Blockchain Security Firm Quanstamp to Finalize Audit For Polkadot-based DeFi Project

By Emily Rys | October 25, 2020

Blockchain security startup Quanstamp is reportedly going to finalize the auditing process of a decentralized finance (DeFi) project, on the Polkadot (DOT) blockchain. 

Specifically, the project – generally referred to as Equilibrium – initially revealed its goal to build a Polkadot-based interoperable protocol in summer 2020.

In preparation for the Polkadot transition, the project has reportedly been building new products for its decentralized, cross-chain money market, nominally interoperable stablecoins, a synthetic asset platform, and a decentralized exchange.

Equilibrium reportedly highlighted that Quantstamp’s security audit will have a higher-reaching level, compared to traditional audits – primarily handling bug detection exclusively for smart contracts. 

This could happen reportedly due to Polkadot’s offering projects similar to Equilibrium, a modular framework, dubbed Polkadot Substrate, which can be utilized to release stand-alone, customized blockchains, connectible to Polkadot to establish a Parachain. 

Instead of auditing for smart contracts operating in an isolated environment, Quantstamp will reportedly have to audit every core component of Equilibrium. 

The covered area of Quanstamp’s audit will reportedly stretch the code in charge of governing the blockchain’s underlying “business-logic on balances, its risk and price modules, and its ‘bailout’ mechanics”. 

“Quantstamp’s audit is of key importance to ensure the quality of Equilibrium’s performance. The main reason is that you are customizing a blockchain runtime when you are building on Substrate. If a bug affects part of the logic on the Substrate, the blockchain as a whole can come to a standstill.”

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