CertiK Completes Comprehensive Security Audit of Automated Market Maker on the XRP Ledger
New York, July 11, 2023 (GLOBE NEWSWIRE) -- CertiK, a leader in blockchain security and auditing, is proud to announce the successful completion of a comprehensive security audit for XLS-30d, an innovative Automated Market Maker (AMM) built on the XRP Ledger (XRPL). The XRPL is a Layer 1 open-source, energy-efficient, and decentralized blockchain powered by a global developer community.
The AMM, developed under the technical specification XLS-30d proposed by Ripple has been designed to extend the exchange functionality and utility for XRPL token holders and builders on the XRP Ledger. CertiK’s audit was an extensive process, meticulously examining the underlying smart contract architecture for potential vulnerabilities and assessing the overall security of the AMM implementation.
"Our main goal at CertiK is to help build a safer, more secure blockchain ecosystem," said Jason Jiang, Chief Business Officer at CertiK. "XRPL’s AMM implementation represents an important evolution in decentralized exchange functionality, and we're honored to have been able to ensure it meets the highest standard of security."
Key features of the XLS-30d AMM, as validated by CertiK, include a protocol native build, a continuous auction mechanism, single-sided liquidity provision, no Miner Extractable Value (MEV) or front-running, and CLOB DEX integration.
The XRP Ledger's inherent advantages—extremely low transaction cost, fast block times, fair transaction ordering—make it suitable for all participants within the AMM ecosystem. The XLS.30D proposal reflects the XRPL’s advanced capabilities and broad utility.
CertiK's audit confirms that the AMM built on the XRPL meets the highest standards of security, demonstrating CertiK and Ripple’s shared commitment to advancing the security and reliability of the global blockchain ecosystem.
CertiK is a pioneer in blockchain security, leveraging best-in-class technology to protect and monitor blockchain protocols and smart contracts. Founded in 2018 by professors from Yale University and Columbia University, CertiK’s mission is to secure the Web3 world. CertiK applies cutting-edge innovations from academia to enterprise, enabling mission-critical applications to scale with safety and correctness.
One of the fastest-growing and most trusted companies in blockchain security, CertiK is a true market leader. To date, CertiK has worked with nearly 4,000 enterprise clients, secured over $360 billion worth of digital assets, and has detected nearly 70,000 vulnerabilities in blockchain code. Clients include leading projects such as Aave, Polygon, Binance Smart Chain, Yearn Finance, and Chiliz.
CertiK is backed by Insight, Partners, Sequoia, Tiger Global, Coatue Management, Lightspeed, Advent International, SoftBank, Hillhouse Capital, Goldman Sachs, Coinbase Ventures, Binance, Shunwei Capital, IDG Capital, Wing, Legend Star, Danhua Capital and other investors.
About the XRP Ledger
The XRP Ledger (XRPL) is an open source, public and decentralized Layer 1 blockchain led by a global developer community. It is fast, energy-efficient, and reliable. For more than ten years, it has been the blockchain best suited to enable settlement and liquidity of tokenized assets at scale. With ease of development, low transaction costs, and a knowledgeable community, it provides developers with a strong open-source foundation for executing on the most demanding projects – without impacting the XRPL’s lean and efficient feature set. XRPL enables a wide variety of services and use cases including payments, on-chain finance, and tokenization. Learn more at XRPL.org.
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