About Spiral X

Spiral X is a smart contract-based, multi-chain and open source lending market protocol. In the Spiral X lending market, users can deposit specific crypto assets to earn interest or pay a certain amount of interest to borrow certain crypto assets. At the same time, the combination of secure and trusted data source price information and cross-chain asset exchange bridge provides users with one-stop deposit and lending services. Spiral X will actively create a richer lending market on the premise of capital security, optimize the execution efficiency of smart contracts, and expand its business architecture with more dimensions.

Contract risk

Spiral X’s entire contract code will be submitted to a professional blockchain security company for the security audit process.

We will update the security audit progress step by step in this column.

Mining contract: audited by CertiK

Report to download: https://www.certik.org/projects/spiralx

Transfer contract & loan Contract: audited by CertiK

Report to download: https://www.certik.org/projects/spiralx

Please note: A security audit cannot completely eliminate all risks! Be sure to invest within your risk tolerance and don’t invest all of your Spiral X assets in order to avoid unaffordable asset losses, especially as a liquidity provider.

The key risk

The management key for deploying the smart contract has the highest authority to control the contract, modify the mining parameters (e.g. modify the mining weight of each pool, add new pools, etc.), and suspend the contract in case of emergency.

The core development team will only use it to upgrade and adjust the mining parameters in the initial phase of the protocol. After the protocol is stable, the Timelock delay execution mechanism and multi-party signature mechanism will be added to the smart contract to eliminate this risk.

Risk assets

1. The crypto mortgage in Spiral X mine Pool may have drastically reduced its fiat value due to the harsh cryptocurrency market environment.
2. If you have borrowed money by mortgage in Compound or Aave, please do not use the same wallet to deposit cToken or aToken in Spiral X for mining. In order to avoid unnecessary loan explosion due to the drastic fluctuation of currency price and insufficient value of collateral.
3. The user deposits aToken in Spiral X mining pool, and the principal is safe. However, when he takes out aToken, he can’t get the deposit interest from Aave. This also adds quite a bit of additional GAS costs to user transfers, which the core development team does not intend to address for the time being. The core development team will solicit community feedback in the form of a proposal.