The audit’s done — Opium is “legal”
TLDR: The protocol is audited by professional auditing firm SmartDec. No critical severity issues were found, one medium severity issue regarding protocol governance, which we will address and change to a more reliable solution in further steps of protocol improvements with the community growth. All low severity issues were fixed during the auditing process.
We are delighted to inform you that Opium Protocol has been successfully audited by SmartDec. It was a pleasure working with the SmartDec team, who collaborated with us very efficiently and helped our team with several effective solutions.
All our smart contracts were carefully checked and thoroughly tested and we are proud to say that the overall result was positive. However, we have implemented several of the security recommendations and, as a result, we’ve upgraded the version of Opium Protocol on the mainnet.
Here’s a short reminder about the amazing features of Opium Protocol:
Opium protocol is a universal framework that allows you to create, trade and get payout on a financial contract.
Trading derivatives
BEFORE OPIUM’S ARRIVAL: Trading was a complex process with many points of failure, legal descriptions and possible interruptions. It, therefore, proved very costly to create a derivative. In fact, it was a legal disaster with untransparent risks.
WITH OPIUM:
- You only need to trust the instrument code (which is just a few lines of code);
- All the complex processes of trading, settlement and payouts are standardized and audited;
- Anyone can create a derivative virtually for free. It takes just 20 minutes and a few lines of code;
- The code is the law. The risk is limited by the total amount of collateral there is in a contract;
- It’s ideal for portfolios. With Opium Protocol, it is possible to wrap several tokens into a portfolio that is represented by just one token. Once a portfolio has been created, it is then stored on the owner’s balance, and the corresponding tokens are deleted from the blockchain.
You can find more information about Opium Protocol:
Audit results
The audit showed there were no critical issues. However, three of medium severity and a number of low severity issues were found. Most of them were fixed during the audit and the Opium Team provided comments on the rest of the issues.
· You can find the full audit report here
· You can check all Smart Contracts on Github
We also decided the bounty campaign will be announced soon, as we wish to ensure that the code is top quality and will meet the highest standards.
Several financial derivatives, including AAVE interest rate swaps and fixed-rate deposits, will be available over the next few weeks.
Projects being built on Opium Protocol
Meanwhile, the Opium Team and others are currently building several financial derivatives on top of Opium Protocol.
Several financial derivatives will be available over the next few weeks, so make sure you look out for them. These include AAVE interest rate swapsand fixed-rate deposits.
Right now, you can already make a fixed-rate deposit into Compound (by using Opium interest rate insurance) or invest in Compound interest rate expectations with 10x leverage via SwapRate. Read more about it in our recent article .
Feel free to drop us any questions or your feedback in our Telegram group. Chat us if you need help with building derivatives on top of Opium Protocol.
Stay tuned and follow us on Twitter ❤
