💀Risks
Your use of the HoneyPool protocol involves various risks, including, but not limited to, losses while digital assets are being supplied to the HoneyPool protocol. Before using the HoneyPool protocol, you should review the relevant documentation to make sure you understand how the HoneyPool protocol works
The HoneyPool protocol is a decentralized and open source piece of software operating on the blockchain. No individual, or institution has control over it. The protocol is controlled by the HNYP token holders. There are many different websites and applications that provide access to the protocol, however, these websites simply provide an interface and do not control the protocol in any way.
AS DESCRIBED IN THE HONEYPOOL PROTOCOL LICENSES, THE HONEYPOOL PROTOCOL IS PROVIDED "AS IS", AT YOUR OWN RISK, AND WITHOUT WARRANTIES OF ANY KIND. No developer or entity involved in creating the HoneyPool protocol will be liable for any claims or damages whatsoever associated with your use, inability to use, or your interaction with other users of, the HoneyPool protocol, including any direct, indirect, incidental, special, exemplary, punitive or consequential damages, or loss of profits, cryptocurrencies, tokens, or anything else of value.
This section will help you understand the the types of risk you are taking what has been done to mitigate them and how to mitigate them further.
Protocol Dependency Risk
The HoneyPool Protocol uses several other protocols. Therefore the first type of risk is the risk that these other integrated protocols can fail.
Specifically by using HoneyPool you are also taking on the risks of using the Berachain network, the collateral you are depositing, and the yield service.
To mitigate this risk the protocol is only integrated with highly reputable and well secured protocols.
Smart Contract Exploit Risk
The second type of risk is specific to HoneyPool. The risk is that there could be some sort of bug or exploit in the smart contracts that run the HoneyPool Protocol. This is a risk with any product on Berachain. Depending on what the bug or exploit is, a nefarious person may be able to take some or all of the funds stored in the HoneyPool Protocol. Here’s what we’ve done to mitigate this risk.
Professional, third party smart contract auditing. HoneyPool has hired companies to professionally review and audit the smart contract code for any bugs or exploits. These auditors have produced reports with their findings. As HoneyPool continues to grow we’re committed to continuing to pay for audits however, it should be understood that at any given time, 100% of the code base has not been professionally audited.
Bug Bounty program. HoneyPool offers payment of up to $0 for reports of any bugs in the smart contracts. If someone was to discover a bug, this is a way for them to responsibly disclose it to us and be paid rather than exploit it.
All the smart contract code is open source, meaning it is publicly readable by anyone. At first this may sound strange but it actually makes the protocol more secure as anyone can review it for bugs and submit a bug bounty.
Before we even give our code to auditors we also do extensive internal testing.
Wallet Loss Risk
This risk doesn’t have anything to do with HoneyPool but we wanted to mention it. Using HoneyPool requires you to use an Berachain wallet that supports Berachain apps. If you permanently lose access to this wallet, you will not be able to recover your funds. Different wallets have different recovery mechanisms. It’s important for you to know what those are and be able to recover your wallet. Argent Wallet is one example of a wallet with good recovery methods.
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