Risks and Security
In the crypto realm, especially in Decentralised Finance (DeFi), users have to understand the risks of projects and smart contracts before venturing into DeFi. Always DYOR (do your own research).
As part of ExoniumDEX's long-term commitment to security and building trust within the community, we have laid out the ways in which we attempt to mitigate risks and provide a seamless experience that users can trust. Other than audits from external parties, we will also be conducting frequent bug bounty programmes when initiating new protocols. The more widely available the source code is for public testing, scrutiny, and experimentation, the more rapidly all forms of bugs will be discovered. All ExoniumDEX contracts went through internal unit testing before live deployment. Thereafter, we onboard auditors for further security assessments. We believe that with enough eyeballs on public contracts, risks will be mitigated.
General DeFi Risks
DeFi risks encapsulate a wide range of risks such as impermanent loss for liquidity providers and risks of falling for scams and hacks that results in wallet exploit. Hence, DeFi users have to be careful themselves and learn to educate themselves constantly in this space.
Smart Contract Security & Risks
Smart contracts are an innovative way for cryptocurrencies to interact with one another and with dApps (Decentralised Applications). However, due to the complexities that come with smart contracts, certain smart contracts may be prone to hacks. We've mitigated this risk by equipping all smart contracts with timelock contracts and will be having reputable auditors to audit the entire project along the way as we introduce new protocols and features into the ecosystem.
Always do your due-diligence when interacting with dAPP
- 1.ALWAYS check in the official project channels if you are not sure.
- 2.Beware of fraud on telegram, be careful and always double check usernames.
- 3.NO community member will message you first when you post a question in a chat.This will always be answered from inside the chat so beware of any impersonators contacting you!
- 4.NO one shall ask your seed phrase and fund. Don't share this in any circumstance.
- 5.DO NOT click on any link from anyone that is not an official member of ExoniumDEX. Highly likely that it is a malicious link that could lead to a software attack.
HOW TO MITIGATE DEFI RISKS
- 1.Only invest amounts of money which you can afford to lose.
- 2.Don't get too greedy. Greed or fear mixed with investment usually will not turn out well.
- 3.Setup your own portfolio plan. You risk management may be different from others. Do not follow what others what doing. Hedge and manage your fund allocation properly. Do not put all your funds in one project, spread the risks.
- 4.Always balance your risk. Be aware of the possibility to lose entire deposits. Do not invest your live savings.
- 5.Crypto is not a get-rich-quick game. ExoniumDEX is not a Degen/meme project that aims to ride on hype and speculations. Choose projects that you believe have long term potential in the world of not just Decentralised Finance but also in the world of traditional finance.