Thoughts on Multi-Million Dollar DeFi Applications by Bella Protocol Team
Major Upgrade on Flex Savings v1 and New Timeline for v2 Launch
Dear Bella Supporters,
The past few weeks have not been easy for the DeFi world. Multiple attacks have been conducted on DeFi protocols, millions of dollars have been stolen. Most of these targeted DeFi protocols have been audited, yet vulnerabilities have still been exploited.
Below is an incomplete list of the recent hacks:
Harvest.finance ($34 million)
Pickle ($20 million)
Origin Protocol ($8 million)
YFV ($6 million)
Akro ($2 million)
Among some others.
These sizable attacks have exposed the vulnerabilities of DeFi as a new-born. These however, are painful yet inevitable steps to a more robust and mature financial infrastructure of the future.
On the other hand, the funds stolen were deposited by actual users from around the world who believed in the very future of crypto, specifically, the potential of DeFi. To some, this means life savings. Suffering such loss could mean a death blow to both financial well-being and personal belief in a free system.
At Bella, it is our mission to bring mass adoption to crypto and DeFi. This means that we will be the first stop for newcomers to crypto who want to invest in DeFi. We will be handling their trust and life-savings. Therefore, we take security as the highest priority.
We have partnered with leading security firms such as PeckShield to ensure that our codes are safe and sound. Several audits suggested that the current version of Flex Savings has no major vulnerabilities. However, Flex Savings v1 is a test-in-production type of product with risk of losing 100% of fund deposited. Though this is common in DeFi, it is irresponsible for users in any fund-carrying financial product. We think we should do much more.
Today could have been the launch of Bella Flex Savings v1. Our team has made a decision to implement a major upgrade to Flex Savings v2. Therefore, Flex Savings v1 will not be deployed to Ethereum mainnet, rather it will be deployed to a sandbox environment of Ethereum fork (mainnet snapshot). Security audit reports are also going to be published.
Key Metrics for Flex Savings v2 Upgrade
- Flex Savings v2 is going to launch in the middle of Q1 2021
- During this period, we are going to:
- Conduct a thorough research on existing investment strategies
- Design and develop a generic scenario testing harness, state-of-the-art in the DeFi industry
- Devise a list of testing scenarios including both happy paths and corner cases as well as mocked attacks at large scale
- Refactor the current code to better incorporate the scenario testing and achieve higher test coverage
- Expand and train our engineer team, standardize the development workflow, adopt better engineering practices, and improve code maintainability
- Work with best-in-class white-hats and security teams to find potential hazards in the code
3. Though time consuming, this initiative will speed up future development in smart contract enabled dApps
4. Bella One-click product will be subsequently postponed for 3 months until Q2 2021
For a long period of time, the DeFi world has been engineering software using the practice to implement Office Word of which the worst case scenario is you lose a day of work.
The recent incidents remind us again: We are engineering products that are responsible for handling millions of dollars, the worst case scenario here when the product bugs out is our users lose their life savings. Understanding that, we have been working diligently and prudently to raise the bar of robustness and security in the DeFi world, by implementing more rigorous style checks, code static analysis, code review, automated unit and behavior testing to uphold the standard of a multi-million-dollar-handling DeFi product.
We do appreciate every bit of your patience and understanding. Together, we are working towards a healthier, more robust and mature world of DeFi.
Bella is a suite of open finance products including automated yield farming tools, lending protocol, one-click savings account, customized robo-advisor, and more. We believe everyone deserves equal access to premium financial products and services with elegant design and smooth user experience.
Bella brings your familiar mobile banking into crypto with just one click. With Bella, you can just simply sit back, watch your asset grow, and leave all the heavy-lifting to secure, automated smart contracts.
Bella’s core team consists of serial entrepreneurs and blockchain veterans who have tremendous experience and proven track record in finance, cryptography, blockchain, and engineering.
For more information about Bella, or to join our team,
please contact us at firstname.lastname@example.org
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