DeFi hacks, securing Binance Smart Chain, 2nd ETH2 audit in progress, hackathons, virtual summits, and more...here’s what happened at Quantstamp in September.
bZx was hacked for the third time this year which led to the loss of 8.1 million USD worth of assets. Hacks, exploits, and bugs like these continue to draw attention to the importance of audits, as well as the fact that audits can vary greatly in quality.
Quantstamp Audits Binance Smart Chain
Quantstamp recently audited Binance Smart Chain, a blockchain that runs parallel to Binance Chain optimized for blockchain applications. Binance Smart Chain was created in order to incorporate DeFi applications into the Binance ecosystem. Quantstamp audited Binance Smart Chain’s consensus mechanism, the unique relayers that manage cross-chain communication, and genesis contracts.
Currently Securing Teku by ConsenSys
Quantstamp is also in the process of securing Teku, the ETH2 client created by ConsenSys. Teku differs from other clients because it focuses specifically on the needs of enterprise and institutional stakers. The ETH2 Beacon Chain is anticipated to be launched near the end of this year.
This audit will extend our experience auditing Layer 1 protocols, which now includes Binance Smart Chain, Cardano, Avalanche and ETH2. For ETH2, we are not only auditing Teku, but also audited Prysm by Prysmatic Labs.
Other Recent Audits
ARCx: A synthetic asset game powered by Ethereum smart contracts. Users can earn ARC tokens for providing liquidity, using any token as collateral.
Frontier: Frontier is a chain-agnostic DeFi aggregation layer. Frontier introduces the concept of wallet composability to DeFi via TxLink, enabling applications like Trust Wallet, Coinbase Wallet, MetaMask, Fortmatic, imToken, or any web3 mobile wallet that supports EIP-681 to interact with all of Frontierʼs native integrations. Users can participate in protocol tracking and management, staking, best-rate asset swapping, liquidity provision, CDP creation & monitoring, and more.
KeeperDAO (updates to protocol): KeeperDAO provides DeFi users with another way to earn yield by participating in liquidations. Liquidations are a way to ensure that collateralized lending markets are in a healthy state. The importance of this mechanism was demonstrated through Maker’s under-collateralization crisis that put their entire system at risk. Our team has audited KeeperDAO in the past and recently finished auditing updates to the KeeperDAO protocol.
Neutrino: Neutrino (USDN) is an algorithmic stablecoin, soft-pegged to the US Dollar and collateralized by WAVES. Neutrino is a multi-assetization protocol acting as an interchain toolkit for frictionless DeFi.
PerlinX: A DeFi project aiming to use synthetic assets to represent real-world assets such as oil and gold. Synthetic markets already exist in traditional finance and are an ideal fit for blockchain technology.
Serum: Serum is the world's first completely decentralized derivatives exchange with trustless cross-chain trading.
Chasing Yield With DeFi Aggregators
The DeFi space has seen impressive innovation and traction over the last two years, with the total value locked in the DeFi ecosystem continuing to rise. As the space evolves, DeFi aggregators are emerging as a strong trend. As user-facing products built on decentralized infrastructure, DeFi aggregators unlock the potential for higher yields and a better user experience. Quantstamp is proud to have helped secure some of the industry’s leading DeFi aggregator projects including Idle Finance, Rari Capital, and Yearn. Learn more about each of these projects in this recent blog post.
Quantstamp Audits Layer 1 Blockchains
In addition to securing the applications that run on blockchain platforms, we also offer security services for base layer protocols. Our experience with base layer protocols includes ETH2, Avalanche, and Cardano. In this recent post, we describe what goes into a Layer 1 audit and highlight some of the unique mechanisms we have worked with.
Wine Not Talk about Ethereum?
“Wine Not Talk About Ethereum” was a unique and interactive event that took place on September 17. Not only was there a virtual wine tasting, but the event also brought together five ETH2 client teams and the Ethereum Foundation on a virtual event for the first time. Sponsored by Cred and Quanstamp, the event was an opportunity for industry leaders and experts to share their insights with the crypto community.
Attendees learned about a wide range of topics related to Ethereum 2.0, the next evolution of one of the most important and innovative ecosystems in blockchain.
Quantstamp is sponsoring MoneyDance, a virtual event merging a hackathon, summit, and demo day into one, kicking off on September 28. At the hackathon, developers will build projects using Avalanche and MoneyDance partners’ technology. The summit includes business and technical webinars led by industry experts. Finally, five hackathon finalists will have the opportunity to present to leading VCs and investors during the demo day.
Interested in building decentralized solutions that further democratize the financial markets? Find out more or register on the website.
LA Blockchain Summit
LA Blockchain Summit kicks off October 6-7th, hosting 200+ international industry leaders discussing the future of blockchain technology, decentralized finance, digital securities, and more. Quantstamp CEO Richard Ma will be part of a panel entitled Strong Privacy and Regulatory Compliance: Reasons We Can’t Pitch DeFi to Enterprises Yet. Visit the website to register for free.
How DeFi Is Reinventing The World's Financial System
The potential for DeFi to change the world is undeniable, but tackling security issues is crucial for continued growth. In his latest Forbes Tech Council article, How DeFi Is Reinventing The World's Financial System, Quantstamp CEO Richard Ma talks about some of the challenges facing the DeFi space. Read the full article.
Keep up with Quantstamp
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.