Make Sure to Use Audited Staking Platforms to Stay Safe

[Psilocybin9]

Staking is a really popular method in this space for people to earn some extra cash with their tokens. Staking requires people to delegate their tokens to a smart contract for a small period of time, and they are rewarded for this by receiving additional tokens.

If you are staking make sure to use an audited decentralized application, or DApp otherwise you are at risk of interacting with a compromised smart contract. It goes without saying that if you have or are delegating your tokens to a compromised smart contract it puts you in a very precarious situation.

Two great staking platforms that I really like to use and know are audited are Cosmostation and pStake. If you guys have another staking platform you like using make sure to check if it's audited. You can usually find a project’s audit report on an audit firm's site like this, or somewhere on the project's github. 

[Yogee]

...If you are staking make sure to use an audited decentralized application, or DApp otherwise you are at risk of interacting with a compromised smart contract. It goes without saying that if you have or are delegating your tokens to a compromised smart contract it puts you in a very precarious situation.

I used to say this thing and it remains true that it's better if projects had been reviewed by a third party. What's missing here is to actually read what the report says and not just rely on the seal that it's been audited. Check for weaknesses or risks and see if the team has done something to improve or rectify it. There are already many cases where audited platforms were still exploited.

[kurniawan05]

Currently there are many new projects that focus on DEFI, be careful especially for projects that have not been audited by third parties but offer farming and staking with great rewards.

[gwdf1]

Doing research before investing is essential. You should check if this project was audited, maybe it was audited several times, it is more preferable. In terms of staking platforms, you had better check them on rugpull. You can find rating based on security and short comments what you are to pay attention to. One of the best auditors is certik, so you should read its review on this platform.

[naira]

I agree how to prioritize an audit system that is already trusted, because at least the staking process will take time. It depends on what platform an altcoin officially recommends on which they can bet on. Because usually this has become a must for certain altcoins that have just started or have long given their trust to staking platforms that have gone through a periodic audit process.