Good afternoon, everyone!
We hope you have been doing amazing and we wanted to touch base on a few things that are going on behind the scenes. You may have noticed a slight drop in our social media presence as we focus on the last few details of relaunching the protocol. It’s better to have everything lined up so we can hit the ground running again. So let’s not waste time, let’s jump into some of the things currently going on.
Points to touch on:
- State of the LPs / Re-Launch
- Audit Process w/ Security Precautions
- Immunfi Bug Bounties
- veDFX Winners!
The LP contracts are wrapping up on the developer side (Ethereum & Polygon) and are going through final review at the current moment. We had initially wanted to get the pools up and running as soon as possible. However, due to new security features, the audit process will take a little longer. We will be launching closer towards the end of December or early January with a guarded launch to ensure that users are not over exposed while contract auditing is underway. Once this is complete and any comments have been addressed, normal operations will commence.
TLDR on the above: LPs will be back up and running with a guarded launch towards the end of December or early January.
For those wondering about who we will be initially going with to conduct the audit, we will employ Haechi Audit, a firm used previously for our dfxStables project with a proven track record. The auditing process can normally take up to 6 months to get slotted and eventually underway. It often takes even longer if you have to make several changes to the contract. That being said, we have already spoken with the Haechi team and a slot is open for us within the next week or two, with a 3–4 week turnaround. Since the holidays are coming up, we are expecting a little delay but nothing major. We know everyone is anxious to get the protocol back up and running, and we are too. However, prefer to err on the side of caution and anticipate around mid-January.
(Still working on the final touches but will keep everyone updated)
The steps involved in conducting a security audit typically include the following:
Planning: The first step in a security audit is to plan the audit, including identifying the scope of the audit (e.g. which cryptocurrency network or platform will be audited) and the specific areas of security that will be examined (e.g. network security, wallet security, smart contract security). The team will provide the auditor with a commit hash of the frozen codebase.
Information gathering: In this step, the auditor will collect information about the cryptocurrency network or platform being audited, including its architecture, design, and technical details. This information is typically obtained from the project’s documentation, website, and any available technical reports or papers.
Threat modelling: In this step, the auditor will identify the potential threats that the cryptocurrency network or platform may face, such as attacks on the network, theft of funds, or abilities to do something malicious. The auditor will also consider the potential impact of these threats on the network or platform, as well as the likelihood of them occurring.
Testing: In this step, the auditor will conduct various types of testing to determine the security of the cryptocurrency network or platform. This may include testing the network’s resilience to attacks, conducting penetration testing to identify vulnerabilities, and evaluating the security of the platform’s wallets and smart contracts.
Reporting: After the testing is complete, the auditor will prepare a report summarizing the findings of the security audit. This report will include any vulnerabilities or weaknesses that were identified, as well as recommendations for how to address these issues and improve the security of the cryptocurrency network or platform.
Follow-up: In some cases, the auditor may provide ongoing support to the cryptocurrency network or platform, helping to implement the recommendations from the audit report and providing additional testing and monitoring to ensure the continued security of the network or platform.
In conjunction with the security audit, we will be working with Immunefi to provide bug bounties for the protocol. Mind you, Immunefi is the leading bug bounty program for web3 and has saved $25 Billion USD in 2021 alone.
What’s a bug bounty?
A bug bounty is a program in which a company or organisation offers a reward to individuals who are able to identify and report security vulnerabilities or bugs in their software or websites. These programs are designed to encourage independent security researchers and hackers to help identify and fix potential vulnerabilities before they can be exploited by attackers. Bug bounty programs typically have specific rules and guidelines that dictate how researchers can participate, what types of vulnerabilities are eligible for rewards, and how the rewards will be paid out.
More specifics will be put out as we roll this program out in tandem with Immunefi.
Lastly, we are so happy to announce the winners for the veDFX Kickoff contests! We had conducted a livestream on our Youtube channel last Wednesday (12/7/2022) and it went off with a bang! So much so that we even threw in another winner for those that attended. We had a total of 54 eligible addresses that held veDFX!
The results for the contest are as follows:
- Contest One: 0xCeBF0B9aA32AE4EE342cBAD2048eACf1634A0Ae0
- Contest Two: 0xA626Bd40A8c88F59A4CF9b1821A7bD71faD96285
- Contest Three: 0x07fe984c446417c1Ff4532Ce4FD67eEB59A0d682
- Contest Four (Extra for those attending): Mach1Bobby!
If you would like to watch the full stream, you can do so at this link: veDFX Contest Winners! Massive congratulations to all the winners and if you are the owner of any of these addresses, please reach out to the DFX Finance twitter account in DM so we can send you your DFX goodie bag!
One thing to note: As we were conducting contest two, we accidentally messed up the way the submissions should have been tallied. We tallied them 1|1, meaning if you held over 1k veDFX in your wallet, then you would have 1 submission. However, it should have been for every 1k veDFX, you would have 1 submission. We will be doing an additional 4k DFX giveaway in the near future to address this small issue.
Closing thoughts / comments:
We all face setbacks and defeats in life. We all experience moments when it feels like the odds are stacked against us, and it seems like there is no way to overcome the challenges we face. But it is in these moments that we have the opportunity to make a difference and ‘comeback’ / relaunch. A successful relaunch is not just about recovering from a setback, it is about using that experience to become stronger, wiser, and more resilient. It’s about learning from our mistakes and using those lessons to improve and grow.
Thank you all so much for your continued patience and support during this time, we know it hasn’t been easy. However, nothing has changed, the mission has never been clearer and the goal is just on the horizon. Let’s get the protocol back up, put those security measures in place and continue being the leading decentralized forex protocol in all of DeFi.
Stay ready, we have only just begun, dragons! 🐉
Join us!
If you are new to DFX Finance, the best way to stay on top of all the latest developments is to follow us on Twitter and join our Discord or Telegram!
We are very excited about this next step for DFX Finance, and we look forward to sharing more with you all very soon.
Thank you for the support and stay safe!
About DFX Finance
DFX is a decentralized foreign exchange (FX) protocol that facilitates the seamless exchange of fiat-backed stablecoins denominated in a growing number of currencies. The current reliance on USD-pegged stablecoins creates undue economic friction for those in other parts of the world,
and DFX is here to change that.✨
Using a hyper-efficient AMM, optimized for low volatility trading, DFX provides FX swaps with rates that will beat any bank, money changer, or FX platform.💱
We’re super excited to build the FX infrastructure for DeFi and would love to hear more of your ideas and comments on how we can make DFX better together! ❤
DFX Finance. Stablecoins for the world. 🌐
