DFI.money Security Review 2022 | Cer.live
DFI.money Security Review 2022image

DFI.money Security Review 2022

DFI Money (YFII) is a DeFi-farming aggregator that automatically puts user crypto assets to work for high-yield profits. YFII is a fork of the YFI project with YIP-8 implementation.

YFII characteristics, according to CoinGecko

Price (10 Aug 2022): $1,758

All-time high (Sep 1, 2020): $9,251 

Market cap: $69.9 million

Trading volume: $77.306 million

Circulating supply: 39,732

Total supply: 39,999

YFFI is traded on 55 cryptoexchanges, including

  • Binance
  • Coinbase Exchange
  • Crypto.com Exchange
  • FTX
  • P2PB2B

YFII is an ERC-20 token with a smart contract in Solidity.

Competitive advantages

YFII is based upon Yearn Finance, making it a significant DeFi experiment. It has retained the mining and governance enthusiasm of Yearn. Thanks to its YIP-8 proposal, YFII accomplished a more equitable governance token distribution scheme. Another strength is a volume / mcap rate of 1.1064. YFII is traded slightly more than its market cap, which is a good sign of activity. 

Risks

YFII token has been on the market since Aug 2020. It rose to prominence in just one month, reaching a price of almost $10k, but lost most of its value ever since. Despite its fantastic momentum and development of the DeFi community, YFII remains a high-risk investment.

Security analysis

According to CER.live, there are four basic security standards to be followed by crypto projects: token audit, platform audit, bug bounty, and insurance. According to CER, DFI.money has a DDD rating of 33.5%.

DFI.money essential security characteristics:

  • Token audit (No)
  • Platform audit (Yes, KnowSec, SecBit)
  • Bug bounty (N/A)
  • Insurance (N/A)

Audit coverage: 50%

DFI.money underwent security audits by two companies. However, the last commit was on Aug 5, 2020, meaning it’s been two years. DFI Money should undergo another audit because the old one is becoming invalid now. DFI Money doesn’t have an active bug bounty. Despite the lack of security precautions, DFI.Money hasn’t been hacked since its launch. DFI Money holds the 330th spot in the Platform category and 808th place among all 1,500 cryptocurrencies analyzed by CER.live.