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Elastos Ecosystem Partners with Blockchain Security Firm Paladin for Audits and Oversight
The Elastos ecosystem DAO Cyber Republic has officially passed a landmark proposal to partner with industry-leading blockchain security firm Paladin, which will provide preferred audit services to a wide array of Elastos-native projects and applications. With smart contract security more paramount than ever, Paladin’s partnership proposal represents a major step forward for the Elastos ecosystem, the Elastos Smart Chain (ESC), and their users and developer teams of both present and future, all of whom will be able to trust in the security and robustness of their tools and services.
Authored by Paladin’s core team, Suggestion #176 was promptly transitioned to Proposal #87 and unanimously approved by the Cyber Republic Council with a resounding 12 votes in the affirmative. Paladin focuses on providing security services to EVM-compatible blockchains in crypto’s DeFi sector, and primarily services protocols and smart contracts written in Solidity.
Co-founder and CTO of Paladin Blockchain Security Marco De Vries had this to say of the partnership:
“When users use the Elastos Smart Chain, they trust that their funds are secure. We are proud to assist all teams on the ESC in providing this security for not only themselves, but most importantly their users and partners. Never has it been more important for a chain to take security seriously, and we are proud to be able to help. We seriously look forward to providing the Paladin audit stamp to the various ecosystem projects on the Elastos Smart Chain and helping users navigate the chain more safely.”
Ryan Colette, Glide Finance founder and Elavation team member, spoke of the partnership as well:
“I’ve had the pleasure of working with the Paladin team on two occasions now to conduct audits. They are extremely professional, highly knowledgeable and well-apprised of everything happening in the solidity and EVM spaces. Their audit process, standard of reporting and responsiveness are all among the upper tier of audit firms I’ve come across.”
Breaking Down Proposal #87: Goals and Initiatives
Paladin’s partnership proposal focused on building upon the strong relationship already established between itself and Glide Finance, a leading DEX (Decentralized Exchange) in the Elastos ecosystem. Without requesting any financial commitments, the proposal seeks to build a long-term relationship between Paladin and Elastos by providing audit services for Elastos ecosystem applications – especially those in the DeFi arena, for whom the costs of hacks and other exploits are most severe. The proposal highlights myriad preferred services from which Elastos ecosystem dApps stand to benefit, including:
- A 10% discount on all audit services and fair-pricing policy.
- Priority audit scheduling and access to Paladin’s top audit teams.
- Joint oversight of Elastos’ DeFi ecosystem on the Elastos Smart Chain (ESC) along with existing Paladin partner RugDoc.
- Co-marketing for audited projects on Paladin’s official channels.
- Direct line of communication between Elastos and Paladin core teams.
With the proposal now officially passed, Paladin and Elastos will begin conducting a light co-marketing process to announce the partnership. As per the proposal contents, both organizations will subsequently proceed to a Partnership Bootstrapping Phase in which official communication channels are established and Paladin is introduced to Elastos ecosystem projects seeking audits, oversight, and other support.
For more information on Proposal #87 and Elastos’ brand new partnership with Paladin as it kicks off, stay tuned here on the official Elastos Info Blog.
Founded in 2021, Paladin is a leading smart contract auditing firm with an essential focus on decentralized finance protocols. Paladin mainly works with EVM-compatible protocols to help increase the security of their contracts. Their team of top auditors and white-hat hackers are specialists in decentralized finance protocols and are ready to assist in evaluating the safety, functionality, protection, and utility of their clients.
What’s unique about Paladin is their focus on user-centric audits. Their audits are meant to provide as much value as possible to the user as possible. This reflects itself in the fact that Paladin is one of the few auditors who follows up with their clients into production and ensures that the deployed contracts match what was audited. Paladin also strives to make their reports as highly detailed and intricate as possible, clearly outlining every potential vulnerability in a manner that’s readable to the end-user.
Paladin is also one of the few companies which aims to cover every angle of security in their audits: Unprivileged exploits and vulnerabilities, business logic flaws, edge-cases which could cause funds to become locked or systems to malfunction, centralization risks which might negatively affect the user and even potential tokenomic flaws. Paladin’s goal is to provide a security report which demonstrates all potential issues within a codebase with a high degree of confidence.
Founded in 2017, Elastos is a decentralized community building the blockchain industry’s most comprehensive and interoperable open source Web3 platform. Using a hybrid consensus that combines the secure hashpower of Bitcoin and the democratic ideals of Delegated-Proof-of-Stake, the SmartWeb ecosystem of Elastos comprises a suite of software for an entirely decentralized internet. Elastos employs not only blockchain technology, but a peer-to-peer network for communication, decentralized data storage services, a decentralized ID (DID) system for all digital assets, the Elastos Smart Chain (ESC)—an EVM-compatible layer 2 chain, and the ability to create smart contracts and unlimited sidechains. Elastos is not only the foundation for securing truly decentralized applications that can scale; it is the foundation for true data ownership.