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Panoptic Partners with OpenZeppelin for Second Smart Contract Audit


We are thrilled to announce that we have commenced our second smart contract audit with OpenZeppelin, a renowned provider of crypto and cybersecurity technology and services. This audit process is expected to take several months to complete, and we will keep you updated on its progress.

What is OpenZeppelin?

OpenZeppelin is the premier crypto cybersecurity technology and services company, trusted by the most used decentralized projects. They offer an open-source framework for developing safe smart contracts and complete best-in-class security audits for the largest DeFi and NFT projects.

OpenZeppelin contracts provide an interface for developers to create Solidity and Cairo smart contracts via a stable API. With interactive wizard tools or Remix, developers can employ security practices to create ECR20, ECR721, ECR1155, Governor, and bespoke smart contracts.

OpenZeppelin's tools and libraries are extensively utilized by approximately 30,000 developers in the creation of Web3 DApps.

Having audited numerous projects like Polygon, Optimism, Ethereum Foundation projects, Matter Labs, The Graph, Compound, and more, OpenZeppelin now undertakes the audit for Panoptic.

What is the purpose of this audit?

An audit is a comprehensive assessment of our codebase from a security and quality standpoint. OpenZeppelin's auditors and engineers will carefully examine our system's architecture and coding to ensure its intended functionality.

Throughout the audit, we maintain regular communication with the auditing team, providing them with insights into our platform's purpose and addressing any concerns they may have. The audit will culminate in a detailed report containing actionable feedback on any identified issues.

A Two Audit Approach

We previously conducted an audit with ABDK, which served two main purposes.

First, we sought feedback on our platform design and architecture, engaging in a deep dive into its security aspects. Second, ABDK audited Uniswap, the automated market maker we are building on.

The first audit confirmed the feasibility and effectiveness of our core design, while also highlighting potential areas for optimization and improvement, many of which we implemented.

ABDK conducted our first audit. The purpose was two-fold. First, we wanted to seek feedback on our platform design and architecture via a security deep-dive. Second, since ABDK audited Uniswap, they have all the context of this AMM on top of which we’re building.

The audit confirmed that our core design works and is feasible as we envisioned. In addition, they helped identify many potential optimization areas and improvements we have implemented.

With a thoroughly vetted and optimized codebase, we now seek a second opinion from OpenZeppelin, one of the industry's leading auditing firms. This additional audit provides further confirmation of our findings while allowing OpenZeppelin to focus on more specialized and concentrated aspects of the code.

With OpenZeppelin's audit, our protocol will stand among the safest and most risk-minimized in the industry.

Both audit reports will be made accessible to the public.

Beyond the audit

Our commitment to the security and safety of the Panoptic protocol doesn't end with the audits. We recognize the importance of continuous security throughout the development lifecycle. OpenZeppelin offers custom-tailored services and infrastructure to ensure ongoing security. We intend to leverage these services to further enhance the safety of our product.

Long-Term Positioning

Ultimately, our goal is to provide a risk-minimized and secure product for all users. The completion of an audit by a top firm such as OpenZeppelin strengthens our ability to achieve this objective.

Our mission is to become the options pillar in DeFi and to build out the derivatives infrastructure on this frontier. In order to achieve this, our product needs to be made as safe and secure as possible.

Join the growing community of Panoptians and be the first to hear our latest updates by following us on our social media platforms. To learn more about Panoptic, and all things DeFi options, check out our docs and head to our website.