Partnering with Softstack: A Focus on Security and Innovation
Release of Smart Contract Audit completed by Softstack on the Velvet Capital new version to ensure security for our Users when managing their portfolios.
At Velvet Capital, security and innovation are at the forefront of everything we do. Today, we're excited to announce our partnership with Softstack, a leading Web3 Service Provider, to audit our smart contracts and ensure the integrity of our platform. This collaboration allows us to take our DeFi Operating System to the next level while maintaining a secure, reliable environment for our users.
What is Softstack?
Softstack (formerly Chainsulting) is a leader in Web3 security and innovation. Based in Flensburg, Germany, the company provides professional software development, cybersecurity services, and consulting across major blockchain ecosystems, such as Ripple, Tezos, Polygon and Ton. Softstack's expertise in thorough code audits, particularly for DeFi projects, has helped safeguard over $100 billion in user funds. With a commitment to transparency and excellence, Softstack shapes the future of Web3 through ethical practices and close client collaboration.
Their expertise in working with cutting-edge technologies has made them a crucial player in the DeFi ecosystem, especially for projects like Velvet Capital, where we are committed to offering top-tier products without compromising on security for our users.
To ensure a comprehensive audit, the Softstack team performs line-by-line reviews of the smart contracts, compares with specifications, tests the codebase to uncover potential vulnerabilities, and uses advanced automated tools.
Why Audits are Important
In the world of DeFi, security audits play a crucial role in safeguarding user funds and maintaining trust within the ecosystem. Audits help to identify vulnerabilities in smart contracts, which are the backbone of decentralized finance applications. Without regular and thorough audits, DeFi protocols are at risk of exploits, potentially leading to significant losses of user funds.
An audit conducted by a reputable firm like Softstack helps ensure that smart contracts behave as expected under all conditions, minimizing the risk of bugs or vulnerabilities that malicious actors could exploit. As Velvet Capital continues to expand its offerings, performing regular smart contract audits is key to maintaining the integrity of our platform.
The Velvet Capital Base App Audit with Softstack
As part of our partnership with Softstack, Velvet Capital's Base App underwent a comprehensive smart contract audit to ensure its security and functionality. Softstack’s audit process is renowned for its thoroughness and attention to detail, covering everything from potential bugs in the code to security vulnerabilities that could compromise user funds.
After the comprehensive audit, the Softstack team uncovered around 50 issues (with varying severity), all of which were subsequently fixed.
Here are the key takeaways from the Velvet Capital smart contract audit conducted by Softstack:
Comprehensive Coverage: Softstack thoroughly reviewed the smart contracts associated with the Velvet Capital Base app, covering every aspect from trade execution to yield optimization.
No Critical Vulnerabilities: The audit found no critical vulnerabilities in the smart contracts, ensuring that the platform operates safely and securely.
Optimization Recommendations: While the audit confirmed that the contracts are secure, Softstack provided several optimization recommendations to further improve the efficiency and speed of the platform, enhancing the overall user experience.
The audit ensures that Velvet Capital remains a trusted platform in the DeFi space, giving users the confidence that their funds are safe and their trades are executed flawlessly.
For more detailed results of the audit, you can view the Softstack Audit here: https://github.com/Velvet-Capital/audits/blob/main/Smart_Contract_Audit_Velvet_Capital_Corev3_13072024-1.pdf
Velvet Liquidity Mining Program
With the Velvet Capital Liquidity Mining Season 3 all users on the Base App will earn 3x the $pVLV Rewards for a limited time!
Daily $pVLV rewards on the app are based on:
1. Total Value Locked (TVL) — Earn $pVLV for every $ you have on Velvet
2. Total Value Referred (TVR) — Earn $pVLV for referring your friends
3. Total Value Managed (TVM) — Earn $pVLV for every $ others put in your Vault
4. Trading Volume - Earn $pVLV for every $ you trade