Summary
The most critical subjects covered in our audit are security, functional correctness and seamless integration with the existing system. Security regarding all the aforementioned subjects is high.
In summary, we find that the codebase provides a high level of security.
It is important to note that security audits are time-boxed and cannot uncover all vulnerabilities. They complement but don't replace other vital measures to secure a project.
About USDS Smart Contracts
MakerDAO introduces a new stablecoin token (USDS, rebranded DAI) along with a permissionless converter for 1:1 conversions between DAI and USDS. The USDS is an ERC-20-compliant token, and the converter, DaiUsds, enables seamless exchanges. The project also features UsdsJoin, which is the USDS equivalent of DaiJoin.
“The Maker Protocol, also known as the Multi-Collateral Dai (MCD) system, allows users to generate Dai by leveraging collateral assets approved by “Maker Governance.” Maker Governance is the community organized and operated process of managing the various aspects of the Maker Protocol. Dai is a decentralized, unbiased, collateral-backed cryptocurrency soft-pegged to the US Dollar. Resistant to hyperinflation due to its low volatility, Dai offers economic freedom and opportunity to anyone, anywhere.”
It was a pleasure working alongside ChainSecurity throughout the audit of our smart contracts and oracles. They maintained clear and direct dialogue with us, and an attention to detail that covered all bases. We look forward to working with them on future solutions to help grow the adoption of DAI.
Derek Flossman, Head of Protocol Engineering Core Unit (MakerDAO)