Weekly Update: Certik Audit, Locked Boosts, and Dinoswap

Here is this week’s update.

An update on the Certik Audit

As a team and community I know we all have been eagerly awaiting an update on Adamant’s audit from Certik. As of today, it is still in progress but there has been a lot of movement.

Certik completed their initial audit and sent it to the developer on the 28th of June to give him a chance to respond. From the audit, a number of changes were made, then these were sent back to Certik for further review. (Those with a keen eye may even note them on our Github in the commits.)

After another review, Certik sent Adamant their penultimate audit results on the 7th of July. At that time, the developer requested changes to the audit to make it more consistent with audits Certik has done for similar platforms.

Adamant’s severity was ranked as major

There were a couple of delays here as Certik and Adamant worked together: The first delay was because the developer disagreed with Certik giving the Minter contract privileges a “Major” severity rating. Previously the Certik team gave another platform that used the same minting system a “Minor” severity rating even though both use a Timelock contract to mitigate risk.

While Merlin’s was ranked as minor

Certik has now changed the rating for the Minter to medium and partially resolved. Further, the audit release was delayed as Adamant’s developer removed a “Migrate Locked Stake” function the Certik team was concerned about.

We’re hoping to see the full audit from Certik released publicly once their team completes any further testing.

Locked Boosts at Adamant

We recently announced an update to the ADDY locking system that allows users to lock ADDY from anywhere from 91 days to 4 years and accrue boost points that then multiply your rewards for certain vaults. The details of that boost system are still being finalized. Specifics of how much a boost point increases the reward are still being finalized, along with the buyback mechanism.

For now, you all can lock away your ADDY in the new contract and enjoy the following:

  • Autocompounding ADDY (no more having to claim and relock — the contract does that for you automatically)
  • A proportion of the ADDY from our buyback system(currently the 0.5% penalty for exiting a stake before 3 days has elapsed is used to buyback Addy from the market, and additional buybacks are in the works)
  • WMATIC rewards that increase as time goes on (since the system is autocompounding your ADDY automatically — more locked ADDY, more profit-sharing dividends)
  • Boosted vault rewards (more to come on that and all of the above as the system is finalized)

The specifics on vault boosts and the buyback mechanism are still being finalized. We appreciate your patience as those are implemented. The desire is to make sure that all benefits are healthy for the community and the long-term success of Adamant.

Dinoswap

Last but not least, we’re super excited to have added a number of new vaults for Dinoswap this week. You can see each of those under the Dinoswap section at Adamant.

These new vaults from Dinoswap are the first vaults to be part of our new boost program and we’re excited to have that community here on Adamant!

ADAMANT OFFICIAL LINKS

Website: https://adamant.finance/

Telegram: https://t.me/adamantfinance

Discord: https://discord.gg/69ureKKYz2

Github: https://github.com/eepdev/frax-stake

Twitter: https://twitter.com/AdamantVault

The #1 Autocompounder and Yield Optimizer for Polygon and Arbitrum