We are excited to announce that Velar's Decentralized Perpetual Derivatives Exchange (PerpDex) has successfully completed two comprehensive smart contract security audits. This marks a significant milestone in Velar's journey to bring innovative decentralized finance solutions to the Bitcoin ecosystem.

The audits, conducted by the respected security firm Thesis Defense, covered two distinct implementations of Velar's PerpDex:

1. Vyper Smart Contracts on Bitlayer

2. Clarity Smart Contracts on Stacks

Key Audit Findings and Improvements

The audit process was thorough, examining every aspect of the smart contract code for potential vulnerabilities and areas of improvement. Some key outcomes include:

• Identification and remediation of critical security issues

• Recommendations for enhancing protocol governance and emergency controls 

• Suggestions for optimizing gas usage and improving code quality

• Guidance on strengthening the oracle implementation

The Velar team worked diligently to address the identified issues, with many fixes already implemented and others planned for future releases. This collaborative process has significantly enhanced the security and reliability of the PerpDex platform.

Advancing DeFi on Bitcoin

Velar's Artha PerpDex represents an important step forward for decentralized finance on Bitcoin. By offering perpetual futures trading in a fully decentralized manner, Velar is expanding the capabilities of the Bitcoin ecosystem and providing new opportunities for traders and liquidity providers.

The successful completion of these audits demonstrates Velar's commitment to security and best practices in blockchain development. It provides a solid foundation for the platform's launch and future growth.

Next Steps

With the security audits complete, Velar is now poised to move forward with the incentivized testnet and subsequent mainnet launch of the Velar Artha PerpDex. Traders and liquidity providers can look forward to engaging with a thoroughly vetted and secure decentralized exchange for perpetual derivatives.

We encourage interested parties to review the full audit reports for a detailed understanding of the security measures and improvements implemented in the Velar PerpDex smart contracts.

Full Report links

Viper Smart Contracts: https://github.com/Thesis-Defense/Security-Audit-Reports/blob/main/PDFs/240717_Thesis_Defense-Velar_Vyper_Smart_Contracts_Security_Audit_Report.pdf

Clarity Smart Contracts: https://github.com/Thesis-Defense/Security-Audit-Reports/blob/main/PDFs/240711_Thesis_Defense-Velar_Clarity_Smart_Contracts_Security_Audit_Report.pdf

The Velar team extends its gratitude to Thesis Defense for their expert analysis and to the broader community for their continued support. We look forward to bringing innovative DeFi solutions to Bitcoin users worldwide.

Stay tuned for more updates on the official launch date and how you can participate in the Velar Artha PerpDex!