Beanstalk Farms · April 2nd, 2022
Today, Beanstalk Farms is pleased to announce that Omniscia - a decentralized smart contract auditing firm - has completed a formal audit of Beanstalk’s core smart contracts through BIP-7.
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Prior to the completion of Omniscia’s process, Beanstalk was unaudited. In Q4 2021, the Beanstalk community concluded that contracting a high-quality auditor would help facilitate further growth of the protocol, increase user adoption and reinforce its legitimacy within the broader DeFi community. Omniscia is a premier firm in the smart contract auditing industry and a relevant choice to audit Beanstalk given their prior track record auditing ERC-2535 Diamonds.
On December 3, 2021 the Beanstalk DAO approved and committed BIP-5, leveraging the “Fundraiser” process originally created in BIP-4.
Omniscia completed its audit on April 2, 2022, identifying 8 findings using statistical analysis and 68 findings during the manual review. All 76 findings were promptly alleviated prior to the release of the audit report, with Omniscia ultimately concluding that “the codebase of the Beanstalk team can be considered of a very high standard and no outstanding issues remain within the codebase”.
The full report can be found here.
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Beanstalk is a decentralized protocol that allows anyone to realize the value of an open, credit based stablecoin. The Beanstalk community of lenders, borrowers and savers secures a protocol-native stablecoin, Bean, with the goal of creating the most accessible digital money system. By eliminating collateral requirements, Beanstalk is the catalyst for a trustless money that unlocks the potential of decentralized finance for everyone.
BIP-5 was a community-led initiative developed by Beanstalk Farms. Please join the community discussion on Discord to discuss other ideas for Beanstalk or reach out to Max Sow, Head of Business Development, at [email protected]!
To learn more about Beanstalk, please visit our website.
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