Smart Contract Development Requirements for Top Exchanges
Before a smart contract audit can be implemented, the process should start with a quality development team and a token design process according to your goals. A strong development team will give you really quality advice and help you structure your token to be ready for listing on exchanges. Advice touches basic elements such as:
-Amount of Tokens the contract should have
-Advice on how to handle staking, and vesting schedules.
-Smart contract functionality which is right for you. For example, should the token be pausable or not? A pausable smart contract is useful in case an exchange gets hacked, but not all exchanges accept such smart contract functionality! This is why it is important to work with experienced developers and experienced smart contract auditor.
-Token design according to the standards of exchanges.
The development team should also extensively test the smart contract and include test cases in order to pass the requirements of auditors and have quicker exchange listing. If the contract is badly written, attention to detail is missing, or other issues come up, sometimes the contract needs to be re-written and re-audited from scratch.
In our experience, this is where a lot of projects pay twice and have their projects delayed: they try to save on development costs by hiring the “cheapest” team available. However, in blockchain, experience and skill matters much more than in traditional development.
How we saved tens of thousands of dollars for AXPR and Kucoin
In 2020, Kucoin suffered a hack and the hacker got the tokens from many different projects listed on the exchange. AXPR and Kucoin came to CyberUnit.Tech with the request of helping manage the hack and find a way to block the tokens that the hacker stole and create a new token to replace the coins the hacker stole.
Most projects listed on Kucoin had to do a token swap, meaning creating a brand new token and sending new tokens to all token holders. This is very expensive, given that a project can have tens of thousands, hundreds of thousands of different holders.
After analysis of AXPR token contract, we found that it had a pausable feature. The pausable feature allowed us to block hacker’s tokens while we created a new contract. We also came up with the solution of a token wrap instead of the token swap, in which users would have their old tokens swapped for the new ones through their regular day to day transactions using AXPR token.
In the end, we created a brand new token for AXPR to be listed on Kucoin and they paid nothing for getting new tokens to users, while all other projects paid tens of thousands of dollars because we could do a token wrap while all other projects had to do a token swap. This shows that the features of the token contract must be very well thought and analyzed before being implemented.
Smart Contract Audit Process for Exchange Listing
After development, the audit is implemented to be listed on exchanges.
1) We analyze the code, estimate the difficulty, and prepare the quote.
2) We discuss necessary timelines. We have 4 audit teams and we generally assign to the one who can finish quickest for you. Time is money in crypto.
3) The audit takes anywhere from 2 to 3 weeks, longer when the contract is very complex. We then prepare the report.
4) We discuss the report with you and after fixes, we do the retest and present to you the updated report. If critical bugs appear, a full re-audit might be needed.
All In One – VIP Care Process
With CyberUnit.Tech and KaironLabs partnership, you don’t need to worry about listing on top exchanges. Smart contract development, smart contract audit, listing, and market making is taken care for you smoothly without needing to try to find different providers. You are always sure to receive quality service.
We have been in this industry for a while and serve large clients, which means you can always be sure of a professional and reliable delivery.
Smart Contract Audit Process for Exchange Listing
If you’d like to schedule a consultation session, please reach out directly at [email protected] Don’t forget to mention you are looking to have smart contract development or smart contract audit with Cyber Unit Tech and you are coming through the Kairon Labs blog, you can enjoy a 20% discount on their smart contract development and smart contract audit services with CyberUnit.Tech.