Ottersec Completes Security Audit of Folks Finance’s Crosschain Lending Hub

Over the past few months, the Folks team has been working hand-in-hand with one of the most knowledgeable security auditing firms in the Web3 space, Ottersec. The collaboration output is a successful completion of a full security audit of Folks Finance’s xApp new protocol.

Ottersec has completed a security audit which includes a design review and code review for a crosschain lending protocol built using messaging technologies, namely: Wormhole, Chainlink CCIP, and Circle CCTP. The protocol aims to interoperate seamlessly multiple contracts on different networks for a frictionless multichain lending and borrowing experience and improved unified liquidity between the supported networks.

The outcome was positive. Ottersec found only two principal aspects of the protocol which needed improvement and the Folks team was able to address them to exterminate vulnerabilities before the testnet launch.

Folks Finance CTO Gidon Katten shared his thoughts:

“The completion of the audit demonstrates our continued commitment to security at Folks. When building an innovative product, security becomes even more vital and we would like to thank Ottersec for their support in our shared aim.”

Ottersec Founder Robert Chen shared:

‘’Ottersec conducted a comprehensive security audit of Folks Finance’s crosschain lending hub, covering design and code aspects. We collaborated closely with the Folks team to ensure their new protocol meets high-security standards. This audit reflects our commitment to enhancing security in DeFi, ensuring robustness and reliability for users across multiple networks.’’

Folks’ xApp testnet is scheduled for release in the coming weeks. You’ll be able to test the app and earn rewards for doing so. Follow @folksfinance on X to stay updated with all the latest news approaching the protocol’s launch.

About Folks Finance:
Folks Finance is a pioneering DeFi platform that offers cross-chain lending, borrowing, staking and trading. With a focus on security, efficiency, and user empowerment, Folks Finance delivers a user experience akin to centralized exchanges, setting a new standard for the DeFi applications.