Wanchain's Cardano Bridge Audit

[GENERAL] Name and surname of main applicant

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

Wanchain will outsource and contract with a well known Cardano-focused firm to audit the Haskell smart contracts that power Wanchain's Cardano Bridge.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No dependencies.

[GENERAL] Will your project’s output/s be fully open source?

[GENERAL] Please provide here more information on the open source status of your project outputs

The audited Haskell smart contracts that power Wanchain's Cardano bridge will be open source via Apache License, Version 2.0 or similar license.

[SOLUTION] Please describe your proposed solution

Wanchain, the blockchain industry's longest-running decentralised interoperability project, has already deployed several cross-chain bridges connecting Cardano to multiple EVM and non-EVM networks. Over the past 9+ months, Wanchain's Cardano Bridge has secured the transfer of 10s of millions of dollars worth of value to-and-from Cardano (primarily in the form of BTC, USDC and USDT). This bridge is accessible publicly here: https://bridge.wanchain.org/

In 6+ years of operations, Wanchain's Bridges have not suffered any security incidents or exploits. Despite this unmatched track record, it is understandable that there remains concerns about the security of all cross-chain bridges. The repeated failures of poorly-designed cross-chain bridges has left a black mark on the industry and dissuades people from engaging with these vital solutions. Individuals who have suffered losses due to a bridge hack naturally develop a distrust for all cross-chain bridges.

Nevertheless, one of the prerequisites for the mass adoption of Cardano remains secure and seamless cross-chain interoperability.

With this in mind, a comprehensive smart contract audit of Wanchain's Cardano Bridge by an reputable auditing firm will be conducted to enhance security and trust in the Cardano Bridge. The audit will involve a line-by-line examination of the smart contracts that power Wanchain's Cardano Bridge to identify any potential security vulnerabilities, inefficiencies, or bugs. This will make it easier for Cardano DeFi protocols -- especially those who have specifically requested this second audit -- to leverage assets like USDC and USDT in order to expand Cardano's DeFi Ecosystem.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

The proposed audit of Wanchain's Cardano Bridge will positively impact the entire Cardano DeFi ecosystem and Community.

Today, Wanchain's Cardano Bridge connects the Cardano mainnet to the wider blockchain industry. As part of Wanchain's cross-chain infrastructure, Cardano is now connected to 35+ public networks (both EVM and non-EVM networks). To date, the Cardano Bridge has secured 10s of millions of dollars of cross-chain value to-and-from Cardano, primarily in stablecoins like USDC and USDT.

Leading Cardano DeFi protocols, including Minswap and Liqwid, have supported Wanchain's Cardano Bridge -- Minswap included USDC as a launch asset for their stableswap protocol while Liqwid supports multiple bridged assets for lending and borrowing. More than 1 million dollars in stablecoins are currently minted on Cardano.

Prior to launch, Wanchain's Cardano Bridge was audited by Anastasia Labs. A second audit, completed by another firm, will enhance security and trust in the product and allow more Cardano DeFi Protocols to leverage assets like USDC and USDT to expand Cardano's DeFi Ecosystem.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Wanchain is a global leader for decentralised blockchain interoperability solutions and has been in operation since 2017. We launched the blockchain industry’s first decentralised cross-chain bridge, deployed the first direct bridge connecting Bitcoin and Ethereum, and are the only decentralised bridge currently servicing the Cardano ecosystem. Currently supporting more than 35 public networks, Wanchain continues to earn its reputation for enabling interoperability between EVM and non-EVM networks. Wanchain has engaged numerous auditing firms over the years and understands how to work with external auditors to complete a successful audit.

Additionally, Wanchain is familiar with the Catalyst process. Alongside partner Maestro, Wanchain had a proposal approved during Catalyst Fund 11. To date, milestones are being delivered without issue.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

Begin Audit. Confirmation from auditor as evidence.

Complete Audit. Confirmation from auditor as evidence.

Publish Audit Summary and provide evidence of audited open source smart contracts.

[RESOURCES] Who is in the project team and what are their roles?

Wanchain Team

• Temujin Louie - CEO

Temujin Louie is a communications specialist with more than 10 years of experience driving the adoption of transformative digital technologies. His introduction to blockchain began in 2012 during his graduate studies at the London School of Economics and Political Science, where he studied Bitcoin’s impact on incumbent power structures. 

Temujin is a subject matter expert in blockchain interoperability. He has the rare talent of simplifying intricate technological concepts into engaging narratives. He has served as the essential bridge between the tech world and the broader public, offering his unique insights and strategic acumen to both tech startups and global multinational enterprises.

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

The audit is expected to take approximately 9 weeks to complete. It will require 2 auditors from the auditing firm. The expected cost is 110,000 USD.

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

Cross-chain interoperability is the catalyst that will lead to the widespread adoption of Cardano solutions. This audit will enhance security and trust in Wanchain's Cardano Bridge and allow more Cardano DeFi Protocols to leverage assets like USDC and USDT to expand Cardano's DeFi Ecosystem. Deeper liquidity of these kinds of stablecoins and other blue-chip assets like BTC are vital for any DeFi ecosystem to flourish. With this in mind, the cost of this audit pales in comparison to the value that decentralised cross-chain interoperability creates for the entire Cardano ecosystem.