Code4rena Blog

Today, we're talking to the Krystal team about their mission, how they tackle the biggest challenges in liquidity provisioning, and how the industry can achieve better security outcomes across web3. Talk to us about Krystal Krystal offers advanced automated liquidity management, featuring a comprehensive all-in-one dashboard and mobile wallet, equipped with automated strategies. Why is it so important? We simplify and enhance liquidity provisioning on Decentralized Exchanges (DEXes), especially those using the Concentrated Liquidity Market Maker (CLMM) model. While this can offer high passive income, it also presents challenges like impermanent loss and unstable yields. Our mission is to make liquidity provisioning profitable, convenient, and accessible for everyone. We provide various tools to help users navigate and optimize their strategies in the DeFi space: Automated strategies: Users can follow and copy top strategies from a community of liquidity providers, or customize their own. Advanced dashboard: Our comprehensive dashboard consolidates fragmented liquidity across multiple DEXes and chains, providing detailed analysis in a single interface. Efficient tools: We offer a suite of tools like zap-in, zap-out, readjust-range, collect-fee, auto-compound, and auto-readjust, making liquidity management effortless and effective. Krystal makes it easier for users to earn passive income in Web3, combining simplicity with powerful features. What prompted you to get an audit with Code4rena? Our decision to audit with Code4rena was driven by several key objectives. First, we aim to finalize a robust, long-term version of our smart contract to ensure the highest level of security for both our users and Krystal as a platform. We also recognize the importance of public awareness and a solid go-to-market (GTM) strategy. Ensuring our smart contract's security through a reputable audit is crucial in building trust and credibility within the community. After exploring multiple audit options, we found Code4rena to be the best fit for our needs due to their strong reputation, extensive community of skilled auditors, competitive costs, and favorable timeline. This combination makes Code4rena the ideal partner to help us achieve our security and public awareness goals. Apart from running an audit with us, what does your security roadmap look like? At Krystal, we take security seriously. Key initiatives in our security roadmap include: Regular audits: We commit to conducting regular audits with reputable firms to continuously assess and improve our smart contract security. Real-time monitoring: We monitor our platform in real-time to identify suspicious activities and potential threats, allowing us to respond swiftly to any issues. Transparent communication: Transparency is crucial for us. We openly share our security practices and updates with our users. Detailed information about our security measures can be found in our Technical Docs. By combining these efforts with our audit partnership with Code4rena, we aim to create a secure and reliable platform for our users. How can our industry level up security practices across the web3 ecosystem? From Krystal's point of view, our community can enhance security together with 5 key actions: Foster open communication: Encourage transparent and open communication about security practices, potential vulnerabilities, and incident reports. Sharing knowledge and experiences helps everyone stay informed and vigilant. Collaborate on audits: Engage in collaborative audits and peer reviews. By pooling resources and expertise, we can identify and address security issues more effectively. Promote security best practices: Regularly educate community members on security best practices, such as safe handling of private keys, recognizing phishing attempts, and using two-factor authentication. Encourage responsible disclosure: Create a supportive environment for responsible disclosure of vulnerabilities. Ensure there are clear, respectful, and rewarding processes for reporting and addressing security issues. Develop and share tools: Collaborate on the development and sharing of security tools and resources. Open-source tools can benefit the entire community and help standardize security measures. Where is the best place for wardens to learn about Krystal? Wardens can visit our documentation site: docs.krystal.app. You can find detailed information about our platform, including technical documentation, security practices, and user guides. This resource will provide a thorough understanding of Krystal's features, functionalities, and security measures. Learn more about Krystal Website: https://www.krystal.app Twitter: https://twitter.com/KrystalDeFi Discord: https://discord.gg/krystaldefi Docs: https://docs.krystal.app The Ones in the Arena spotlights emerging and established DeFi projects and their founders, with an eye to celebrating and learning from them. The series’ name is inspired in part by Teddy Roosevelt’s famous quote, which has a central place in Code4rena’s philosophy.