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.
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.
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