Hyperdrive Security Roadmap Update #2: New Audit Report!

Hyperdrive Security Roadmap Update #2: New Audit Report!

At DELV, we take security very seriously. Today, we are excited to share and showcase:

  • The key findings from the most recent Hyperdrive AMM protocol audit
  • The recently released Hyperdrive Testnet with Element DAO

For our previous security update on Hyperdrive, read more "Hyperdrive Security Roadmap Update: Pre-Testnet Audit Reports Are In!” and in our docs portal here.

Hyperdrive’s Audit Reports & Security

Hyperdrive’s audit reports provide an in-depth analysis of the AMM, including findings and actions taken to solve or mitigate the audit-reported issues. Overall, Hyperdrive has gone through several rounds of audits (5) and formal verification, and we plan to follow it up with a continuous public bug bounty program.

This latest audit was conducted by Spearbit and the detailed results are described below.

Spearbit Audit (#3) Report (March 2024)

About The Auditor

Spearbit is a decentralized network of expert security engineers offering reviews and other security related services to Web3 companies with the goal of creating a stronger ecosystem. Their network has experience including but not limited to protocol design, smart contracts, and the Solidity compiler.

You can learn more about Spearbit here.

Summary of Findings

Spearbit’s audit dated March 2024 reviewed the Hyperdrive contracts (Commit hash: d264165f0b81ccfdb082cf20b2e5f4be63ff9bd9). Over 15 days, the DELV team engaged with Spearbit to review the Hyperdrive protocol. In this period of time, a total of 22 issues were found.

Spearbit’s Results:

You can read Spearbit’s full audit (#3) report here. Spearbit’s previous Hyperdrive Audits can be found here #2 and here #1.

Hyperdrive Now LIVE on Testnet!

Try out Hyperdrive on Sepolia Testnet here: testnet.hyperdrive.trade

To learn more about participating in the Testnet, check out the below resources:


Our security efforts over the past year have resulted in the discovery of several bugs, including some critical and high-severity issues. The DELV team has taken actions to evaluate, mitigate, and address these issues, and we look forward to continuing to work with our audit partners as we get closer to a potential mainnet launch of Hyperdrive.

While no system is perfect, in combination with five audit reports, formal verification, fuzzing, high coverage unit and integration testing, and a planned continuous bug bounty program, we are working hard to build and earn confidence in the security of Hyperdrive.

Next Steps

Moving forward, we will continue to pursue rigorous security efforts for the Hyperdrive AMM, and remain committed to sharing issues transparently, should any future concerns arise.

Here’s what you can expect over the next few weeks from us:

  • Discussions of Hyperdrive with the DeFi community
  • Further content and guides delving into the Hyperdrive Testnet
  • A Block Analitica Analytics Dashboard
  • A continuous public bug bounty program
  • Incorporated feedback received from the Hyperdrive Testnet (UI, Docs, Code, etc.)
  • Working with users, integrators, and builders in preparation for a mainnet launch of Hyperdrive

Join us on the Road to Launch Hyperdrive

Connect with us to stay updated on the latest news and developments:

Stay tuned for more updates and join us as a user, integrator, builder, or supporter as we gear up for the next launch!


The DELV Team