Term Finance
Defi Lending and Borrowing Protocol
Critical / High
Medium
Low / Informative
Report files
Audit lifecycle
This engagement is complete with finalized deliverables.
Completed
Scheduled
Scope, timeline, and review plan were agreed.
Completed
In Progress
Manual review and verification work were carried out.
Completed
Completed
The engagement wrapped with a published final report.
Executive Summary
High-level assessment and conclusions
A concise overview of the audit scope, core findings, and the key outcomes from the engagement.
Term Finance is a decentralized fixed-rate borrowing and lending protocol that facilitates on-chain term loans through a unique auction mechanism. By matching lenders and borrowers in a transparent and efficient way, Term Finance enables capital markets to operate with minimal counterparty risk. The protocol supports permissionless loan issuance, optimizing interest rates based on market demand while ensuring secure and efficient settlements for users.
In September 2024, Runtime Verification engaged with Term Finance to perform formal verification on their DeFi protocol. At Runtime Verification, we specialize in building rigorous, mathematically grounded proofs to ensure that smart contracts behave as intended under all possible inputs and scenarios. Our tool, Kontrol, is designed to integrate seamlessly with Solidity-based projects, enabling developers to write property-based tests in Solidity and leverage symbolic execution to verify them. The following document summarizes the key aspects of our formal verification engagement with Term Finance, focusing on the tests, invariants, and findings from this collaboration.
Reports
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PDF report 1
Term FV Summary Report.pdf
Download the published report for this engagement.