Codefi Inspect is an open source project dedicated to protocol transparency in DeFi, tracking all public audits, admin key details, oracle dependency and on-chain activity.
Introducing Codefi Inspect
DeFi protocols claim they can’t steal your funds. But how do you really know for sure?
From the ConsenSys team that brought you the DeFi Score, Codefi Inspect launches as a decentralized transparency dashboard for tracking code audits, details of admin capabilities, and onchain transactions of the top protocols in DeFi.
The goal of Codefi Inspect is to help DeFi users make better investment decisions by surfacing otherwise hidden protocol security policies and information for each major DeFi platform. Codefi Inspect is not only helpful for making more informed DeFi decisions, but also to advance and promote general transparency, understanding and accountability in the DeFi ecosystem in general. Think of Codefi Inspect as another level of transparency to our DeFi Score, examining factors such as when a protocol had their last audit, by whom, and how many developer hours went into it — for our truly DeFi-curious users.
Check out Codefi Inspect here, and let us know what you think!
Trust through transparency
Codefi Inspect is a community-driven DeFi protocol registry that tracks code audits, details of admin capabilities, and onchain transactions. It is a source of protocol data that is both reliable and verifiable.
Most DeFi users know the importance of up-to-date audits and strong security measures. Previously, a DeFi user would have to reference multiple sources, track each individual protocol’s communication, stay on top of multiple Telegram groups, just to have a picture of protocol security. Now, that information is available to you in a single interface.
When we launched the DeFi Score last year, we introduced a single metric – one evaluation of a platform’s risk with a score from 0-10. It’s difficult, however, to represent all of the risk nuances of a protocol in a single score, which is why we’re excited to release Inspect — and offer a richer picture of risk.
We’re launching Codefi Inspect with lending protocol analysis, but plan to expand to include additional DeFi platforms and products in the near future.
What does it track?
Errors, bugs and unexpected outcomes in smart contracts can cause real financial harm. These risks can be minimized by proactive code audits from reputable security firms.
With Inspect, you’ll now be able to answer the following questions about each protocol:
When was their last audit?
Which firm performed it?
How much effort (developer-hours) went into the audit?
Is it public?
You’ll also be able to review the firm’s PDF report for each audit performed.
Most of the top DeFi protocols have some element of centralized control diving developers an ‘administrator’ address to make potentially significant changes to the platform. This means you need to trust the project to not abuse their authority.
Our information on admin key risk was originally sourced by Chris Blec at DeFi Watch.
Inspect also shows information related to events made on-chain. This includes admin key invocations, contract upgrades, changes to timelocks, and additional transactions. You can see those events that have been executed and those that are currently sitting in a timelock.
When available, we show the protocol’s average DeFi Score along with a breakdown of each pool. A related project from Codefi, The DeFi Score is a framework for assessing risk in permissionless lending platforms. It’s a single, consistently comparable value for measuring protocol risk, based on factors including smart contract risk, collateralization, and liquidity.
We’ve seen first hand as the DeFi Score works closely with community members for each major update to the scoring methodology.
We take taking a decentralized approach to validating these decentralized protocols. Everything you see in Codefi Inspect can be audited, maintained, and updated by the community. See something that’s not quite right? Are we missing your favorite platform or product? Submit a GitHub pull request and we’ll get in a fix.
Thanks for being a part of this decentralized trust community.
Join the discussion on Telegram
Contribute to the Defi Score on GitHub
Learn more about the Codefi Data API