Radix and Quantstamp Partner to Bring Mass Market Security to DeFi Applications and Assets.
Originally posted 19th October 2020 Radixdlt.com/blog
We are pleased to announce that Radix has partnered with Quantstamp to finally let DeFi developers provide their users with the kind of confidence in the security of funds at the level of traditional finance. We are bringing together Radix’s new form of secure smart contracts, called “Components” — available as a modular add-on for any Radix developer. Components that are audited by Quantstamp will be covered by Quantstamp’s Chainproof platform for market-driven smart contract insurance.
Decentralized ledgers have unleashed unprecedented innovation in financial products in the form of DeFi dApps. The small teams or even individuals that build these apps move quickly — but overlooked bugs in smart contracts have led to the loss of millions of dollars. DeFi users are beginning to demand more proof that apps are safe, and that there is a safety net for their funds if things go wrong. This poses a significant challenge to DeFi developers of all kinds. Enter Quantstamp.
Quantstamp provides the premier security auditing service for blockchain systems, platforms, and smart contracts — and has built the Chainproof system for decentralized, market-driven smart contract insurance. Quantstamp is securing, and insuring, some of the highest-profile systems in DeFi today, such as the DAI Backstop Syndicate that maintains the economic stability of a DAI currency with a market cap of nearly half a billion USD. Other customers include Binance, Crypto.com, Ampleforth, and Chainlink.
Radix is already working with Quantstamp to audit the unlocking smart contract for its own eXRD ERC20 token, but we realized there was a much deeper partnership possible. We discovered a natural combination of Radix’s new form of smart contract development and Quantstamp’s offerings for developers.
Piers Ridyard (Radix): “The Radix Engine is designed to provide the most purposeful environment for secure decentralized finance. Adding in Quantstamp’s security audits and automated insurance on funds managed by smart contracts completes the picture to provide mainstream confidence in Radix DeFi applications. We’re excited to work with Quantstamp to make secure, insured Components the standard on the Radix public network.”
Richard Ma (Quantstamp): “We’re always drawn to decentralized platforms that let developers build innovative new applications, and Radix’s security-focused form of smart contracts and scalability are compelling. We believe that insurance is a critical component to create true security in the DeFi space. Because Radix Components allow creation of powerful modular functionality, integrating Chainproof insurance into dApps that we audit will be as easy for devs as plugging in a Chainproof lego brick.”
Following the release of our RPN-1 Radix mainnet, our roadmap focus will be delivering a Radix Engine with Component development, a modular Component Catalog, and our unique decentralized Developer Royalties System. As we build these features, we look forward to working closely with Quantstamp to provide accessible and highly integrated security offerings to our developers.