[Bullish] Alchemix contracts are now under continuous audit with Runtime Verification
Traditional finance is run on inefficient, decades-old systems that are prone to daily breakages, and are littered with middle-men, whose clientele can never be 100% certain if they are engaging in the same risk-averse or risk-neutral behaviour that they advertise. DeFi protocols are built from open-source software, and operate on permission-less, censorship-resistant ledgers, removing the majority of the risks posed by the traditional financial space. However, these protocols are still subject to the ever-looming spectre of smart-contract risks.
The Alchemix team is dedicated to smart-contract security. While version 1 of the Alchemix protocol was launched with a raft of features that maximised security and minimised risk, we think it is necessary to work even harder to secure version 2 of the protocol and beyond.
Today, we begin our partnership with the auditing firm Runtime Verification. We call it a partnership because it differs from traditional auditor relationships. Instead of just shipping completed code to an auditor, RV will be working closely with us throughout the development process. While much of the code for the contracts that make up Alchemix v2 is already written, we will work hand-in-hand to iterate on the protocol until it is both feature complete and verifiably secure.
Another benefit of working with Runtime Verification is that they will be working with us beyond the deployment of our audited contracts, so that if we make changes or add new functionality, they will be there with us to ensure our contracts remain safe, and any upgrades and additions go smoothly.
Runtime Verification is a seasoned security firm and no stranger to Ethereum or blockchains in general. Some of their most notable achievements include:
- Creating the K-EVM to formally verify Ethereum smart contracts
- Formally verifying finality of the ETH2 Beacon Chain
- Formally verifying the ETH2 deposit smart contract
With this partnership, we hope to set a new standard of smart-contract security for DeFi, and instil maximum confidence in the Alchemix Protocol.
The launch window for Alchemix v2 depends on how the audit process goes. We are hoping for an August launch, but we will not launch until it is ready. As we get closer to the launch, we will detail all of the improvements and innovations found in version 2.
Big things are coming! Please join the discussion in our Discord.