September 25, 2022

The agency behind the current success story, the place $350M in damages had been prevented from hitting the Avalanche blockchain, has launched an in-depth audit report of the favored Ethereum liquidity staking resolution, Lido. 

The report has in the end given Lido an all-clear sign, noting that no important vulnerabilities had been found. Here’s what newcomer blockchain auditing agency Statemind did discover of their Lido report. 

Lido Duties Statemind With Maintaining Billions At Stake Safe

Lido is designed to supply liquidity for staked belongings with each day rewards and no lock up durations. Lido staking options can be found for Ethereum, Solana, Polygon, Terra, Kusama, and Polkadot.  When staking Lido you mint staked tokens that are issued 1:1 to your preliminary stake. With Lido, your staked tokens can be utilized throughout the DeFi ecosystem as collateral, for lending, yield farming, and extra.

As Lido expands its stronghold over liquid crypto staking options, the necessity for the underlying code to be squeaky clear and with none potential problems turns into crucial. Billions of {dollars} in worth are at stake throughout hundreds of thousands of customers. Lido has tasked blockchain auditing agency Statemind with reviewing its code and making certain no important vulnerabilities exist — and in the event that they do, snuff them out earlier than they turn out to be a problem. 

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Statemind Makes Enormous Splash At Launch, Saving Avalanche $350M

Statemind did simply this however exterior of its common clientele, whereas concurrently making an enormous splash throughout the cryptocurrency growth group. A proactive assessment of a number of high blockchains revealed that Avalanche and related chains had been uncovered to a important vulnerability. Estimated damages high over $350M that Statemind was in a position to save. 

Within the extra reactive Lido analysis prompted by the consumer themselves, Statemind, fortuitously, found zero important, excessive, or medium-severity bugs. Solely informational bugs had been discovered, that are simply patched and pose no menace, stated Statemind. 

The Outcomes And Suggestions Of The Lido Audit Report

Statemind additional outlined the outcomes of the MEV-Enhance relay allowlist mission and Lido audit in a nine-page report. In accordance with the report, the on-chain relay allowlist is “utilized by Node Operators collaborating within the Lido protocol after the ETH Merge to extract MEV.” Node Operators use the contract to make sure up-to-date software program configuration always.  

“Key suggestions contain checking the variety of relays proper after the msg.sender examine, eradicating the zero deal with examine for msg.sender, checking if the token deal with is a contract within the operate _safe_erc20_transfer, and using mapping that maps URI to index of relay within the array,” Statemind defined in a weblog publish. 

What You Want To Know About Statemind Blockchain Security Audits 

Lido is only one of lots of Statemind’s shoppers, which additionally embrace 1INCH and Yearn.Finance. Statemind is a model new blockchain safety auditing agency with over 100,000 LoC of Solidity and Vyper expertise mixed. So far, Statemind audits have secured over $10B in TVL, and the examples above have solely added to this rapidly-growing quantity. To study extra, go to Statemind.io.

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