Audit Status
UNAUDITED · TESTNET ONLY — external review gates mainnet. Do not deposit anything you cannot lose.
As of 2026-08-29:
- No external audit has been performed. There is no audit report for any Vessel contract, on any network.
- No audit firm engagement can be verified. If an engagement exists, it has not been published: engaged audit firm, scope, timeline UNVERIFIED — PENDING GATE-0.
- The protocol is testnet software. The landing page states it plainly: "Vessel is experimental software in testnet."
What internal assurance is claimed
The litepaper (vessel.wtf/litepaper) makes one specific assurance claim: the conservation invariant
ΔNAV_Hull + ΔNAV_Ballast + ΔReserve + fees = G
is enforced in code and fuzzed, for every epoch.
That is a claim, not evidence. The public repository (github.com/Lemma-Development-Labs/vessel) contains only a README and a LICENSE as of 2026-08-29 — no contracts, no test suite, no fuzzing harness. Until the code publishes, "enforced and fuzzed" cannot be independently checked. This page will link the invariant tests when they are public.
What waits on external review
- vUSD. vUSD is Phase 3 and ships post-audit only. The litepaper also states that no privileged mint path exists in any Vessel contract — a claim that stays uninspectable until the code publishes, and unaudited until a review happens.
- Mainnet. The litepaper conditions mainnet deployment on external review. UNVERIFIED — PENDING GATE-0 That ordering has not been re-verified against the litepaper for this page, so it renders unverified here. What is verified: the protocol runs on Monad testnet today, and nowhere else.
Scope expected for review
Five areas. Nothing in this table has been externally reviewed; it is the checklist, not a report.
| Area | What a review must establish |
|---|---|
| Engine accounting | Per-tranche NAV tracking, and the conservation invariant ΔNAV_Hull + ΔNAV_Ballast + ΔReserve + fees = G holding on every epoch, including epochs where funding is negative. |
| Waterfall | The accrual path — 10% protocol fee on positive gross yield, half to the Reserve until its 2%-of-TVL target, Hull accrual at the contract rate, residual to Ballast — and the shortfall ordering: Ballast NAV first, then the Reserve, and Hull principal only after both are exhausted. |
| Series issuance and redemption | Fixed-maturity Hull series minting and redemption at maturity; the subordination floor B / (H + B) ≥ 20% correctly blocking new Hull issuance and Ballast withdrawals; the 48-hour Ballast cooldown. |
| Venue adapters | The IVenue boundary. The deployed implementation is SimVenue SIMVENUE — SIMULATED, a simulated venue with an owner-settable funding rate; a Perpl adapter is next. Review covers order placement, margin top-ups, and the automatic de-risking path that a buffer breach triggers. |
| Admin surface | Owner and keeper roles: which parameters are settable, by whom, and with what limits; permissionless keeper execution of margin top-ups, rebalancing, and funding harvest; the absence of any privileged mint path. Contract-level role details are unpublished, so this row is scope, not description. |
When this page changes
This page updates on facts, not intentions. When an engagement is signed and published, it will name the firm, the commit under review, the scope, and the dates. When a report exists, it will link the report and state what was and was not covered. Until then: unaudited, and every contract-level claim on this site is the team's statement.