Never Ignore Key Issues The Audit of Mimas Finance Reveals

This article is somewhat poorly timed and its too late for those who invested in Mimas and other Defi Projects that capitulated. However, its important to learn from our mistake and even wiser to learn from other’s mistakes.

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The audit of Mimas Finance reveals the following key information:

  • Mimas Finance is an algorithmic money market and liquid staking protocol on the Cronos blockchain.
  • The project’s fundamental health score is 40.00, placing it in the top 50% percentile.
  • Operational resilience is rated at 53.32, which is in the top 70% percentile.
  • Governance strength is relatively strong with a score of 76.88, placing it in the top 40% percentile.
  • Market stability is rated at 30.00, which is considered relatively low.
  • Community trust, with a score of 64.85, places it in the top 60% percentile.
  • Code security is relatively strong with a score of 79.23, ranking in the top 20% percentile.
  • The project has undergone one audit, and the last audit was delivered on 3/31/2022.
  • There have been no security incidents reported in the past 90 days.
  • Maturity indicators suggest that the project is somewhat developed, with a project age of 1 year and 10 months.
  • The code audit has identified some issues, including two major issues related to centralization and two minor issues related to logical problems.
  • The project has a presence on GitHub, and its GitHub account age is 1 year and 10 months.
  • The project does not have CertiK KYC or a bug bounty program.
  • The project’s contract has passed some checks, but there is one attention point related to owner privilege.
  • Market stability analytics indicate a token price of $0.0005198 with low volatility.
  • Community trust has seen a slight decrease over the past 7 days.
  • The project’s Twitter account has 7,435 followers and is relatively active.
  • The Telegram group has 148 total users with no daily active users and messages reported.
  • The project has received some votes for various milestones, including KYC and contract checks.

In summary, Mimas Finance appears to have strong code security, but it has lower scores in market stability and community trust. The project had undergone an audit and had no recent security incidents. The nagging issue for me was the high level of centralization in a Decentralized Finance Project (I think is a JOKE on all investors)

Here is the full CERTIK Audit. 

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