Statemind Audit Report Reveals No Critical Issues In Staking Solu…

After a string of hacks and exploits across the DeFi industry resulting in millions in funds lost or in related damages, proceeding with caution is always wise. Knowing which protocols, projects, and platforms to trust is a challenge, but as open-source code, it can be checked by the public and private firms.

In a new report released by newcomer blockchain security auditing firm Statemind, the popular liquidity staking project Lido has been given a clean bill of health and is free of any critical bugs or vulnerabilities that could expose funds to loss.

Here are the full findings from the report, along with more details on the situation.

New Blockchain Firm Statemind Releases Audit Report On Lido

Statemind is a brand new blockchain security auditing firm that has recently been the talk of the crypto industry, but more on that later. For now, let us focus on the findings of a nine-page research report released by Statemind.

The project honed in on the MEV-Boost relay allowlist, which is used by Node Operators participating in the Lido protocol after the ETH Merge to extract MEV. Node Operators rely on the contract to ensure up-to-date software configuration to prevent issues.  

Statemind made several key recommendations, such as “checking the number of relays right after the msg.sender check, removing the zero address check for msg.sender, checking if the token address is a contract in the function _safe_erc20_transfer, and utilizing mapping that maps URI to index of relay in the array,” Statemind outlined in a blog post.

Recommendations were focused solely on fixing minor, informational bugs, while the report simultaneously revealed no critical, high, or even medium-risk vulnerabilities to speak of. This means that Lido users can rest assured the code is clean and void of any potential exploits hackers could take advantage of.

How Statemind Started Its Launch Off On The Right Foot

Blockchain security audits are an essential aspect of ensuring a safer cryptocurrency industry. Developers can miss crucial areas in code, which can be cleaned up with a second set of more experienced eyes.

Although Statemind is a brand new blockchain security auditing firm, the team boasts over 100,000 LoC of Solidity and Vyper experience combined. Statemind audits have already secured over $10B in TVL, with as much as $350M being added to the total recently.

Statemind also recently stepped forward as the white hat hackers to stop a vulnerability in Avalanche with more than $350M in estimated damages across several chains. Statemind also recently made news for discovering a two-year-old bug in Andre Cronje’s Keep3r Network.

In addition to Lido, other clients of Statemind include 1INCH and Yearn.Finance. To learn more about Statemind security audits, visit the official Statemind.io website.