QuickSwap Senior Developer Quits Amid V3 Security Audit Controversy

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DeFi
QuickSwap Senior Developer Quits Amid V3 Security Audit Controversy

A senior developer at a decentralized crypto exchange, QuickSwap, resigned last week due to disagreements surrounding the exchange’s V3 security audit.

QuickSwap Embroiled in Controversy

On October 4, 2022, a senior developer who worked at QuickSwap, Polygon’s biggest decentralized exchange, suddenly called it quits, blaming “stress” as his reason for not continuing with the company.

Many believe that fatigue may not be the reason for the developer’s exodus from the exchange, hinting at disagreements within the company. The controversy surrounding the decision whether the DEX should undergo a comprehensive front-end audit. The developer in question supported the audit, while most of the team decided against it.

Speaking on the situation, Sameep Singhania rebuffed claims that the V3 hadn’t been audited. He said:

“All of our V3 smart contracts have been extensively audited. Indeed, Algebra’s technology, which QuickSwap licensed for exclusive use on Polygon, has been thrice audited.”

The ship seems to have steadied at the moment as QuickSwap launched the V3 ‘Concentrated Liquidity’ Model launched on Polygon on Friday, October 7, 2022. The protocol is running without any bugs or hitches, and all seems to be well, and Sameep appears to have put the incident behind him.

“He is a talented developer, and it’s unfortunate that we need to start over with someone new, but QuickSwap has so much coming up, we need to move quickly.”

 Exciting News for QuickSwap Users

QuickSwap is promising its Users some exciting developments after the successful launch of its new product, QuickSwap Lend, a decentralized lending and borrowing suite accessible directly from the QuickSwap homepage.

Users of QuickSwap Lend have access to debt financing, may increase their yield as liquidity providers, and can undertake flexible risk management in line with their financial plans while helping to strengthen and stabilize the QuickSwap DeFi ecosystem.

The Polygon-powered DEX also completed a governance proposal last week as to if the exchange should feature a gaming hub powered by the Web3 gaming platform, VersaGames. Ninety-four percent of the community voted in favor of the gaming hub that QuickSwap will launch in the coming days.

High-Profile Crypto Resignations Continues

The crypto industry is a fast-paced sector, which can lead to high stress on people in the industry. The high-octane sector and an extensive crypto winter may have forced some high-profile departures in crypto. The developer’s resignation from QuickSwap is the latest in a long list of departures from the crypto space.

In August 2022, the co-CEO of Alameda Research, Sam Trabucco, resigned after being at the company’s helm for over three years. He stressed that the move was not market-related but needed time to relax after a hectic stint at the firm.

“I will stay on as an advisor, but otherwise will not continue to have a strong day-to-day presence at the company,” Trabucco said in a tweet. “I needed to relax, and I’m really, really happy.”

Other reasons, including insolvency, have also caused these resignations. In September 2022, Alex Mashinsky decided to step down as the CEO of the bankrupt crypto lender Celsius following the news of his company filing for Chapter 11 bankruptcy protection.

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Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.