Connect with us

Press Release

How Audit and KYC Projects Build Trust in DeFi Industry

Published

5 years ago

on

The Decentralized Finance world is one of the most outstanding financial revolutions of the 21st century. Generally, with DeFi, everyone globally can take charge of their finances and investments while benefiting from other services like lending, gaming, etc. 

However, the trust in DeFi is still lagging; thus, the adoption is also lagging. The primary reason for the lagging confidence in DeFi has always been about its bad. Generally, as a product of the crypto world, DeFi is always blamed for the issues associated with cryptocurrency. Since some KOLs still view crypto as a scam, DeFi suffers the same fate. 

Fortunately, there are ways to help bolster the trust in DeFi, including audits and KYC procedures. 

How Audit and KYC strengthen DeFi Projects

How do KYC and Audit projects strengthen confidence in the DeFi world? Here is a short guide. 

  • Audit Proves That a DeFi Project is Genuine

One of the significant ways that KYC and Audits bolster trust in DeFi is by proving that a project is genuine. Scams connected to the crypto world have been soaring, with investors losing fortunes to fake schemes. However, how do these scams happen?

Some developers may introduce a project with the primary intention of stealing from unknowing investors. Generally, these kinds of projects promise to offer high yields and could easily attract investors. Due to such scams, some investors could easily lose trust in DeFi. 

However, by using the KYC and Audit procedures, investors will now start trusting DeFi-related projects. The auditor can know if a particular project is genuine or not. In some cases, the auditor may do deep research, including looking at the following; 

  • Project webpage
  • Coin Minting mechanism
  • Team behind project
  • Economic model

By doing thorough analytics of the above mentioned, the auditor can assure investors that the new DeFi project is genuine. 

  • Real Tests

Another reason why audit and KYC platforms contribute to bolstering trust in DeFi is the real tests done. Smart contracts involve codes that are very complex for a person with no coding knowledge to understand. Therefore, it may be impossible for any investor to do an audit of a project before investing. 

However, smart contract audits have for some time now been an industry standard. The smart contract system auditors include a group of people with coding experience. The auditors apply autonomous tests on the system to see how it reacts to different scenarios of transactions. 

Furthermore, the auditors include manual tests to see if the results are consistent with the autonomous ones. The applications of real tests make their reports more valid and dependable to the DeFi investors, thus increasing trust in the DeFi industry. 

  • Audit Projects Give Recommendations

Another thing that audit and KYC projects do to help in building trust for the DeFi world is offering recommendations. Developers of the projects are the primary beneficiaries of the recommendations given by the auditors. The auditors can tell the developers how to change some code for more efficiency. Since the audits are often done before the project launches to the public, the developers can take their time and make the necessary changes to achieve efficiency. 

Investors, on the other hand, can benefit vastly from the project. The recommendations given by the audit companies may include what an average investor should do. On some occasions, they may state the risk level involved in investing in the projects. As such, the average investor will benefit. 

  • KYC Details Boost Consumer Trust

The fact that KYC collects details is another aspect that makes investors have deep confidence in the DeFi space. An average investor often wants to know that their investment will remain safe from hackers.

As mentioned earlier, KYC helps eliminate fraudulent people who are planning to commit manipulations or financial fraud. As such, it’s safe to say that KYC procedures can help boost investors’ confidence.

  • SolidProof Helps Bolster Investor Trust

Solidproof’s primary intention was to help in auditing and providing KYC services for DeFi projects. It aimed to participate in bolstering the trust of investors in DeFi, thus speeding up DeFi adoption. 

Solidproof KYC standards target to protect the DeFi platforms from corruption, fraud, money laundering, and financing of terrorism. It does KYC by; 

  • Identifying project customers.
  • Understanding their nature of activities.
  • Assessing money laundering risks and offering their recommendations to the platform developers.

Auditing by the Solidproof network also takes a few straightforward steps to ensure that services are provided efficiently. The steps include:

  • Communication– The first step to getting an audit is communicating with the Solidproof network and submitting the code.
  • Auditing– The second step is Solidproof working on your project’s audit, searching for any vulnerabilities manually and algorithmically.
  • Fixes- Here, Soldiproof suggests recommendations to the developing team, which they will work on. Afterward, the Solidproof network takes a second audit. 
  • Reports- Finally, SolidProof releases its audit report. 

Final Word

It’s true that with the increasing cases of scams, DeFi institutions are vulnerable to related financial frauds. Frauds contribute vastly to slacking investor trust in the Decentralized finance space. 

Audits help assure investors that the underlying project is genuine and the people behind it are not malicious. Moreover, auditors do real tests and give recommendations to the developers and, in some instances, the investors. KYC details collected and analysis done helps in protecting the projects.

Any platform offering DeFi services can try to use Solidproof’s auditing and KYC services to bolster efficiency. 

