Formalising Decentralised Exchanges in Coq
Eske Hoy Nielsen, Danil Annenkov, Bas Spitters · 2023
The number of attacks and accidents leading to significant losses of crypto-assets is growing. According to Chainalysis, in 2021, approx. $14 billion has been lost due to various incidents, and this number is dominated by Decentralized Finance (DeFi) applications. To address these issues, one can use a collection of tools ranging from auditing to formal methods. We use formal verification and provide the first formalisation of a DeFi contract in a foundational proof assistant capturing contract interactions.