Ooki Protocol new security features: Guardians, infrastructure multisig, and audits
Ooki aims to become the safest DeFi margin trading platform. Below are some of the recent security-related updates made to enhance protocol security. Additionally, a number of future security upgrades are planned to enhance protocol safety for borrowers and lenders. A few of these safety measures include the use of multisig Guardian contracts, DAO, and multiple protocol audits.
Guardian multisig contracts are used for emergency pauses to the protocol. A ‘multisig’ contract generally requires multiple signatures from different addresses for a transaction to be executed. The Guardian multisig used on Ooki uses 3 of 4 signatures for protocol transactions and 2 of 3 for infrastructure transactions. The Guardians are also KYC verified.
Ooki is governed by a DAO on Ethereum. Each deployment on L2 (BSC, Polygon, etc) is currently controlled by multisig contracts controlled by Guardians. Later this year these deployments will be managed by the Ooki DAO on a single chain.
ETH and L2 Guardians are used in the very unlikely event of an emergency where a temporary intervention of the Guardians is required to stop limited functions from working, e.g. minting or trading, as a failsafe in the event of malicious activities. Below is a list of properties of Guardian contracts:
- Guardians can't deploy or change the protocol.
- Guardians can only be replaced by a DAO vote.
- All Guardians are using hardware wallets to increase security further.
- Each Guardian multisig contract is controlled by three or more individual Guardians.
- BSC and Polygon Guardians have the power to deploy new code and change protocol settings. We trust the Guardians, for now, to deploy only what has been voted and act in the best interest of the protocol.
Recent changes to enhance security further:
- All deployments were switched to being managed by Guardian multisig.
- Guardian multisig has the power to pause the protocol in the event a security issue is discovered.
- Infrastructure multisig is used for handling the regular course of business payments approved by the Ooki DAO.
The contract addresses for Ooki Protocol Guardian are listed below:
Polygon Guardian multisig:
ETH Guardian multisig:
BSC Guardian multisig:
All protocol-level audits conducted are available here. Some community members have requested that new audits should be done, but since the protocol is safe and unchanged since the last audits, there is no need for new audits.