VMEX Announces Security Audit with yAudit

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yAudit was recently asked by VMEX to assess the protocol’s smart contracts. The contracts of the VMEX Repo were reviewed by 3 auditors over 5 weeks. As an added layer of security, Fellows from yAudit Block 5 additionally joined the review.

The team at yAudit found an overall satisfactory result which has now been made publicly available here.

The yAudit team ranked their risk assessment methodology by measuring the likelihood of a security incident and the impact of such an incident.

Findings are broken down into sections by their respective impact:

  • Critical, High, Medium, and Low impact - These are findings that range from attacks that may cause loss of funds, impact control/ownership of the contracts, or cause any unintended consequences/actions that are outside the scope of the requirements
  • Gas savings - Findings that can improve the gas efficiency of the contracts
  • Informational - Findings including recommendations and best practices

Audit Results

32 contracts were inspected and analyzed by yAudit engineers, who found the following:

  • Two Critical
  • Seven High Findings
  • Six Medium Findings
  • 12 Low Findings
  • Seven Gas Savings Findings
  • 24 Informational Findings

Closing Thoughts

This is an important step for VMEX as we push forward to our launch. Security of the protocol will be a continuous effort, furthered by additional smart contract audits — such as our current audit competition on Hats Finance. Details of the Hats competition will be announced in the near future.

Stay tuned on Twitter and join Discord if you have any comments or questions for the team.

Special thanks to Pandadefi, Sjkelleyjr, and Blockdev for their dedication and hard work.

About yAudit

yAudit is an auditing collective made up of the best auditors hand-selected from the yAcademy training program. Delivering high quality smart contract security audits under the yAcademy brand since 2021, clients include Yearn, Olympus DAO, Nouns DAO, Superfluid, Timeless Finance, and Get Protocol.

About VMEX Finance

VMEX is a meticulously designed over-collateralized lending protocol that utilizes an isolated pool structure and embedded risk management framework to support the responsible expansion of collateral types in DeFi. The novelty of VMEX lies in its ability to support a wider range of assets and risk profiles than traditional lending protocols. Our primary goal is to substantially enhance the integration of assets into DeFi by minimizing the obstacles for new assets to access deep and efficient capital markets.

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