Trade Safely with Sonar Studio

Introducing the Smart Contract Scanner for Sonar Studio

Since we embarked on our journey to make DeFi easier, we promised that Sonar will provide all the necessary tools for DeFi including features that promote safer trading. Sonar is furthering that promise by introducing our Smart Contract Scanner.

The smart scanner highlights known security alerts to the user, whilst Sonar´s proprietary algorithm provides a risk level indicator ranging from Minimal, Low, Medium, to High Risk.

The contract scanner is a powerful tool in your toolbelt that covers the technical aspects of the smart contract and project, and highlights certain issues as well as help speed up your investment research and vetting process. Nonetheless it is meant to be used in conjunction with, and to support, other research you do on a project.

How does it work?

The Highlights Section will include the Risk Level Score of each token. Once you press on the drop down, a sidebar will be displayed showing all the available results of the smart contract scanner.

Our scanner looks at a wide variety of parameters in the contract and checks these to ensure nothing malicious is taking place as well as highlight issues with the code if discovered.

In Soner Charts, this section highlights and prioritises concerning issues or functions in the token smart contract and will include information such as : honeypot, mint functions, blacklist functions, proxy contracts, hidden owners, etc.

It is essential to note that some items highlighted as a security concern are not always threatening. For example, stablecoins or bridged (wrapped) tokens almost always have a mint/burn function, as is necessary to operate a stablecoin/wrapped token.

However, in case a memecoin contract contains a minting function, it should be considered extremely concerning as this may be a vector by which the contract operators can mint tokens, sell such tokens, and drain the liquidity from a token.

Therefore, the results returned in the contract scanner should be considered as part of the entire due diligence process. The scanner should not be used as the only resource for Due Diligence nor as the only information to judge any project’s overall security.

What is next?

The contract scanner is part of a much more robust and complex solution that will be continuously upgraded throughout the next months, possibly years. Code is always subject to innovation, both in good- and bad ways. Therefore, Sonar intends to stay ahead of the curve and provide the user as much information as possible.

Sonar Studio is an ever evolving ecosystem with updates being released constantly which simplify and speed up your DeFi experience. We cannot wait to show you!

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