TAIPEI, Sept. 3, 2024 /PRNewswire/ -- Unitas, a DeFi
stablecoin protocol addressing emerging markets' dollar shortage
issues in transactions and cross-border payments, has successfully
upgraded its smart contract to the second stage. Prior to
deployment, the smart contract was audited by ChainLight, a trusted
Korea-based security firm under Theori with expertise in both Web2
and Web3 domains.
As a result, there is no high or critical issues found in Unitas
Protocol, and 3 medium and 3 informational issues identified by
ChainLight were fixed by the Unitas team. The full audit report is
available on the Unitas Foundation website.
"The Unitas team demonstrated a high level of preparedness for
the audit, with comprehensive documentation and robust testing
procedures in place. We also enjoyed auditing the Unitas protocol
because the concept itself was innovative," said Brian Pak, CEO & Co-Founder of ChainLight.
"It is important to note that potential risks may arise from
macroeconomic factors or flaws in the source code, which require
continued monitoring and management."
Unitas Protocol mainnet was live on 31
July 2023 and before that, the testnet was launched after
completing smart contract security audits by Sherlock. "Security
and stability of the smart contract are the top priorities of
Unitas," said Sun Huang, co-founder
and Chief Technology Officer of Unitas Foundation. "To ensure the
best quality of Unitas protocol, each stage of the smart contract
must undergo independent, multiple, and varied audits by different
external third parties."
In the first phase, Unitas protocol allows anyone to mint
unitized stablecoins with USDT. It "unitizes" a USD stablecoin
(e.g., USDT) into one local currency unit. The first unitized
stablecoins open to minting are USD91
(INR-pegged), USD971 (AED-pegged),
USD84 (VND-pegged), and USD1 (USD-pegged).
The first phase is focused on user engagement and application.
The second phase, set for launch in September, centers on the role
of Insurance Providers (IPs), who lend their USD stablecoins to the
protocol to support its over-collateralization, a process known as
"IP staking". With the participation of IPs, including auctions,
profit sharing, and 4REX token issuance, the Unitas protocol will
operate independently and organically. For more details, please
refer to the whitepaper.
Unitas Protocol is built for real-world stablecoin applications,
solving USD liquidity issues in developing countries like
India and Vietnam. Unitas Foundation will co-host the
second edition of the Stablecoin Summit with the blockchain-enabled
financial institution XREX Group on 20 September this year at Andaz
Singapore.
About Unitas Foundation
Unitas Foundation is a non-profit organization founded in
2022. Unitas Protocol operates exogenously over-reserved
stablecoins pegged to emerging market currencies. These stablecoins
unleash emerging market potentials by facilitating foreign
investment, cross-border payment, global market access, DeFi
participation, efficient USD liquidity, and more.
To learn more about Unitas Foundation, visit its official
website, Wiki, Telegram, Twitter, blog, or email
team@unitas.foundation.
About ChainLight
ChainLight is a blockchain security firm founded in 2016. Our
clients span both Web2 and Web3 domains, including industry giants
such as Microsoft, Samsung, Google, LG Electronics, Hyundai, DARPA,
Upbit, Bur, Blast, and zkSync.
We are renowned for maintaining a record of zero client
compromise and winning numerous CTF (Capture The Flag) hacking
competitions. Additionally, we are a proud member of
the Security Alliance (SEAL) led by Samczsun, Head of
Security at Paradigm, committed to elevating the standards of
blockchain security.
Disclaimer:
- The press release is only for informative purposes. It does not
solicit funds, constitutes contractual offers or promises, or
proffer any legal, investment, or tax advice. Please seek a
licensed professional's support to address your particular
situation should you need any professional advice.
- Unitized stablecoin is an experiment intended to be a
decentralized financial tool. For the avoidance of doubt, the
crypto assets and stablecoins involved within the Protocol are not
insured or audited by any third party, licensed or endorsed by any
regulatory authority. Thus, the unitized stablecoin is subject to
various risks, including but not limited to, liquidity risk,
cybersecurity risk, regulatory risk, transactional risk, and human
error risk. Please do your own research before participating in the
Protocol. You can find more information at unitas.foundation.
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