Cross-chain stablecoin bank, Orion Money, gets audited by SmartState.
Smart State recently performed the security audit of Orion Money, a “stablecoin bank.”
Orion Money is a cross-chain stablecoin bank providing seamless and frictionless stablecoin saving, lending, and spending. Orion Money is creating a solution in the untapped stablecoin savings market. While the majority of stablecoin savings solutions currently offer unappealing and unpredictable yields, and are often siloed within their individual blockchains, Orion Money uses a high level of interoperability to bridge these gaps by providing solutions that other stablecoin savings protocols have yet to offer.
With its suite of dApps — Orion Saver, Orion Yield and Insurance, and Orion Pay — Orion Money is offering users a convenient and frictionless way to earn high yields on their stablecoin deposits and spend them with ease — all without the hassle of moving assets across chains.
Security audit performed by Smart State
Orion Money, similar to other DeFi protocols, is responsible for millions of dollars of users’ assets. It becomes imperative for these platforms to be extremely secure so that there are no risks of hacks and attacks. This is vital for the seamless functioning of the platform and to attract more users inside a safe DeFi ecosystem that assures the security of their assets, along with handsome gains.
To this end, Smart State was tasked with performing a comprehensive audit of Orion Money’s smart contracts and platform architecture to see if there were any issues that could threaten the integrity of the platform. Our tasks were to inspect the smart contract codes to find a variety of issues and compliance aspects, like whether best code practices were adhered to, or compliance to ERC20/BEP20 was maintained. We also looked for logical bugs, private data leaks, vulnerabilities, hidden malicious code, and other issues that may lead to issues eventually resulting in attacks and loss of user funds.
After careful testing of smart contract codes, we were able to find a few minor issues, but thankfully, there were no major vulnerabilities or security issues. We submitted the audit report with a list of recommendations. The Orion Money development team had a few rounds of discussions with our expert team and made the suggested changes.
We are glad to announce that the entire audit went smoothly and was completed in a quick time. The Orion Money team was happy with the work that we did for them.
About Smart State
Launched in 2019, Smart State is a leading DeFi security auditing firm based in Dubai. The team validates the security of the code core, smart contracts and blockchain for logical and business process vulnerabilities.
Although Smart State kickstarted operations with smart contract auditing of DLT-projects, from the very beginning, they made sure that their services went beyond the classic purview of smart contract audit and security review. Smart State security audit assesses a project’s git in detail and provides guidelines for its further advancement. The security audit reports delve into the threats and vulnerabilities the codebases might be prone to in the future as the network achieves scalability and expands to accommodate more use cases and functionalities.
