DeFi has justly been criticized for its subpar security standards. Last year, we saw a 300 million USD hack on Solana wormhole and an 80 million USD hack on Qubit. Security is a constant battle, and there is no single solution for it. We will always prioritize security over features or development speed.
We will employ the following security measures to fight hacks:
100% unit test coverage
Formal verification tools like Certora (if applicable)
Working MVP on a test-net before deployment
Security audits before every deployment
Upgradeable contracts to fix bugs post-deployment
Secure oracles with backups
Time locks to protect users from future changes
We are Open-source
Open source platforms like Interest Protocol promote transparency and builds trust, encourages collaboration and innovation. We are accessible to users even those with limited resources. We feel secure because our vulnerabilities can be identified and fixed faster.
DeFi contracts must be audited to ensure that they are secure and trustworthy, and the audit process involves a thorough review of the code by an independent third party to identify and fix potential vulnerabilities and bugs. Interest Protocol is Audited by MOVEBIT, a blockchain security company focusing on Move ecosystem security.