Quantstamp Announcements
August 24, 2020

DeFi applications continue to push the automation and decentralization of finance at an aggressive pace. The term hyper-liquidity comes to mind because DeFi is creating infrastructure that enables a level of market efficiency that was previously impossible. In this post, we highlight:

A note of caution: Quantstamp is very excited about all of the cutting-edge experiments in the DeFi ecosystem, but we want to be clear that these projects can present risks for users. If you are using any DeFi application, please do your own research, think for yourself, and understand that even audited projects are not free of risk.


Stablecoins are a top Ethereum use case, and Curve improves the utility of existing stablecoins by enhancing their liquidity. Curve is a decentralized exchange similar to Uniswap, except that it optimizes for stablecoins. Curve’s differences include:

In Uniswap, users expecting to trade large volumes of stablecoins at close to a 1-to-1 basis are often disappointed due to slippage. Although this slippage is not ideal for stablecoins, it is necessary to keep Uniswap’s markets alive because Uniswap is designed to support volatile trading pairs.  

Curve fulfills an important niche in the DEX ecosystem. By only supporting trading pairs with assets pegged to the same value, Curve can support a pricing mechanism that reduces slippage while sustaining healthy markets. Low slippage in combination with low fees has led to massive volume for Curve and, more importantly, enhanced liquidity for the entire stablecoin ecosystem.

In addition to enhancing stablecoin liquidity, Curve recently transitioned to decentralized governance. Just last week, CurveDAO was launched and began distributing the CRV governance and utility token. CurveDAO and the CRV distribution mechanism was audited by Quantstamp.


Another thriving DeFi use case is earning interest on your digital assets. A challenge users face in DeFi is ensuring that their assets are loaned to the market offering the best APR. This is difficult because the market with the best APR can change frequently.

The brainchild of Andre Cronje, yearn.finance was created to automatically find the best APR for your stablecoins. Users just need to deposit their stablecoins into yearn.finance and then the protocol will automatically deposit their funds into Aave, dYdx, or Compound. If a user’s funds were originally deposited into Aave, and then dYdX started offering a higher APR, that user’s funds would automatically switch from Aave to dYdX.  

Yearn is constantly innovating, so be on the lookout for new financial products—but also be aware that Yearn regularly publishes unaudited updates. While Quantstamp recently completed an informal code review of yearn.finance, yearn.finance published an unaudited update shortly after.


KeeperDAO provides another way to earn yield for DeFi users by participating in liquidations. Liquidations are an underappreciated mechanism that ensure that collateralized lending markets like Compound and Maker are in a healthy state. For every loan issued to a user, these protocols must hold enough user collateral to break even should a user default on their loan.

Maker, one of the earliest and most reputable DeFi projects, recently experienced an under-collateralization crisis that put their entire system at risk. The price of Ether dropped sharply, causing many loans to default. The collateral auction began, but there were no liquidators available to purchase the discounted collateral. If the community did not quickly respond, the entire DAI system could have failed.  

KeeperDAO is a pool of funds designed to let “Keepers'' use flashloans to borrow from the pool in order to take advantage of liquidation opportunities of any size. The creators of KeeperDAO also designed the “Grim Trigger,” an incentive mechanism to prevent frontrunning and gas wars amongst Keepers and external liquidators. The aim of KeeperDAO is to ensure the health of the collateralized lending market, allow non-whales to take advantage of liquidation opportunities of any size, and encourage healthy competition between liquidators.

Quantstamp has audited KeeperDAO in the past and is currently in the process of auditing updates to the KeeperDAO protocol.

Just 3 months ago, the majority of the value locked in DeFi was focused in Maker. Now that value is spreading out.

A Rocky Journey, But a Hyperliquid Future

As we warned throughout this post, many of the same DeFi projects that are at the cutting edge of innovation also present high risks to their users. Updating existing systems with new, unaudited systems is extremely risky—but even audited projects carry some risk.  

Having said that: despite the bumpy road, we are slowly moving to a decentralized and hyper-liquid future. At Quantstamp, we often say “It’s 1994,” comparing the current state of blockchain technology to the early stages of the internet. Like the early internet, we do not know exactly what the future holds for us, but it is hard to imagine a future where traditional finance will ever be the same.

Quantstamp 公告


需要提醒的是:Quantstamp ,我们对DeFi生态系统中的所有前沿实验感到非常兴奋,但我们要明确的是,这些项目会给用户带来风险。如果您正在使用任何DeFi应用,请自行研究,自己思考,并理解即使是经过审核的项目也并非没有风险。








作为Andre Cronje的心血结晶,yearn.finance的创建是为了自动为你的稳定币找到最好的年利率。用户只需要将稳定币存入yearn.finance,然后协议会自动将资金存入Aave、dYdx或Compound。如果用户的资金最初存入Aave,然后dYdX开始提供更高的年利率,该用户的资金将自动从Aave切换到dYdX。  

Yearn在不断创新,所以要留意新的金融产品--但也要注意Yearn定期发布未经审计的更新。虽然Quantstamp 最近完成了对 yearn.financial 的非正式代码审查,但 yearn.financial 不久后就发布了未经审计的更新。





Quantstamp 过去曾对KeeperDAO进行过审计,目前正在对KeeperDAO协议的更新进行审计。




话虽如此:尽管道路坎坷,但我们正在慢慢走向一个去中心化和超流动性的未来。在Quantstamp ,我们经常说"这是1994年",将区块链技术的现状与互联网的早期阶段相比较。就像早期的互联网一样,我们不知道未来到底会发生什么,但很难想象未来传统金融会有什么变化。

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November 11, 2020

Quantstamp Community Update - October 2020

‍Audit of Ethereum 2.0 client Teku, blockchain insurance, Open DeFi, virtual events, and more media coverage... here’s what happened at Quantstamp in October.‍

November 5, 2020

Why Bitcoin is Capturing Enterprise Attention

MicroStrategy made headlines this summer as the first publicly-traded company to buy Bitcoin as part of its capital allocation strategy. Since then, other companies have followed suit. Learn how current economic conditions and the unique properties of Bitcoin have driven these decisions.

October 28, 2020

Formally Verifying Hedera Hashgraph's Stablecoin Framework

Quantstamp created and formally verified a specification for Hedera Hashgraph stablecoins. This simplifies the process of creating safe stablecoins and also makes easier for partners to safely integrate them.

October 27, 2020

Quantstamp Completes Audit of 2nd ETH 2.0 Implementation

Quantstamp has now completed its audit of Teku, the Ethereum 2.0 client developed by ConsenSys. Quantstamp also audited Prysm by Prysmatic Labs.