provision of the fastest, infinitely scalable solution with 0% fraud, minimal transaction fees, and complete end-to-end transparency. Alkimi Exchange helps businesses create ad products that are proven to be successful. It seeks to reward users, publishers, and advertisers for rebuilding the intended value exchange of the open web. This leads to fewer ads, a better user experience, and increased engagement.

Smart State conducts Alkimi Exchange’s security audit

A decentralized ad exchange that aims to compete with tried and trusted traditional market players need to have its smart contracts working like well-oiled and seamless machinery. Smart State was asked to perform a comprehensive audit of Alkimi Exchange’s smart contracts and platform architecture to see if there were any issues that could cause problems in the smooth functioning of the platform.

Our tasks were to inspect the smart contract codes to find a variety of issues and compliance aspects, like

  • Adherence to ERC20/BEP20 compliance,

Presence of -

  • logical bugs,
  • private data leaks,
  • vulnerabilities,
  • hidden malicious code,
  • Code with no effects,

and other issues that may lead to problems, eventually resulting in platform failure.

After careful testing of smart contract codes, we did not detect any vulnerabilities. The code was well-written keeping in mind current best practices and adhering to industry standards. There were a few minor issues that were easily resolvable. We submitted the audit report with a list of recommendations. Our expert team suggested changes and the Alkimi dev team quickly made them in order to address the issues.

We are happy to announce that the audit process was performed in time and the Alkimi Exchange team was satisfied with our work.

About Smart State

Launched in 2019, Smart State is a leading DeFi security auditing firm based in Dubai. The team validates the security of the code core, smart contracts and blockchain for logical and business process vulnerabilities.

Although Smart State kickstarted operations with smart contract auditing of DLT-projects, from the very beginning, they made sure that their services went beyond the classic purview of smart contract audit and security review. Smart State security audit assesses a project’s git in detail and provides guidelines for its further advancement. The security audit reports delve into the threats and vulnerabilities the codebases might be prone to in the future as the network achieves scalability and expands to accommodate more use cases and functionalities.

Visit us at



🇦🇪 Dubai-based enterprise level Web3 security company. Top-notch smart contract audits & blockchain security solutions 🚀🔒