CTK

CertiK (CTK)

Overview

CettiK is a  pioneering blockchain security firm that uses a cross-chain protocol with security scoring and decentralized reimbursements for building secure dApps.

Blockchain projects can receive security insights from its Security Oracle, which provides real-time guards of on-chain transactions and identifying and flagging a wide range of malicious vulnerabilities before they occur. 

Depending on the level of the security score, audited blockchain projects of any protocol may be eligible for a CertiKShield membership, which is a flexible, decentralized reimbursement system for any crypto asset that is irretrievably lost or stolen due to security issues. CertiKShield memberships are open to all community members of these eligible blockchain projects, providing a safety net to holders of crypto assets in case anything unexpected happens.

Our Opinion

Price: $1,42

Fully Diluted Market Cap:$141 million

Risk Score: 6 

Target Price: $5.00

CertiK has been at the forefront of crypto investor interest recently after auditing the memecoin SafeMoon. CertiK and Quantstamp are the two leaders in this field, although Quantstamp focuses more on non DeFi projects. With the exponential growth of DeFi on BSC and DeFi in general there is going to be a continued demand for projects to be audited and as importantly, insurance cover.

We analyzed the crypto insurance space in a previous report highlighting its massive potential and the key players. CertiK wasn't part of that analysis but it should have been. CertiK is in a prime position to build a significant share of this market competing directly with the likes of Nexus Mutual which has a $740 million market cap. 

The main risk is the unregulated nature of DeFi and the possibility governments will start coming down hard on projects which claim to be decentralized but still have an element of central control. On that basis we have scored Certik a 6 for risk. The beauty of CertiK is how its native currency is critical to its platform.  That is a major tick in the box for the investor. With a fully diluted market value of $141 million we believe this substantially undervalues its dominance in their market and its potential to grow in the insurance space. We have set a price target of $5.00 which compares to an ATH of $3.94