Unitas, a DeFi stablecoin protocol addressing emerging markets’ dollar shortage issues in transactions and cross-border payments, has successfully upgraded its smart contract to the second stage. Prior to deployment, the smart contract was audited by ChainLight, a trusted Korea-based security firm under Theori with expertise in both Web2 and Web3 domains. As a result, there is no high or critical issues found in Unitas Protocol, and 3 medium and 3 informational issues identified by ChainLight were fixed by the Unitas team. The full audit report is available on the Unitas Foundation website.
“The Unitas team demonstrated a high level of preparedness for the audit, with comprehensive documentation and robust testing procedures in place. We also enjoyed auditing the Unitas protocol because the concept itself was innovative,” said Brian Pak, CEO & Co-Founder of ChainLight. “It is important to note that potential risks may arise from macroeconomic factors or flaws in the source code, which require continued monitoring and management.”
Unitas Protocol mainnet was live on 31 July 2023 and before that, the testnet was launched after completing smart contract security audits by Sherlock. “Security and stability of the smart contract are the top priorities of Unitas,” said Sun Huang, co-founder and Chief Technology Officer of Unitas Foundation. “To ensure the best quality of Unitas protocol, each stage of the smart contract must undergo independent, multiple, and varied audits by different external third parties.”
In the first phase, Unitas protocol allows anyone to mint unitized stablecoins with USDT. It “unitizes” a USD stablecoin (e.g., USDT) into one local currency unit. The first unitized stablecoins open to minting are USD91 (INR-pegged), USD971 (AED-pegged), USD84 (VND-pegged), and USD1 (USD-pegged).
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The first phase is focused on user engagement and application. The second phase, set for launch in September, centers on the role of Insurance Providers (IPs), who lend their USD stablecoins to the protocol to support its over-collateralization, a process known as “IP staking”. With the participation of IPs, including auctions, profit sharing, and 4REX token issuance, the Unitas protocol will operate independently and organically. For more details, please refer to the whitepaper.
Unitas Protocol is built for real-world stablecoin applications, solving USD liquidity issues in developing countries like India and Vietnam. Unitas Foundation will co-host the second edition of the Stablecoin Summit with the blockchain-enabled financial institution XREX Group on 20 September this year at Andaz Singapore.
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