Special Announcement: ReserveLending Supply/Borrow For All Tokens To Be Suspended in June

This article was carved out of our larger article on our Trail of Bits security audit located here.

While the audit was focused on the ReserveLending+ product, the codebase for the RL+ product is the extant ReserveLending platform. Given the auditor’s findings, increased regulatory scrutiny around DeFI, P2P platform compliance uncertainty (including, broader stablecoin issues), permission-less access, commentary from our attorneys and our focus on institutional, commercial banking technology applications, we have had many internal discussions around how to support the retail, ReserveLending platform going forward.

While we work to address all of those issues for the retail platform, we will disable supplying and borrowing on the remaining ReserveLending token pairs. Disabling will occur in June.

Even though new supplying and borrowing will be disabled, users will still be able to payback their loans, un-supply assets (provided their assets have not been lent out), and, generally, interact with the platform with no changes in user experience. Your funds are safe, and this change is merely an attempt to raise the quality of the platform in advance of expected regulation and with respect to the audit findings.

Conclusion

Safety is a core operating principle, and we are glad to be spending the time and resources required to make sure our software is as robust as any commercial grade protocol out there. We feel safety, compliance and well-documented policies and procedures reduce the overall risk to any digital asset project, and encourage our peers reading this report to reach out to Trail of Bits and schedule an audit with them today. The whole industry should be encouraging these repeated CTAs (calls-to-act) as we have seen how a few exploited, unaudited or lightly audited, protocols can have a determinantal impact on the industry as a whole.

We are proud of the unFederalReserve development team, testers, QA professionals and everyone else that contributed to the production of such a safe and secure product.

🌊🌊🌊🌊🌊🌊🌊🌊🌊🌊🌊🌊🌊🌊🌊🌊🌊🌊🌊🌊🌊🌊🌊🌊

Although the material contained in this website was prepared based on information from public and private sources that Residual Token, Inc. d/b/a unFederalReserve believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and Residual Token, Inc. expressly disclaims any liability for the accuracy and completeness of information contained in this or any article.

This article, our website, social media posts and other public forum materials are distributed for general informational and educational purposes only and is not intended to constitute legal, tax, accounting, or investment advice. The information, opinions and views contained herein have not been tailored to the objectives of any one individual, are current only as of the date hereof and may be subject to change at any time without prior notice. Residual Token, Inc. does not have any obligation to provide revised opinions in the event of changed circumstances.

All investment strategies and investments involve risk of loss. Nothing contained in this website should be construed as investment advice. Any reference to an investment’s past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

Any ideas or strategies discussed herein should not be undertaken by any individual without prior consultation with a finance, tax or legal professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal objectives, needs and risk tolerance. Residual Token, Inc. expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
unFederalReserve

unFederalReserve

‘Credit vs Cash’ spot market fintech using blockchain protocols. Great liquidity access. Instantaneous settlement. $ersdl #DeFI #middlemarketdefi #uniswap