“Community sourced audits help create the protocol trust needed for mass adoption.” — bitN8, Protocol Researcher, Terra Form Labs
This month, we’re diving into Anchor Protocol. Referred to as “The Benchmark DeFi Yield,” Anchor is a decentralized savings protocol offering low-volatility yields on Terra stablecoin deposits.
Beginning February 24th, Anchor is sponsoring a 14-day security audit contest at Code4rena with a prize pool totalling $170K. This contest is a momentous occasion as it will mark Code4rena’s second voyage into the Cosmos ecosystem.
As we set sail for Anchor’s entrance into the arena, we invited bitN8, Protocol Researcher, to chat with us about what Anchor is working towards and how he thinks about security.
What are you building, and what sets it apart from similar offerings in the space?
The best savings and borrowing protocol in DeFi, with some of the highest earn and lowest borrow costs achieved through unlocking staking yield.
What’s your vision for your project? What are you building towards in the longer view?
To revolutionize the way one can save or borrow against their money.
What’s the most innovative idea in your project/protocol?
Unlocking staking returns to lower the cost of borrowing and increase deposit reward APY.
It takes courage to undergo a public audit by a swarm of anonymous security researchers. It also says a lot about how much you prioritize security. What advice would you give to those on the fence?
Community sourced audits help create the protocol trust needed for mass adoption.
Security has become an increasingly vital topic in Web3 and DeFi. How do you think the ecosystem needs to evolve in order to rise to the challenge?
Change the security auditing model. Auditors need skin in the game that is at risk of being lost for future hacks. The one-and-done model also has to change; we need to continuously monitor service contracts that are at risk of losing revenue when exploits happen.
What gets you most excited about Web3?
The democratization of money, and the free and open world this can build.
Complete the following sentence: “I wish more Web3 projects would…”
Become more decentralized.
What Web3 project name do you wish you’d thought of first?
The ones I am building!
What do you geek out about, beyond Web3?
Sci-fi books, philosophy, and fermentation. One of my favorite resources is a blog called Wild Fermentation.
Is there anything else you want to make sure we include?
WAGMI
Learn more about Anchor Protocol
- Website: anchorprotocol.com
- Twitter: twitter.com/anchor_protocol
- Medium: medium.com/anchor-protocol
Anchor Protocol’s $170K security audit contest opens February 24, 2022, and runs for 14 days. Details at code4rena.com.
The Ones in the Arena spotlights emerging and established DeFi projects and their founders, with an eye to celebrating and learning from them. The series’ name is inspired in part by Teddy Roosevelt’s famous quote, which has a central place in Code4rena’s philosophy.
