Swaap Core V1 Security Audit

Download Audit Report
Summary

Swaap Finance implements an automated market maker protocol, with the intention to eliminate the losses of the liquidity providers, while enabling them to collect the fees from trades. This is achieved by dynamic
weighting of the underlying tokens and stochastic spread mechanism.

During the review, no critical issues were uncovered. All the uncovered issues have been mitigated or fixed. The most critical subjects covered in our audit are resistance to assets siphon attacks, stochastic process
simulation precision and integration with external systems. Security regarding all the aforementioned subjects is high.

The general subjects covered are trust model, functional correctness and specification quality. All the aforementioned subjects were of sufficient quality.

In summary, we find that the codebase provides a good level of security. It is important to note that security audits are time-boxed and cannot uncover all vulnerabilities. They complement but don’t replace other vital measures to secure a project.

About Swaap Core V1

“Swaap is the first market-neutral automated market maker. It brings efficient features from traditional Market Makers on-chain to strongly reduce impermanent loss, a phenomenon that causes LPs & Traders to lose billions of dollars each year.

  • Liquidity providers access profitable market-making strategies (farming). The protocol strongly reduces impermanent loss and offers multi-asset pools
  • Traders enjoy lower trading fees. Indeed, the protocol does not need to charge traders high fees to compensate LPs for their impermanent loss.”

Source: Swaap Finance team (https://swaap.finance/)

We have been amazed by the quality of the audit performed by Chainsecurity, as they not only assessed the code but also addressed the core maths logics. This has enabled us to provide a more robust system to our users.
David Bouba, Co-founder at Swaap Labs