American crypto exchange has named four requirements that projects should adher to before earning a lucrative ERC-20 token listing on the platform.
“To safeguard users, Coinbase performs a thorough security review of each token before it can be listed. One of the most commonly requested token categories is an Ethereum smart contract standard known as an ‘ERC-20,” Nadir Akhtar, a blockchain security engineer at Coinbase said.
Coinbase had a long list of 45 things to be taken into consideration but as of now they have made four specifications.
- Verified source code.
- Industry-standard library use.
- Limited scope for privileged roles.
- Simple, modular design.
The release of this information in the face of growing DeFi interests is a clear sign that Coinbase is looking to list new and interesting ETH-based projects, as long as they fulfill these four.
The recent YAM debacle is a clear example of the importance of peer-reviewed source code and third-party smart contract audits. Akhtar also referenced the Parity hack as another one of the most acknowledged smart contract vulnerabilities.
These are, of course, just a few examples of the dangers and difficulties of developing in DeFi. And with this latest security announcement, it would appear that Coinbase is well aware of these risks.