With the foresee developments adoring the blockchains, new decentralized cryptocurrency exchanges are being introduced almost every now and then. However, whether these Decentralized Exchanges (DEX) are truly legitimate is a completely different topic. Many prove to be scams, rising fear, and suspicions.
Thrashing of ShibaSwap
One such Decentralized Exchange (DEX) launched recently just about two days before, on Tuesday is the ShibaSwap. This DEX is completely based upon the Doge Coin (DOGE) follower and competitor, the Shiba Inu (SHIB).
Elon Musk’s dog theme maniacs have surely caught on fever. The SHIB was introduced solely to compete against the DOGE. However, the SHIB has played its fair share on rising speculations, spikes here and there in the market.
Despite the quiet success, SHIB, brought out its DEX, ShibaSwap with mind-blowing offers and additives to the instant liquidity providers. As a result, the Total Value Locked (TVL) accounted for more than $1 billion on the DEX within just 24 hours.
Citing this, the most renowned and only one of its kind, the decentralized platform analyzer, reviewer, and critic, DeFi Safety put forth its views on ShibSwap. Also, they made it official through a Tweet on their official Twitter page on Wednesday.
DeFi Safety abruptly thrashed ShibaSwap as the worst DEX so far ever. In addition, they gave it a score of just 3% out of 100%. Also, they just highlighted not to invest through ShibSwap, as it is the same as losing your money through a black hole!
DeFi Safety’s Concerns
DeFi Safety stated out clearly that, ShibSwap has failed in most of the 22 criteria of their analysis, out of which SHibSwap passed only two. In contradiction, ShibSwap secured a pass of 30%, the highest score it got ever on its white paper documents. Other than that, DeFi Safety declares ShibSwap as a complete failure.
The author of the review, who is also the founder of Caliburn Consulting and SecuEth, Rex Hygate puts forth, the team behind ShibaSwap was kept anonymous. Furthermore, they lacked transparency and most of their documents were not intact. Also Hygate states, the public software repository is completely absent. There were no records of proper testing or development history for the codes.
Finally, DeFi Safety stated that only if ShibaSwap submits and maintains transparency with regards to further proper documentation, they will consider raising ShibaSwap’s review score.
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