WUSD Gets Second Audit and Wault Finance Announces Phase 1 Migration

Hacken becomes the second security firm to audit WUSD smart contracts. The protocol also confirms the start of the WUSD migration process.

By
Utulu Hope
on
August 24, 2021
Category:
BSC News

Wault Finance Announce Second Audit For WUSD

Following the success of the first audit conducted by Inspex, Wault Finance has announced a new audit. We’ve got the summary here.

Hacken has completed the latest audit according to Wault Finance’s Tweet on Monday, 23rd August. This makes Hacken the second security firm to review WUSD smart contract code and publish an analysis report. 

Hacken announced the latest audit on Twitter: “A second audit of the new WUSD has been completed by Hacken.”

Like the Inspex audit reported by BSC.News on 20th August, the Hacken team also conducted the operation to review Wault Finance’s stablecoin smart contract code, including a security analysis. The audit report discloses the issues discovered in the security assessment of the WUSD smart contract code, plus some upgrades were implemented on Wault Finance’s stablecoin asset. 

Source

Audit Summary 

Hacken reviewed WUSD smart contract code three times. The first occurred between July 19th - July 22nd. The second review was conducted on July 27th, and the final review was completed on August 11th. 

Details from the audit report show that WUSD smart contract is secure. However, Hacken’s security engineers detected some issues in all three reviews, and the contract was updated due to flash loan issues. 

“Our team performed an analysis of code functionality, manual edit, and automated checks with Mythril and Slither. All issues found during automated analysis were manually reviewed, and important vulnerabilities are presented in the Audit overview session. All found issues can be found in the audit overview section,” Hacken’s audit report disclosed in their security assessment. 

Wault’s team also responded to Twitter comments about a vulnerability in the code. Hacken found that ‘admin’ could withdraw any number of USDT at any time. However, Wault was quick to clarify that this is an audited mechanism for yield earning strategies to return rewards to the ​​WUSDMaster Contract.

Click here to read the full audit report, which includes Hacken’s executive summary and audit overview section. Hacken is the second of four expected audits. 

WUSD Phase 1 Migration Set To Commence

WUSD migration is set to commence according to the Decentralized Finance (DeFi) protocol’s Tweet on 24th August. 

The protocol announced the changes on Twitter, stating that the changes will be completed the next day. In what Wault Finance describes as phase one of WUSD migration, previously deployed contracts will be moved to the new WUSDMaster smart contract. 

“All the above transactions will be executed after 24H. Redeem for the current WUSDMaster will be suspended for 24H Tuesday at 2PM UTC. The current $WUSD UI will be suspended for 24H tomorrow at Tuesday 2PM UTC. New WUSDMaster and New UI will be fully functional at Wed 3 PM UTC,” Wault Finance tweeted, noting the important dates and time to implement the changes. 
Source


What is Wault Finance? 

Wault Finance is an all-in-one DeFi platform built on Binance Smart Chain and Polygon. The platform connects all primary DeFi use cases within one simple ecosystem. This is achieved by providing the masses with a secure environment, avoiding expensive fees and confusing interfaces. 

Wault Finance has some unique features like Wault Launchpad (new projects presales), Wault Locker (liquidity locks for new or established projects), Wault farms (staking and farming), and many other exciting services. With this in mind, the platform looks to amplify trust and wealth accumulation for users.

Where to Find Wault Finance:

Website | Twitter | Medium | Discord | Telegram |

Tags:
Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer. He hodls mostly in Ethereum, BNB, and, Avax.

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