LBE V2 to be audited by CertiK

For Catalyst Fund 10, 3 Minswap Labs Catalyst Proposals were funded. The Minswap Aiken Stableswap Audit + Bug Bounty has now been completed, the Minswap Aiken V2 Audit is well underway with Mainnet targeted in just about 2 weeks. Today, we would like to update you on the progress on the third one, Minswap Liquidity Bootstrapping for DAOs. In particular, this update comes as we announce the engagement of CertiK as the auditor for these Smart Contracts. Minswap Labs has worked with CertiK previously (such as on Minswap V2) and their exceptional service is the reason why we decided to opt for them again.

LBE V2 progress

The first Milestone included two tasks: A List comparing the LBE V1 and the LBE V2 highlighting the new features and improvements in V2 and An outline of the LBE V2 Smart Contract Architecture. These were quickly submitted.

The Milestone after that, which included finalizing the LBE V2 Smart Contract, took a little longer. But we are happy to announce today that the Smart Contract has been completed! Stay tuned for the details about the mechanisms and possibilities the LBE V2 enables.

The next step, as has been the best practices approach in the previous two Proposals, is to audit the code, open source it and the audit report, and release a Big Bounty to compensate anyone who finds bugs.

LBE V1 compared to LBE V2

We compare both models in 4 aspects:

• Decentralization: LBE V1 is not a Smart Contract and is instead managed off-chain. The Project sends Tokens to Minswap Labs, which remains in custody of them until they are distributed by participants. In the LBE V2, Minswap Labs never has custody of any tokens, instead tokens are deposited into a decentralized Smart Contract.
• Permissionless nature: LBE V1 requires active monitoring and activation of the process by Minswap Labs. LBE V2 will be able to be activated by anyone wishing to launch a token on Cardano, without the need for interaction with Minswap Labs.
• Auditability and Transparency: LBE V1 code is closed source and not auditable by the public. LBE V2 will be an open sourced Smart Contract, which the Cardano community will be able to inspect prior to launch. This leads to greater transparency.
• Adaptability: LBE V1, given its off-chain nature offers great adaptability. In order to compete with the adaptability of the LBE V1, there needs to be careful consideration and evaluation of the features of LBE V2. We expand on these further in the next section Parameters for LBE V2

CertiK Audit

CertiK was chosen for the first of the 2 audits the Minswap V2 code has undergone due to their vast experience in audits across different ecosystems, including auditing several Cardano protocols over the last 2 years.

The Minswap V2 audit by CertiK can be found here. The CertiK audit process consists of assessing and reviewing all In-Scope Source Codes, utilizing hybrid review methodology, which may include expert manual review, static analysis, and white box code review to identify syntactical, semantic, and/or logical errors in the In-Scope Source Codes. A comprehensive Audit Report delving deeper into the methodology, findings and addressing of audit findings will be shared with the community after completion.

About CertiK

CertiK is an industry pioneer in blockchain security. Securing billions of dollars in assets from the top cryptocurrencies has won them numerous prestigious grants from institutions such as the Ethereum Foundation and IBM. CertiK audit procedure goes beyond merely testing for bugs, also providing mathematical proofs that the contracts are bug-free, mitigating risks of hacks and exploits.