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The KlayFi team has witnessed serious risks of exploitations in the DeFi scene and is well aware of the consequences. Securing users' assets is our top priority. Therefore, we continuously strengthen the security of the protocol by implementing multiple layers.
KlayFi uses security-enhanced codes after DeFi incidents as our core codes. These codes are securely verified by auditors like CertiK and the communities for a long period.
The KlayFi team studied REKTed DeFi protocols, and exploitations occurred for a long time. At present, it is not possible because there are no FlashLoan (or FlashSwap) providers in the Klaytn ecosystem. BUT we can't guarantee that there will be no FlashLoan providers in the Klaytn ecosystem. Thus, we improved the price calculation model for KlayFi to be protected. Additionally, the team set codes for price calculation and governance token minting private. These codes will open to the public when the team can guarantee the high security of codes (including audit by a reliable auditor).
KlayFi's core codes are not allowed to interact with external smart contracts. By doing so, we mitigate the risk of FlashLoan attacks.
The core codes of KlayFi are proven enough. Nonetheless, our team plans to proceed further with a reliable auditor when KlayFi's main features are confirmed and stable.