Velocity Completes OtterSec Audit and Opens Source Code Ahead of Beta Launch

Decentralized perpetual futures trading platform Velocity, formerly Drift Protocol, said it has completed an audit by OtterSec and opened the protocol's source code. According to Foresight News, the platform's beta version will be open to everyone in the next few days. The protocol is also undergoing STRIDE security review by the Solana Foundation. OtterSec reviewed all work on the code fork after the April security incident and recorded 154 findings, with no critical vulnerabilities. Velocity fixed high-severity findings in the deployed code. The protocol has been simplified to focus on perpetual contracts, while the spot market will be used as a collateral and lending platform. Fees from all perpetual products will be split among protocol liquidity, the insurance fund, and the Velocity protocol itself. Foresight News previously reported that Drift Protocol was hacked in early April, resulting in a loss of $295 million.