https://blog.honey.finance/honey-dao-report-august-2022-8b6be383a0ae
August has seen major changes within the DAO, as we continue to secure our protocol through increased decentralisation and liquidity.
After its redesign in July, the NFT liquidation engine has been implemented on Solana, and can already be tested in our development build.
The new and improved liquidation engine is meant to allow the protocol to issue significantly more debt, all while increasing the protection and solvency of the collateral.
We’ve already discussed this liquidation engine at length in our previous articles, so we’ll let you explore our blog if you’d like to learn more.
Wrapping up liquidations means we are finally ready to audit the new and improved code.
Starting today, OtterSec will be reviewing our protocol programs to find any and all security exploits. The OtterSec audit will last 3 weeks, during which we will launch the protocol in a closed beta within our DAO.
The purpose of the closed beta is to allow the team to gather information on loans, defaults, liquidations and test risk parameters.
Reminder: during this beta period, the code will be unaudited ! Make sure to invest funds at your own risk, and to not play around with more than you are willing to lose.
The NFT x DeFi lending scene on ETH has been going through some turbulent times after the recent BendDAO incident. This presents a unique gap in the market which we aim to time perfectly, as our competitive advantage (loan solvency at scale) now becomes more sought after than ever on Ethereum.
Honey Development Association has completed almost all the smart contracts for NFT lending and has now entered discussions with different auditing firms. To accompany the launch of our Ethereum code, we will also be unveiling the details of a bug bounty program, offering open source developers an opportunity to be rewarded for discovering vulnerabilities in our protocol.
Our business development team has also been hard at work securing important partnerships with major DeFi protocols on Ethereum, partnerships which we plan to announce in September as we approach launch.
While Solana and Ethereum protocols are launching on mainnet in the coming days and weeks, the user interfaces will be temporary. What you will see is the bare minimum UI to interact with our on-chain programs, nothing more.
The actual user experience and full-fledged dapp will be unveiled in September, with the launch of a revamped UI, new graphics, features, and branding. We’ve put an immense amount of research and development into this new UI, to position ourselves as the FinTech user interface of NFT lending.