Smart State Audits XP.network
Smart State recently concluded the security audit of XP.network platform. We are pretty excited about what the team at XP.network is doing as we believe it will play a major role in bringing seamless interoperability to the blockchain world.
XP.network is an ecosystem centered around a multi-chain bridge for minted NFTs. It brings donw the barriers between blockchains, allowing NFTs to flow freely across networks. By connecting dApps, token minters, traders, and owners, XP.network is building the foundations for a single global NFT market.
The XP.network bridge solves the issues of the global NFT market, including liquidity, scalability, security and interoperability. The bridge makes it possible to transfer an NFT from one blockchain to another in seconds at a minimal cost. For example, an NFT minted on Avalanche can be sent to Ethereum and listed on OpenSea — something that hasn’t been possible until now.
Smart State audited the XP.network platform
The bridge that XP.network is building combines high scalability with superior security. It works by creating wrapped NFTs that preserve the original assets’ metadata without duplicating the assets themselves. The original NFTs are safely stored in custody and can be restituted to the holder if needed.
This necessitates the use of military-grade security measures at the architectural level and also the robustness of the smart contracts governing the platform’s operations. Since, millions, potentially billions, of dollars’ worth of NFTs are stored/hosted on the platform, it is vital that the platform is absolutely secure.
Smart State set about finding out if the security of the XP.network platform was top-notch.
The major aspects that we look at when performing any platform’s audit are whether best code practices were followed and whether ERC20/BEP20 compliance was adhered to, and whether malicious codes, gaps, leaks, and vulnerabilities are present that could jeopardize the security of the platform, or lead to loss of assets.
To this end, we checked for the following -
- Logical bugs
- General Denial Of Service(DOS)
- Private data leaks
- Using components with known vulnerabilities
- Code with no effects, or redundant code
- Backdoors in the underlying ERC20 protocol
- Use of deprecated functions
- Authorization issues
- Hidden malicious code
After careful testing of all smart contracts, we found a minor issue that could have developed into overriding a created NFT. The issue wasn’t major and could be easily corrected. We gave our recommendations to the XP.network dev team and they were able to take corrective measures.
We are happy to announce that the audit process was performed in time and the XP.network 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 our website — www.smartstate.tech — for more details.
