With the decentralized finance [DeFi] market worth billions of dollars in market cap, many projects have been designed to enable users to access this market as well as earn enormous profits. One of such projects is Merlin Lab, a secure and safe auto-compounding DeFi protocol that seeks to offer a higher annual percentage yield [APY].
Merlin Lab is a secure platform that has been duly audited by a few blockchain security companies — Hacken and Haechi. In an attempt to provide additional security, the yield aggregating platform, according to a recent press release, has undergone another audit by one of the leading security companies, CertiK.
Deploying Manual Review and Static Analysis techniques, the aim of the audit is to discover vulnerabilities and issues with the Merlin Lab smart contracts. The audit process as stated by the aforementioned source was focused on these;
- Smart contracts testing for both popular and rare vector attacks
- Codebase assessment and examination to ensure it complies with industry standards and existing best practices
- Ensure that contract specifications and logic meet the needs of the client
- In-depth review of the entire codebase by industry experts
- Referencing and implementing smart contracts against parallel smart contracts developed and launched by experts
The audit result was released on Monday, June 14, 2021 and reported 0 critical issues, merely minor and informational issues. There were a total of 15 issues, 13 Minor and 2 Informational issues. Of these 15 discovered issues, 9 have been resolved while the rest has been acknowledged and scheduled to be resolved, as reported by Merlin Lab.
The Merlin Lab team, through the integration of advanced security protocols seeks to provide prospective traders a secure and sustainable platform to farm and earn staking rewards.
Having passed 3 blockchain audits with no major or critical issues discovered, Merlin Lab, in a recent tweet, reports a TVL [total value locked] of over $200 million, approximately 2% of the total value locked in DeFi protocols as recorded by DeFi Pulse.
Merlin Lab is built on Binance Smart Chain [BSC], a blockchain-based network that enables developers to seamlessly create and launch decentralized applications. They leverage BSC’s existing features like faster and cheaper transactions, shattering the pre-existing entry barrier into the DeFi market. BSC is reported by leading crypto news site BTC Peers to be incredibly faster and cheaper than premier DApps network Ethereum. Merlin Lab being launched on the BSC rather than Ethereum, offers investors an opportunity to benefit greatly from the market, albeit at a lower cost.
Presently one of the highest APY compounding vaults on the Binance Smart Chain, Merlin Lab via its CAKE Pool Vault, CAKE-BNB Vault, and MERL-BNB Vault will offer 200%, 150%, and 1,600% annual percentage yields respectively.
Findings from the CertiK audit, as revealed by the report published, points to the safe and secure nature of Merlin Lab. All of the minor problems detected, according to various experts and industry publications, are in a true sense minor and have no real effect on users’ experience.
Having secured and audited over $6.2 billion worth of assets and 188,000 lines respectively, CertiK is a blockchain security company designed primarily to verify the correctness, accuracy, and safety of smart contracts and blockchain-based projects at large. Implementing the Manual Review and Static Analysis techniques, Certik’s audit of the Merlin Lab network is further proof of the latter’s secure and sustainable yield aggregating ecosystem.