Related Topics:

The Bitcoin Daily is one of the most reliable and leading portal about Technology News, Latest Updates, Financial News, Business and any all subjects related to technology and blockchain.

Continue Reading

Press Release

CHAINISLE Announced as Secondary Exhibition Sponsor at Hong Kong Web3 Festival 2026

Published

2 days ago

on

March 25, 2026

By

Hong Kong, 25th March 2026 — Hong Kong Web3 Festival 2026 is honored to welcome CHAINISLE as a Secondary Exhibition Sponsor.

CHAINISLE is a Web3-native, globally distributed MCN and content infrastructure platform, built to serve as a directional anchor for the Web3 industry and a next-generation foundation for the creator economy. More: https://chainisle.info

Hong Kong Web3 Festival (“Web3 Festival”), co-hosted by Wanxiang Blockchain Labs and HashKey Group, is Asia’s premiere crypto conference since 2023. The previous editions brought together over 350 exhibitors and more than 1,200 speakers for in-depth discussions, attracted a cumulative total of 100,000 visitors, and saw over 400 diverse side events. It has solidified its status as a leading crypto event, influencing Hong Kong’s Web3 landscape.

Following the sellout success of its previous editions, Hong Kong Web3 Festival has announced its return on 20–23 April at HKCEC. Now in its 4th year, this four-day event will once again bring tens of thousands of Web3 professionals, investors, and enthusiasts across the globe to connect, learn and be inspired.

Web3 Festival 2026 has set the agenda for Web3 growth and innovation, focusing mainly on traditional finance and crypto finance, AI + Web3, and RWAs.

The conference will also convene top experts and leading Web3 projects to exchange ideas, share best practices and gain perspectives on today’s evolving Web3 landscape.

Featured speakers include:

Paul CHAN Mo-po, GBM, GBS, MH, JP, Financial Secretary of the Government of the Hong Kong Special Administrative Region

Dr. YIP Chee Hang, Executive Director of Intermediaries, Securities and Futures Commission

Xiao Feng, Chairman of Wanxiang Blockchain, Chairman and CEO of HashKey Group

Duncan Chiu, Legislative Council Member (Technology & Innovation Constituency), Hong Kong

Lennix Lai, Chief Commercial Officer, OKX Global

Adeniyi Abiodun, Co-Founder & Chief Product Officer, Mysten Labs

Lily Liu, President, Solana Foundation

Joseph Chalom, CEO, Sharplink

Francis B. Zhou, CEO, Quantum Solutions

Abdelhamid Bizid, Managing Director, BlackRock

Phil Kang, CEO, ZR Financial Group

Yat Siu, Co-Founder and Chairman, Animoca Brands

Bugra Celik, Head of Digital Assets and Currencies at Global Macro, HSBC

Robert Lui, Deloitte China Hong Kong Digital Asset Leader; Member of Task Force on Promoting Web3 Development

DIAO Zhihai, Head of International Business of Wealth Management, CICC

Chris Lee, Vice President, ETF China Asset Management (Hong Kong)

Gavin Wang, Managing Partner & Chief Investment Officer, SNZ Holding & SNZ Capital

David Lee, Chairman, Global FinTech Institute

Min Lin, Managing Director, Head of Global Business Development at Ondo Finance

Join Hong Kong Web3 Festival on April 20–23 and be part of an epic Web3 journey: https://luma.com/hkweb3festival_2026

Continue Reading

Press Release

KBW2026 Announced as Secondary Exhibition Sponsor at Hong Kong Web3 Festival 2026

Published

3 days ago

on

March 23, 2026

By

Hong Kong, 23rd March 2026 — Hong Kong Web3 Festival 2026 is honored to welcome KBW2026 as a Secondary Exhibition Sponsor.

Korea Blockchain Week kicks off in Seoul from Sep 29 to Oct 1, gathering the global Web3 community for a week of insights, tech, and collaboration. Join the global industry leaders in Seoul: https://koreablockchainweek.com

Hong Kong Web3 Festival (“Web3 Festival”), co-hosted by Wanxiang Blockchain Labs and HashKey Group, is Asia’s premiere crypto conference since 2023. The previous editions brought together over 350 exhibitors and more than 1,200 speakers for in-depth discussions, attracted a cumulative total of 100,000 visitors, and saw over 400 diverse side events. It has solidified its status as a leading crypto event, influencing Hong Kong’s Web3 landscape.

Following the sellout success of its previous editions, Hong Kong Web3 Festival has announced its return on 20–23 April at HKCEC. Now in its 4th year, this four-day event will once again bring tens of thousands of Web3 professionals, investors, and enthusiasts across the globe to connect, learn and be inspired.

Web3 Festival 2026 has set the agenda for Web3 growth and innovation, focusing mainly on traditional finance and crypto finance, AI + Web3, and RWAs.

