Gísli Kristjánsson / Sep 15, 2023

3 min read

The latest smart contract upgrades

At Monerium, security is not just a buzzword—it’s a way of life. Our relentless pursuit of security is rooted in a continuous and risk-based approach. We have been tirelessly working with the DeFi community to fortify our smart contract security from day one. Those actions include:

  • Verification and audit of smart contracts: Monerium’s smart contracts are scrutinized and audited to identify and rectify vulnerabilities.
  • Governance transition: The governance of smart contracts now resides in a multi-signature wallet, enhancing control and reducing risks.
  • Innovative system key protection: A new mint allowance smart contract is in place, safeguarding the critical system key.

These smart contracts are designed with a focus on security, simplicity, and transparency. They undergo rigorous checks for known issues, utilize static analyzers, and adhere to industry best practices. All in all, Monerium’s serious approach to security is reflected in the nearly 100% unit test coverage. Ensuring the reliability of the ecosystem’s smart contracts is paramount:

  • Code checks: All code undergoes thorough scrutiny to eliminate known vulnerabilities.
  • Static analyzers: Advanced tools are employed to identify potential issues.
  • Best practices: Monerium adheres to industry best practices for smart contract development.
  • Audit by Ackee Blockchain Security: A recent external audit by Ackee Blockchain Security has helped to ensure an additional layer of scrutiny.

All contracts across supported chains are open source and verified on blockchain explorers. This transparency benefits partners, integrators, and protocols, enabling them to verify functionality and security with ease.

We have also upgraded from a single Externally Owned Account (EOA) to a multi-signature wallet for governance. The multi-sig’s signers are geographically dispersed and carefully selected, both from Monerium’s ranks and affiliates, ensuring the highest level of security possible for all governance activities now and going forward.

One of the most significant risks in the stablecoin arena is the compromise of the minter key. To address this risk and minimize the potential fallout from it, we have implemented a cutting-edge security feature—the mint allowance. This feature restricts token issuance, deducting tokens from the allowance as they are minted. When the allowance reaches zero, no more tokens can be minted, requiring human admin interaction for any allowance increase. Our dedication to smart contract security is a testament to our commitment to the blockchain community. Security isn’t just a checklist; it’s a way of thinking and a culture embedded in every aspect of our operations.