Ulam Labs Begins Smart Contract Audit for SuperBonds on Solana
February 22, 2022
SuperBonds is a new DeFi project offering DeFi’s first true fixed-income financial NFT market. We have just entered a smart contract audit collaboration to ensure secure and smooth operations of the protocol.
Even though NFTs are largely associated with digital art, their use cases might be endless and finance seems to be the next big thing. The opportunity to issue NFT bonds, insurance, token portfolios, or tokenized physical assets can further diversify the vibrant world of decentralized finance.
SuperBonds is the first bond market in the DeFi space. It uses NFTs to offer fixed-yield bonds that can be redeemed at anytime. What’s unique about SuperBonds is that the rates are paid in USDC, bringing high predictability to the NFT owner, contrary to other yield generating platforms that depend on tokens with fluctuating prices.
The NFTs in this financial use case allow owners to self custody or utility as collateral elsewhere. Each NFT bond has a fixed duration and a unique identifier built-in, and there is a continuous stream of issuance; no NFT is alike. SuperBonds also uses a native SB token with a deflationary mechanism that facilitates all platform trades.a
Ensuring safety for the next-gen DeFi
Ulam Labs has begun collaboration with SuperBonds over the smart contracts that power the platform and make it trustless. The DeFi space has a great potential for growth and offers unique opportunities that legacy banking often cannot provide. However, this space also has little room for error, as the security of the code stands translates to the security of users’ assets. Any exploit or vulnerability could lead to significant losses.
During the upcoming weeks, we’ll take a close look at the SuperBonds smart contract code on Solana and look for opportunities to make the product more secure and ensure that there are no potential vulnerabilities. Upon conclusion, we’ll publish an audit report so SuperBonds users can verify our findings for themselves and understand the level of SuperBonds security. If you want to learn more about SuperBonds, head over to their website.
And if you'd like us to audit your smart contracts, don't hesitate to contact us!