Introduction
The Euler v1 smart contracts are now largely complete and a partnership has been made with cybersecurity firms Solidified and ZK Labs to conduct a smart contract audit and review.
In terms of scope, they have been tasked with reviewing all Euler protocol’s main contracts and to pay extra attention to the potential for the permissionless listing process to allow attackers to misuse the protocol.
The code was sent to their teams on 13th April 2021 for review and the final debrief took place on 3rd May 2021.
Overall, 4 minor severity issues were identified, 1 warning was made, and three informational notes were given. Crucially, none of the auditors identified any critical or major bugs in the smart contracts.
The final audit report has been made publicly available on the Solidified GitHub account here. Special thanks is due to Stefan and Veronica (Solidified), and Matthew (ZK Labs), for their contributions.
This is an important first-step for Euler pushing forward to public release in Q3 2021. The security of the protocol aims to be strengthened with further smart contract audits and details of an Euler Bug Bounty campaign will be announced in the near future.
Stay tuned and join the Discord if you have any comments or questions for the team.
About Solidified
Solidified is the largest smart contract auditor in the US with over $1B in assets under audit. Founded in 2017, they have audited many well-known projects like Argent, Loopring, Nexus Mutual, Gnosis, Polymath, Kyber Network and many others. Join their expert community: http://slack.solidified.io
About ZK Labs
ZK Labs is a firm that specialises in Ethereum smart contract auditing and development.
About Euler
Euler is a capital-efficient permissionless lending protocol that helps users to earn interest on their crypto assets or hedge against volatile markets without the need for a trusted third-party. Euler features a number of innovations not seen before in DeFi, including permissionless lending markets, reactive interest rates, protected collateral, MEV-resistant liquidations, multi-collateral stability pools, sub-accounts, risk-adjusted loans, and much more. For more information, visit euler.finance.
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