Security & Audits
Overview
Seneca Protocol uses best practices to reduce risk within the protocol and its markets. However, using DeFi applications, including Seneca Protocol, always exposes deposited funds to some level of risk.
Security Strategy
Seneca Protocol takes the following steps in order to minimize risk:
Third-party Oracles
Whenever possible, Seneca will prioritize the usage of third-party oracles in order to ensure the transparency and reliability in managing price feeds.
Seneca will primarily employ DIA oracles.
Initial Limits
Mintable senUSD will be limited to a minimum quantity during the protocol's initial phase. This allows for the organic expansion of the senUSD supply as well as the discovery of any issues prior to the easing of the stricter borrowing limitations and the opening of the markets to the largest possible user base.
The initial phase of the protocol will have a reduced quantity of borrowable senUSD. This enables both the organic growth of the senUSD supply and the early detection of any problems, if any, before the stricter limits are lifted and borrowing is fully opened to the broadest audience.
Audits
To provide the highest level of code safety, Seneca uses trusted, battle-tested codebases for its essential infrastructure components.
To find and fix any potential flaws, top security firms will nevertheless conduct additional examinations of Seneca's smart contracts. Advanced strategies, new asset pricing models, and other unique components will also undergo routine post-launch audits.
🛡️ CDP Infrastructure Audit
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