ETH 2.0 Beacon Chain Launch, Compound and Idle Finance audits, media mentions, and a security retainer with Celsius Network...here’s what happened at Quantstamp in November.
ETH 2.0 Beacon Chain Launch
The long-awaited ETH 2.0 Beacon Chain Launch is a culmination of years of work by a multitude of teams and individuals. After meeting the deposit threshold of 524,288 ether on November 24th, the Beacon Chain launched 7 days later on December 1st, 12 PM UTC. Since the threshold was met, additional ether was deposited, with 734,016 ETH and growing currently staked in the deposit contract. Validators are now finalizing data and receiving ether in compensation. With the Beacon Chain is live, Phase 1 development will focus on launching 64 shard chains.
Quantstamp has audited two separate ETH 2.0 clients, Teku by ConsenSys and Prysm by Prysmatic Labs. We look forward to continuing working with developers in order to secure Phase 1 and Phase 2 of Ethereum 2.0.
Check out our recent post for details about the results of the launch and the future of ETH 2.0 development.
Quantstamp recently audited proposed updates to several Compound smart contracts. This security engagement included, but was not limited to, auditing:
- new vesting mechanisms
- a new mechanism allowing Compound to directly pay protocol contributors AND
- changes to the Comptroller contract
We will be releasing more details about this audit in the near future.
Idle Finance's New Liquidity Mining Program and Reward Distribution Mechanism
Quantstamp recently audited Idle Finance’s new liquidity mining program and reward distribution mechanism. Inspired by Uniswap Protocol and Compound Finance, Idle merges on-chain and off-chain decision mechanisms powered by $IDLE. The token distribution mechanism is now live and includes retroactive rewards for early liquidity providers.
Quantstamp has had various engagements with Idle and we look forward to working with them again in the future.
We are thrilled to be on a security retainer with Celsius Network. Celsius enables users to safely earn, borrow and pay on the blockchain. Their goal is to disrupt the financial industry and introduce financial freedom through crypto. With 242k+ active users, Celsius manages community assets valued at over 3 billion USD and have processed over 8 billion USD worth of loans.
Quantstamp now audits products offered by leading custodial solutions. Quantstamp is in the process of auditing BitGo’s Ethereum multisignature wallets. BitGo enables businesses and professional investors to acquire blockchain-powered digital assets and use innovative financial applications by providing secure blockchain infrastructure as a service. Once the audit is complete, all BitGo clients using Ethereum multisig wallets will benefit from the security services provided by Quantstamp.
Other Recent Audits
Auric Network, a gold-based synthetic commodity money. AURIC has been inspired by protocols such as AMPL and BASE, being an elastic supply digital asset that expands and contracts in response to price and demand in the market.
BitGo enables businesses to acquire blockchain-powered digital assets and use innovative financial applications by providing secure blockchain infrastructure as a service. Quantstamp recently audited BitGo’s Ethereum multisignature wallets.
KIRA aims to let users generate revenues from staking any cryptocurrencies, stablecoins, digital fiat, or NFTs while maintaining full liquidity via natively supported staking derivatives.
LidoFinance is a staking solution for Ethereum. Users can deposit Ether to the smart contract and get stETH tokens in return. By holding these tokens in your wallet, earn fully-liquid staking rewards that can be used to trade, sell, exchange or invest in DeFi projects.
Peak DeFi is a crypto ecosystem including the PEAKDEFI Ethereum App, the decentralized PEAKDEFI platform and an education platform called MarketPeak.
TokenBridge is a software stack for transferring tokens between Ethereum chains. Cross-chain bridges allow fast and secure connections between blockchains, supporting interoperability between Ethereum networks. The audit covered all bridges including the xDAI chain bridge, Arbitrary Message Bridge and OmniBridge, where any ERC20 on Ethereum can be bridged to xDai and back.
Why Bitcoin is Capturing Enterprise Attention
MicroStrategy made headlines as the first publicly-traded company to make Bitcoin part of its capital allocation strategy, and others have since followed.
In our recent post, learn how current economic conditions and Bitcoin's unique properties drove these decisions.
Chainalysis: The 2020 Geography of Cryptocurrency Report
Decrypt: Ethereum 2.0 Is Set to Launch, But It Won’t Be Ready to Use
LA Blockchain Summit Launches COVID-19 Relief NFT Auction
In a collaboration with Giveback Heroes and OpenSea, LA Blockchain Summit held a COVID-19 Relief Auction that kicked off in November and wrapped up on December 4. The conference released 265 rare, speaker-inspired NFTs that anyone could purchase as a way to show support. All auction proceeds go to first responders and frontline workers.
Back in October, Quantstamp CEO Richard Ma presented at LA Blockchain Week on a panel entitled Strong Privacy and Regulatory Compliance: Reasons We Can’t Pitch DeFi to Enterprises Yet. If you missed the live event, watch the session and subscribe to our channel on YouTube.
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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.