TAIPEI, Sept. 3, 2024 /PRNewswire/ -- Unitas, a DeFi stablecoin protocol addressing emerging markets' dollar shortage issues in transactions and cross-border payments, has successfully upgraded its smart contract to the second stage. Prior to deployment, the smart contract was audited by ChainLight, a trusted Korea-based security firm under Theori with expertise in both Web2 and Web3 domains.
As a result, there is no high or critical issues found in Unitas Protocol, and 3 medium and 3 informational issues identified by ChainLight were fixed by the Unitas team. The full audit report is available on the Unitas Foundation website.
"The Unitas team demonstrated a high level of preparedness for the audit, with comprehensive documentation and robust testing procedures in place. We also enjoyed auditing the Unitas protocol because the concept itself was innovative," said Brian Pak, CEO & Co-Founder of ChainLight. "It is important to note that potential risks may arise from macroeconomic factors or flaws in the source code, which require continued monitoring and management."
Unitas Protocol mainnet was live on 31 July 2023 and before that, the testnet was launched after completing smart contract security audits by Sherlock. "Security and stability of the smart contract are the top priorities of Unitas," said Sun Huang, co-founder and Chief Technology Officer of Unitas Foundation. "To ensure the best quality of Unitas protocol, each stage of the smart contract must undergo independent, multiple, and varied audits by different external third parties."
In the first phase, Unitas protocol allows anyone to mint unitized stablecoins with USDT. It "unitizes" a USD stablecoin (e.g., USDT) into one local currency unit. The first unitized stablecoins open to minting are USD91 (INR-pegged), USD971 (AED-pegged), USD84 (VND-pegged), and USD1 (USD-pegged).
The first phase is focused on user engagement and application. The second phase, set for launch in September, centers on the role of Insurance Providers (IPs), who lend their USD stablecoins to the protocol to support its over-collateralization, a process known as "IP staking". With the participation of IPs, including auctions, profit sharing, and 4REX token issuance, the Unitas protocol will operate independently and organically. For more details, please refer to the whitepaper.
Unitas Protocol is built for real-world stablecoin applications, solving USD liquidity issues in developing countries like India and Vietnam. Unitas Foundation will co-host the second edition of the Stablecoin Summit with the blockchain-enabled financial institution XREX Group on 20 September this year at Andaz Singapore.
About Unitas Foundation
Unitas Foundation is a non-profit organization founded in 2022. Unitas Protocol operates exogenously over-reserved stablecoins pegged to emerging market currencies. These stablecoins unleash emerging market potentials by facilitating foreign investment, cross-border payment, global market access, DeFi participation, efficient USD liquidity, and more.
To learn more about Unitas Foundation, visit its official website, Wiki, Telegram, Twitter, blog, or email team@unitas.foundation.
About ChainLight
ChainLight is a blockchain security firm founded in 2016. Our clients span both Web2 and Web3 domains, including industry giants such as Microsoft, Samsung, Google, LG Electronics, Hyundai, DARPA, Upbit, Bur, Blast, and zkSync.
We are renowned for maintaining a record of zero client compromise and winning numerous CTF (Capture The Flag) hacking competitions. Additionally, we are a proud member of the Security Alliance (SEAL) led by Samczsun, Head of Security at Paradigm, committed to elevating the standards of blockchain security.
Disclaimer:
- The press release is only for informative purposes. It does not solicit funds, constitutes contractual offers or promises, or proffer any legal, investment, or tax advice. Please seek a licensed professional's support to address your particular situation should you need any professional advice.
- Unitized stablecoin is an experiment intended to be a decentralized financial tool. For the avoidance of doubt, the crypto assets and stablecoins involved within the Protocol are not insured or audited by any third party, licensed or endorsed by any regulatory authority. Thus, the unitized stablecoin is subject to various risks, including but not limited to, liquidity risk, cybersecurity risk, regulatory risk, transactional risk, and human error risk. Please do your own research before participating in the Protocol. You can find more information at unitas.foundation.
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