Unitas Protocol Launches Testnet after Completing Smart Contract Security Audits by Sherlock

TAIPEI, July 17, 2023 /PRNewswire/ -- DeFi stablecoin protocol Unitas has deployed its testnet on Sepolia on 17 July 2023 and is open for participation after completing security audits done by Sherlock, a leading smart contract coverage protocol and audit marketplace built on the Ethereum blockchain.

The necessary actions to address minor issues identified in this audit contest have been successfully implemented. To participate in the Unitas Protocol testnet, please join the Unitas Testnet Telegram Channel to get test tokens. The mainnet is scheduled to be live on 31 July 2023.

To ensure Unitas protocol's best quality of security and stability, the Unitas Foundation partnered with Sherlock to conduct a public smart contract audit competition. This contest was open to the public to engage Web3 security communities to find and report issues and vulnerabilities in any part of Unitas protocol. Over 200 security professionals from around the world participated in the 7-day contest.

"Having a security-first mindset is key to success in Web3," said Sun Huang, co-founder and Chief Technology Officer of Unitas Foundation. "As a cybersecurity expert with over 15 years of experience from internet to blockchain, I believe the high standards we uphold lays a solid foundation for Unitas to serve emerging markets with its unitized stablecoins, such as USD91, USD971, USD84, and more."

Unitas Protocol is happy to announce that it has completed an extensive and comprehensive security audit conducted by Sherlock. Auditors and judges in this contest reviewed unintended exploit potential in Unitas Protocol's smart contract, such as security design, formula, oracle, and potential risks.

The Unitas team welcomes everyone to participate in its testnet (currently available only on desktop) and is confident to move toward mainnet launch. It would like to take this opportunity to express their gratitude to Sherlock and Lead Auditors weiss.eth and ctf_sec for their support and assistance throughout the smart contract audit process for Unitas Protocol.

Unitas Protocol defines a new stablecoin category -- unitized stablecoins, which serve as Units of Account representing emerging market currencies.

Unitas stablecoins allow its users to enjoy ease in transaction and efficiency for people who have demand for, and are familiar and comfortable with emerging market currencies and price quotes. It also allows better access to USD liquidity as the protocol is over-reserved with exogenous USD stablecoins such as USDT and USDC and participants can mint unitized stablecoins with such USD stablecoins.

The concept is to "unitize" a USD stablecoin into one local currency unit. Unitas stablecoins are affixed with their corresponding country code, e.g. USD91 for Indian Rupee, USD971 for UAE Dirham, and USD1 for US Dollar. Unitas Protocol is essentially a value translator between USD and other currencies and guarantees that each Unitas stablecoin can unconditionally convert back to a USD stablecoin.

About Unitas Foundation

Unitas Foundation is a non-profit organization founded in 2022. Unitas Protocol operates exogenously over-reserved stablecoins pegged to emerging market currencies. These stablecoins unleash emerging market potentials by facilitating foreign investment, cross-border payment, global market access, DeFi participation, efficient USD liquidity, and more.

To learn more about Unitas Foundation, visit its official website, Wiki, Telegram, Twitter, blog, or email team@unitas.foundation.

Disclaimer:

1. The press release is only for informative purposes. It does not solicit funds, constitutes contractual offers or promises, or proffer any legal, investment, or tax advice. Please seek a licensed professional's support to address your particular situation should you need any professional advice.

2. Unitized stablecoin is an experiment intended to be a decentralized financial tool. For the avoidance of doubt, the crypto assets and stablecoins involved within the Protocol are not insured or audited by any third party, licensed or endorsed by any regulatory authority. Thus, the unitized stablecoin is subject to various risks, including but not limited to, liquidity risk, cybersecurity risk, regulatory risk, transactional risk, and human error risk. Please do your own research before participating in the Protocol. You can find more information at unitas.foundation

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SOURCE Unitas Foundation