Nexus Mutual Joins Hands With Somish Blockchain For Smart Contracts Audit Process

Lili Chuang May 22, 2020

1 minute read

Nexus Mutual partners with Somish Blockchain

The auditing process is very important for the smart contracts as it brings the component of transparency to the table. In an important development, Nexus Mutual has selected Somish Blockchain Labs as their referred auditing partner.

We're partnering with @somish_in as a preferred smart contract auditor. 🐢

The Somish team has worked with Nexus since 2017 in building out the core technology stack, and have in-depth knowledge of building complex DeFi apps.
— Nexus Mutual 🐢 (@NexusMutual) May 21, 2020

Just so you know, the team at Somish has been working with the Nexus for a couple of years now, and both of the companies have closely associated with developing the core technology and decentralized applications. Both started collaborating on the auditing of the project in 2019, and a total of 17 projects have been audited since then.

Benefits for Clients and Customers

The partnership will result in a number of advantages for the ecosystem as Somish can help the decentralized financial proposals as well as the distributors to get their projects audited. This partnership will also result in building confidence among the investors and encourage them to participate in risk assessment of the NXM tokens and their staking on the smart contract. The primary motive behind this move is to reduce the price of smart contracts, thereby making them more affordable.

It is important to understand that assessing the risk in the decentralized finance system is a very complicated procedure. There are multiple facets that one needs to look into, and this new association will help the investor to solve the puzzle in a more effective and efficient manner. Nexus Mutual is going to provide all the information that is required on the part of investors to assess risk in the decentralized finance, and to help the matter further; the Somish team will supplement with their auditing reports.

Conclusion

This coming together has deep relevance for the investors who are looking to have more information in order to make an efficient decision in the field of decentralized finance. The ode that Knowledge is Power is specifically relevant in the field of decentralization finance, and this association will definitely help investors to minimize their risk while maximizing their rewards.