DeFi hacks, Layer 1 audits, and more media coverage. Here’s what happened at Quantstamp in August:
An exploit of decentralized options platform Opyn resulted in 371k USDC being lost. Weeks later, a bug in the rebasing mechanism of Yam Finance, a popular (yet risky and unaudited) yield farming platform, resulted in hundreds of thousands of dollars worth of funds being lost.
DeFi hacks, exploits, and bugs which result in funds lost increase attention to the importance of audits, as well as the fact that not all audits are the same. By working with top projects in the space, we aim to solidify our position as a reputable and high quality security company.
We are happy to be helping secure Cardano, a highly anticipated Layer 1 blockchain using Proof of Stake. Cardano launched its Shelley mainnet late July, allowing users who own ADA to start staking for rewards.
In addition to auditing the Cardano blockchain, we also audited Daedalus, the wallet made for Cardano users.
Quantstamp recently helped secure Avalanche, another Layer 1 protocol using a directed acyclic graph (DAG) and a unique consensus protocol. Avalanche aims to bring DeFi to traditional global finance by integrating compliance into the protocol layer. Through this audit, Quantstamp provides a safe foundation for the globally traded assets that Avalanche intends to manage.
Avalanche joins the list of numerous Layer 1 decentralized protocols that Quantstamp has audited, along with Cardano and ETH 2.0.
We recently audited Curve Finance’s liquidity mining contracts. These contracts support the staking and voting mechanisms of CurveDAO, Curve’s decentralized governance system. Curve is the leading DEX for stable asset swaps, and we were happy to support their security.
2020 has been a milestone year for stablecoins, which experienced record-setting transaction volumes of more than $90 billion in Q1 alone. In this recent post, we cover some of the stablecoins we’ve secured including stablecoins pegged to the Indonesian rupiah, the British pound, the Nigerian naira, and the Singaporian dollar.
DeFi Shaping the Future of Finance
DeFi is changing the future of finance, and Quantstamp is proud to be a part of that. Our latest article talks about key projects at this frontier and how they are helping people save better, trade more efficiently, and earn yield on their assets.
Fork the World
On August 5, Communications Manager Jaye Harill introduced ETH 2.0 as part of Fork the World, a hackathon organized by MetaCartel DAO.
Quantstamp Communications Manager Jaye Harrill joined Hayden Adams from Uniswap and lawyer Badri Natarajan at Edcon for a conversation about DeFi. Watch the recording here.
Blockchain Village 2020
Quantstamp Research Engineers Sebastian Banescu, Poming Lee, and Martinet Lee spoke at Blockchain Village on security issues involving gas, BSV, and systemic threats. Our team also supported the event by volunteering in the Discord. DEFCON Safe Mode was the name for this year. Find more details about their talk on the Blockchain Village site.
Wine Not Talk about Ethereum?
Sponsored by Cred and Quanstamp, “Wine Not Talk About Ethereum 2.0?” features industry leaders and experts sharing their insights with the crypto communities. To spice things up, there will be wine available for ticket holders—Duckhorn Vineyards (Wine Spectator's 2017 Wine of the Year) will be doing a wine tasting alongside the speaker panel.
The panel will cover a range of topics related to Ethereum 2.0, the next evolution of one of the most important and innovative ecosystems in blockchain. Register here.
In The Media
Decrypt Media covered our audit of IDEX 2.0 this month. IDEX is launching a new version of their popular decentralized exchange that will feature optimistic rollups, a Layer 2 scaling solution. We were happy to help IDEX and other projects safely incorporate Layer 2 solutions into their existing applications. Read the full article.
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Note: This update includes information and forward-looking statements about upcoming events and concepts under continuing development. Schedules, features, and functionality are subject to change or cancellation at any time and you are not to place undue reliance on this information or any forward-looking statements.