One of the first audits of a DeFi project related to the Polkadot blockchain (DOT) is being carried out by the blockchain security firm Quantstamp.
The projectEquilibrium first announced that it would develop an interoperable protocol in Polkadot this summer. For the transition to Polkadot, the project has developed new products for its decentralized cross-chain money market, such as: interoperable stablecoins, a synthetic asset platform and a decentralized exchange.
Equilibrium emphasized that the Quantstamp security audit will be broader in scope than typical audits that focus solely on detecting defects in smart contracts. This is because Polkadot projects like Equilibrium provide a modular framework called Polkadot Substrate that can be used to launch custom independent blockchains that will later be connected to Polkadot as Parachain. Rather than auditing smart contracts that run in an isolated environment, Quantstamp needs to audit all of Equilibirum’s core components.
Quantstamp’s audit scope includes the Code for “Business logic in balance sheets, their risk and price modules and their underlying rescue mechanisms” in the blockchain, how the balance explains. The project developers have identified several custom key components and innovations that they believe require special care, such as: the use of electronic signatures for brokers and off-chain claims. Equilibrium explained what the exam is about as follows:
“The Quantstamp audit is of paramount importance to ensure the quality of Equilibrium’s performance. The main reason is that you adjust the blockchain execution time when developing into Substrates. If an error affects the logical part of Substrates, the Blockchain will as a whole can stall. “
As previously reported, Quantstamp was the inspector of Binance’s first stablecoin and was proactively identifying key issues with DeFi’s controversial SushiSwap protocol. In your comments at this summer’s Unitize Digital conference Ma emphasized that security remains a critical challenge to be addressed in the DeFi ecosystem.