Unreal Finance & Gnosis Safe: Security & Decentralization
As the team behind Unreal Finance prepares for the launch of V2 of Unreal Finance on the Ethereum Mainnet, we want to take a moment to explain to you, how we have mitigated the centralization risk to maintain decentralization standards and transparency of our protocol.
Please go through the rest of the article to find out the smart contract ownership details.
Smart contract ownership is given to the Gnosis Safe Timelock:
Gnosis Safe: https://etherscan.io/tx/0x554803a6e9208a887f3283a9fe36e08bf74b00f97197d6c7c647cc0f085e0282
Ownership Timelock: https://etherscan.io/tx/0x33c80847981aebb62272d646a91632ed49b99fc1098f8aebeea96ed70ed21249
Renounced: https://etherscan.io/tx/0x61a049b5c739bd1c33e30a7d6d4872b3c85a893a11f38ac99e43c68daf3a550e
Gnosis Safe was chosen as it is the most trusted platform to manage digital assets with their multi-signature format for DAOs and teams.
A predefined number of signatures are required to confirm transactions to be executed within the safe which helps prevent unauthorized access to company crypto assets and smart contracts. The purpose of having signatures to confirm every transaction is to lower the risk of having unauthorized access to company crypto assets and smart contracts.
There are a total of 3 signatures in the safe with a minimum of 2 signatures required to authorize transactions. This is done to enhance the security in Unreal Finance as well as keeping the smart contracts decentralized.
Safe Information
The deployment of Gnosis Safe is at
https://etherscan.io/tx/0x554803a6e9208a887f3283a9fe36e08bf74b00f97197d6c7c647cc0f085e0282
With following owners/co-signers:
Signer 1: 0x83Fabaf7Dd2B44d27b4612B0aCdC09b3a7FE5D1a
Which is added through transaction
https://etherscan.io/tx/0x554803a6e9208a887f3283a9fe36e08bf74b00f97197d6c7c647cc0f085e0282
Signer 2: 0xF5E1cA50Da44bF3CD71856Eb861Bda320AfFd396
Signer 3: 0xCB6d5BE2E778D575fD1734946679e8ed60bA4Ee6
Which are added through transaction
https://etherscan.io/tx/0x554803a6e9208a887f3283a9fe36e08bf74b00f97197d6c7c647cc0f085e0282
Since only 2 out of 3 wallets are required to sign in order to proceed Gnosis Safe. Therefore, 2 wallet addresses are owned by Unreal Finance core team members and the third wallet is owned by the Founder of Unreal Finance.
Moreover, there is a 48-hour timelock between the signers and the execution.
Future Effort
The current deployment of the Unreal Finance protocol via Gnosis Safe is only a temporary solution. To maintain strict decentralization of the Unreal Finance protocol, the team would be relinquishing the entire ownership & responsibility to the Unreal DAO which would be responsible for any future protocol changes.
About Unreal Finance
Unreal Finance is a decentralized protocol that allows users to tokenize the yield generated by popular lending protocols such as Compound, Aave, Yearn etc. It allows users to lock-in their interest rate by tokenizing their yields and getting a fixed yield rate. By using Unreal Finance, users can instantly claim unrealised yield upfront at a fixed rate.
Follow and subscribe us for latest update!
✅ Official Website: https://unreal.finance/
✅ Twitter: https://twitter.com/UnrealFinance
✅ Telegram Channel: https://t.me/unrealfinance
✅ Discord: https://discord.gg/Kqc4ztDq
✅ Reddit: https://www.reddit.com/r/unrealfinance/
✅ Telegram Announcements: @UnrealAnnouncements
