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BitKeep Security Upgrading: A New Solution to Web3 Wallet Security

Summary:BitKeep has just completed the security audit and made its Swap Protocol code publicly accessible, and launched a BitKeep Secure Asset Fund with an initial capital of USD 1 million.

On December 1, Web3 multi-chain wallet BitKeep launched its Swap Protocol V2, which is now open source with the security audit completed by the SlowMist team. Additionally, BitKeep announced the launch of BitKeep Secure Asset Fund with an initial capital of USD 1 million and promised to distribute 10% of the monthly revenue of Swap to the Fund. This Fund is designed to cover user losses caused by BitKeep.

Security Audit of the Open-Source Swap Protocol

For the Swap Protocol audit, the SlowMist team mainly relied on White Box Testing, and also combined Black and Gray Box Testing. It simulated real attacks and conducted a comprehensive security analysis covering all the code of Swap V2. Through this audit, BitKeep upgraded its Security Plan with the SlowMist team:

  • Optimized contract suspension mechanism. Monitoring of important contract events is added so that the contract is suspended the moment any usual market change is detected to keep users’ and BitKeep’s assets safe.
  • Split the authorization risk. The authorization is transferred to the Router contract (which can be deactivated in case of emergency) for risk control.
  • Introduced a scheme combining multisig and timelock to avoid fault at a point. The timelock also allows a 24-hour period to prompt users to withdraw authorization.

In conclusion, BitKeep has improved relevant contingency plans and configured multidimensional and in-depth defensive strategies such as one-tap suspension, timelock, and multisig. Besides, BitKeep is building a more refined early warning and risk control mechanism on the chain.

As of now, BitKeep Swap V2 has been deployed on BNB Chain.

After the audit, BitKeep made Swap Protocol V2 open source. More protocol codes will be made available soon, such as the core code of Swap V1 and NFT Market. Check the Open-Source Core Code and Audit Report

About Swap V2

The Swap feature is built into the BitKeep Wallet and it is also a DEX aggregator that can interact with on-chain data efficiently and be used to trade assets on a chain or across chains. By aggregating over 70 mainstream DEXs, BitKeep Swap finds the optimal Swap route and provides the best price and lower gas fee for each order.

Compared with V1 that mainly supports non-split-order protocols, this Swap V2 is compatible with split-order protocols with more obvious price advantages. More importantly, request-for-quote (RFQ) has been improved in V2, where the optimal amount would be selected among the RFQ results of both versions. Additionally, the user can adjust the transaction fee based on the protocol used for better flexibility.

Two innovative features frequently used by users in the previous version are also available in Swap V2: Token price charts: Accurate data and wide coverage, with alerts of unusual market changes in a reliable and effective manner. InstantGas: Users can trade on TRON and BNB Chain more conveniently even when they do not have native tokens.

BitKeep Secure Asset Fund

With an initial capital of USD 1 million, BitKeep Secure Asset Fund aims to keep users’ assets safe and protect users from security incidents. BitKeep Security Fund will be used to cover the loss of user assets caused by BitKeep, which it assumes will only happen in extremely rare cases. The company promised to distribute 10% of the monthly revenue of Swap to the Fund to guarantee the continuous growth of the reserve.

Openness and transparency play a big part in building trust. Knowing that, BitKeep publicized the addresses of the Fund to show its capability and commitment in terms of user protection. Check the On-Chain Addresses of the Fund

As a committed builder of the crypto industry, BitKeep has been practicing the core concept of decentralization and promoting the industry to explore a better path of decentralization by empowering crypto investors.

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