The conference will also convene top experts and leading Web3 projects to exchange ideas, share best practices and gain perspectives on today’s evolving Web3 landscape.

Featured speakers include:

Paul CHAN Mo-po, GBM, GBS, MH, JP, Financial Secretary of the Government of the Hong Kong Special Administrative Region

Dr. YIP Chee Hang, Executive Director of Intermediaries, Securities and Futures Commission

Xiao Feng, Chairman of Wanxiang Blockchain, Chairman and CEO of HashKey Group

Duncan Chiu, Legislative Council Member (Technology & Innovation Constituency), Hong Kong

Lennix Lai, Chief Commercial Officer, OKX Global

Adeniyi Abiodun, Co-Founder & Chief Product Officer, Mysten Labs

Lily Liu, President, Solana Foundation

Joseph Chalom, CEO, Sharplink

Francis B. Zhou, CEO, Quantum Solutions

Abdelhamid Bizid, Managing Director, BlackRock

Phil Kang, CEO, ZR Financial Group

Yat Siu, Co-Founder and Chairman, Animoca Brands

Bugra Celik, Head of Digital Assets and Currencies at Global Macro, HSBC

Robert Lui, Deloitte China Hong Kong Digital Asset Leader; Member of Task Force on Promoting Web3 Development

DIAO Zhihai, Head of International Business of Wealth Management, CICC

Chris Lee, Vice President, ETF China Asset Management (Hong Kong)

Gavin Wang, Managing Partner & Chief Investment Officer, SNZ Holding & SNZ Capital

David Lee, Chairman, Global FinTech Institute

Min Lin, Managing Director, Head of Global Business Development at Ondo Finance

Join Hong Kong Web3 Festival on April 20–23 and be part of an epic Web3 journey: https://luma.com/hkweb3festival_2026

Continue Reading

Press Release

Aspire Confirms Official Participation at Hong Kong Web3 Festival 2026

Published

3 days ago

on

March 23, 2026

By

Hong Kong, 23rd March 2026 — Hong Kong Web3 Festival 2026 is honored to welcome Aspire as a Secondary Exhibition Sponsor.

Aspire is an all-in-one finance platform for modern businesses globally. More information: https://aspireapp.com

Hong Kong Web3 Festival (“Web3 Festival”), co-hosted by Wanxiang Blockchain Labs and HashKey Group, is Asia’s premiere crypto conference since 2023. The previous editions brought together over 350 exhibitors and more than 1,200 speakers for in-depth discussions, attracted a cumulative total of 100,000 visitors, and saw over 400 diverse side events. It has solidified its status as a leading crypto event, influencing Hong Kong’s Web3 landscape.

Following the sellout success of its previous editions, Hong Kong Web3 Festival has announced its return on 20–23 April at HKCEC. Now in its 4th year, this four-day event will once again bring tens of thousands of Web3 professionals, investors, and enthusiasts across the globe to connect, learn and be inspired.

Web3 Festival 2026 has set the agenda for Web3 growth and innovation, focusing mainly on traditional finance and crypto finance, AI + Web3, and RWAs.

The conference will also convene top experts and leading Web3 projects to exchange ideas, share best practices and gain perspectives on today’s evolving Web3 landscape.

Featured speakers include:

Paul CHAN Mo-po, GBM, GBS, MH, JP, Financial Secretary of the Government of the Hong Kong Special Administrative Region

Dr. YIP Chee Hang, Executive Director of Intermediaries, Securities and Futures Commission

Xiao Feng, Chairman of Wanxiang Blockchain, Chairman and CEO of HashKey Group

Duncan Chiu, Legislative Council Member (Technology & Innovation Constituency), Hong Kong

Lennix Lai, Chief Commercial Officer, OKX Global

Adeniyi Abiodun, Co-Founder & Chief Product Officer, Mysten Labs

Lily Liu, President, Solana Foundation

Joseph Chalom, CEO, Sharplink

Francis B. Zhou, CEO, Quantum Solutions

Abdelhamid Bizid, Managing Director, BlackRock

Phil Kang, CEO, ZR Financial Group

Yat Siu, Co-Founder and Chairman, Animoca Brands

Bugra Celik, Head of Digital Assets and Currencies at Global Macro, HSBC

Robert Lui, Deloitte China Hong Kong Digital Asset Leader; Member of Task Force on Promoting Web3 Development

DIAO Zhihai, Head of International Business of Wealth Management, CICC

Chris Lee, Vice President, ETF China Asset Management (Hong Kong)

Gavin Wang, Managing Partner & Chief Investment Officer, SNZ Holding & SNZ Capital

David Lee, Chairman, Global FinTech Institute

Min Lin, Managing Director, Head of Global Business Development at Ondo Finance

Join Hong Kong Web3 Festival on April 20–23 and be part of an epic Web3 journey: https://luma.com/hkweb3festival_2026

Continue Reading

Trending