LeverFi’s Final Audit Report

Published on: 28.09.2022
LeverFi ’s Final Audit Report

LeverFi’s final audit report by Peckshield is already implemented. In its previous update, LeverFi released the draft audit reports from both PeckShield and Beosin. They also highlighted two issues that were awaiting fixes.

Today, they are excited to share that they have received the final audit reports from Peckshield.

Safe to say, the issues brought up previously have been fixed. Read the full final audit report on Github.

AUDIT SUMMARY REPORT

The LeverFi team dedicates to deploying a solid platform for its users to experience the innovation they bringing to the DeFi space. As such, these audit reports are important as they contribute to its users’ safety and platform usability, especially during the development stages.

During the audit, PeckShield applied many tests revolving around aspects like smart contract source code, business logic, system operations, and other DeFi-related aspects. Thorough analyses performed on LeverFi’s protocol design and implementation.

After passing various check items, PeckShield concludes:

“During the audit, we notice that the current code base is well organized and those identified issues are promptly confirmed and fixed.”

LeverFi is confident with the audit completion results but is not stopping here just yet. They are still working hard to build the platform.

How LeverFi Revolutionizes On-Chain Trading

Backed by world-class investors, LeverFi delivers Web3 innovation across liquidity management and leveraged trading.

LeverFi offers a unique platform for traders to yield farm, earn and leverage trade at the same time. With the revolution in DeFi taking shape, they are positioning a unique offering within the crypto scene and are growing in popularity every day.

Lenders – Lend and Earn

Lenders deposit assets into Lending Pools (reference: List of Lending Pools) to lend liquidity to Traders on LeverFi.

Borrow Rates

Traders borrowing assets from Lending Pools charge a floating borrow rate base on a lending curve that takes into account the utilization rate of the Lending Pools.

Utilization Rate

The utilization rate calculates as the fraction of borrowable liquidity over total lending liquidity. Moreover, the high utilization rates result in higher borrow rates charges to Traders.

  • Utilization Rate (%) = (Assets Borrowed by Traders / Assets Deposited by Lenders) * 100
Idle Liquidity

Furthermore, Idle liquidity in the Lending Pools is redeploying to third-party protocols to generate yield for Lenders. For the third-party protocols, users can reference the Lending Pools List. This means that Lenders by default will make a minimum passive yield at low utilization rates, and an above-market yield at high utilization.

LEVER Utility

Moreover, LeverFi is powered by LEVER, a governance token with no intrinsic value. LEVER has a total token supply of 35 billion. Furthermore, to participate in governance, users are required to lock up LEVER for a period of between 6 months to 48 months, in order to receive xLEVER tokens. Each xLEVER represents one vote in governance.

In addition, users who undertake longer lockup periods will receive more xLEVER for the same number of LEVER tokens. This means that token holders with smaller holdings and longer lockups can have comparable voting power with token holders who have larger holdings, but shorter lockups.

Protocol utility rewards accrue to staked users in the form of ETH and LEVER.

ABOUT Peckshield

PeckShield is a leading blockchain security company. Its goal is to elevate the security, privacy, and usability of current blockchain ecosystems. Offering top-notch industry-leading services and products.

Website | Twitter

ABOUT LeverFi

LeverFi allows users to engage in leveraged spot trading. Furthermore, the non-PvP design removes a key conflict of interest between liquidity providers and traders on LeverFi. It also reduces risks for liquidity providers in the event that markets start trending in a specific direction.

Website | Twitter

RESOURCES

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