UniLend Finance moving towards Omnis Testnet with Completion of Bug Bounty
UniLend Omnis, the upcoming new version for Lending and Borrowing of every ERC20 asset, sets another milestone and moves very close to launching on testnet. We announced a Bug Bunty earlier this year with ImmuneFi. We ran the bug bounty for sufficient time and saw an excellent response from the developer community. While during the course, there were many interactions between our tech team and the ImmuneFi team to help developers understand and deploy the Code, we are glad to share that no major bugs were reported.
For a better understanding of where we are in terms of Omnis release, we would like to elaborate the product development timeline.
Product Development Phases
Our team has been working from scratch to Build the UniLend Omnis product. Since Omnis is not a fork, it involves many complicated things divided into six major phases. The development of smart contract code has been a rather extensive journey.
Phase 1 — Smart contract Development
We developed the smart contract based on our vision and through research. Our team went through all the possible features we can incorporate in this version to provide robust Lending and borrowing platform.
Phase 2 — Thoroughly testing internally
We have worked on several versions of the Code along with our development. We were testing internally every feature of the program several times at every stage. Our tech team has run many cases and iterations to make the smart contract deployment ready.
Phase 3 — Smart contract Audits
Once we finished Omis smart-contract development with rigorous internal testing, we submitted our Code for audits. The audit is a sophisticated process to go through everything on the smart-contract level with multiple checkpoints. Our team went the extra mile to maintain communication with the auditors to make them understand the functions. It’s worth noting that since the UniLend Omnis smart contract is the first permissionless Lending and Borrowing protocol, it was a more challenging task for auditors. This has caused some unexpected delays which added to the overall product delivery.
After a long and rigorous process, Unilend Omnis Smart Contracts passed both audits. In addition, we got our smart-contract audited from Peckshield and Slowmist, which are leading blockchain auditors. We are glad to share that no severe issues were reported during the audits of the Omnis smart contract, and we resolved the minor issues quickly.
Phase 4 — Bug Bounty
Post the Code went live for UniLend Omnis, we launched our bug bounty with ImmuneFi. A bug bounty is an additional step that lets the developers test and run the program several times. During this process, the whitehat developers look for any issues or bugs in the Code. They are rewarded as per the issues they identified. There were three reported escalations from the ImmuneFi team, which were only valid.
We resolved the escalated issues and rewarded the developers. After running the bug bounty for an extensive period, we are now concluding it.
Phase 5 — Testnet Launch
Testnet is an instance when the Dapp is used for testing and experimentation without risk to real funds or the main chain.
Reasons to launch on Testnet:
- developing applications without the risk of losing real funds
- analyzing data from Blockchain on a smaller scale compared to the public network.
- providing early access to the community before the official release.
UniLend Omnis is now in the final stage for testnet release. More details will be shared via our announcement channels in the coming days.
Phase 6 — Mainnet Launch
The mainnet is the final phase when the protocol is launched on Main Blockchain with smart-contract deployment. Once live, anyone can utilize the protocol with real assets. We have experience launching products on Mainnet from our v1 but UniLend Omnis is a much more complex version. So our team will be taking inputs from Testnet for a smooth launch.
We are now at phase 4 of the product cycle, and the development is going smoothly. As our Founder and CEO, Chandresh Aharwar has always emphasized the importance of security to the community, and we are following step-by-step procedures to deliver the product.
UniLend v1 has been live for more than one year, with more than 30+ tokens permissionless Lending and Flash Loans. We have launched the v1 on 3 more blockchains during this time, with millions of dollars worth of tokens being lent.
The UniLend Omnis Code is successfully audited by leading Blockchain Auditors PeckShield, and SlowMist followed by a Multi-Tier Bug bounty program with popular developers platform ImmuneFi. Stay tuned for our Testnet launch events in the coming days.