Security is often the number one concern for DeFi users. We at dWill understand these concerns and have focused on having top-level security since the creation of our protocol, while continuously striving to improve upon it.
Is It Safe to Use dWill?
In short, yes.
dWill is a fully decentralized protocol, which means that the mechanics of its operation are not dependent on the actions of third parties and is ensured by a robust and many times tested algorithm.
dWill has been audited by Web3's leading smart contract auditors and were highly rated for security.
Our code is open-source, with every line having been combed through by dozens of independent developers. We even have a professional Bug Bounty to offer high rewards if anyone spots as little as a minor issue. We invite you to have a look through our code yourself here: https://github.com/Mycelium-Lab/dWill
Unlike most DeFi protocols, dWill smart contracts are not updatable and do not use the upgradable proxy contracts pattern, which means that their logic can never be changed by anyone, making the whole system more robust.
Most DeFi services not only use their own smart contracts, but also interact with smart contracts from other projects, which can significantly increase the complexity of the entire system and reduce its reliability. The dWill smart contracts work in isolation and do not interact with the "outside world" in any way.
Regarding flash loans, they cannot technically be applied to dWill so you will be safe from all such attacks.
Finally, we make efforts not only to secure our own protocol, but also the entire ecosystem. That's why we only work with projects that meet our high standards for safety that complements code audits.
Yes, bequeathing your funds with dWill you can be sure that your assets are secure.
Nevertheless, we feel responsible to inform you about the risks that may not be directly related to the dWill protocol but can theoretically affect any user of DeFi and cryptocurrencies. These risks may include:
Fraud and malwareOddly enough, in most cases, it is the trivial failure to follow basic computer security rules and gullibility that leads to the loss of funds. Remember, scammers are very resourceful and have many schemes for you to give them access to your wallet yourself, and an accidentally picked up computer virus can lead to loss of cryptocurrency. You can read the basic rules of computer hygiene at this and this links.
Tokens can lose their valueWhen you buy any cryptocurrency tokens, you automatically assume the trading risks associated with them. Tokens can depreciate in value and Stablecoins can lose their anchor to the underlying asset.
Underlying infrastructure risksBy using a cryptocurrency, you automatically trust the blockchain on which it operates. In our opinion, now, the most reliable platforms are Bitcoin and Ethereum.
While we do our best to eliminate all the possible risks, DeFi is an industry where events that no one predicted can occur (the dreaded black swans). Try to be as careful with your funds as we are with our code.