ChainSecurity has completed a security audit of the Paxos Standard™ (PAX) smart contracts, the world’s first regulated crypto asset. To find out more about the scope of the audit and considered properties see the full report.
The stablecoin is collateralized 1:1 by the US Dollar and its implementation is realized as a ownable ERC20 token. Paxos Standard 18-decimal PAX is designed to be upgradeable, using the ZeppelinOS Upgradeability with unstructured storage library for this purpose.
ChainSecurity analyzed the Paxos Standard smart contracts under different aspects, with a variety of tools for automated security analysis of Ethereum smart contracts including Securify and manual expert review.
Overall, the ChainSecurity auditors found that Paxos employs good coding practices and has clean, well-documented code, which is well covered by a corresponding test suite. Nonetheless, ChainSecurity was able to uncover several minor issues and vulnerabilities related to the Security and Design of the system which Paxos successfully addressed and resolved before launch. The successful collaboration between the Paxos and ChainSecurity teams improved the overall security and reliability of the Paxos standard.