Matocard is a testnet product built during a hackathon. The contracts have not been audited by a third party. No real money is involved today.
| Risk | Who carries it | Mitigation |
|---|---|---|
| Smart contract bug | Everyone | Over 100 tests at 100% coverage, invariant tests, Slither in CI with no open findings. Third-party audit before mainnet |
| Admin key can upgrade anything | Everyone | Two-step admin handover with a one-day delay today; multisig and timelock before mainnet |
| Operator custody of fiat between payment and credit | Users with a top-up in flight | Narrow relayer role, daily caps, daily reconciliation against the chain |
| Relayer key leak | The treasury | The relayer can only credit from its own AUSD and reverse holds; daily caps; pause |
| Card chargebacks | Operator | Card hold enforced by the contract; reversal inside the hold; losses after it are the operator’s |
| Borrower default above score 72 | Lenders | Priced by the 20% yield fee; collateral seized instantly |
| Vault loses value or queues withdrawals | Borrowers and lenders | Limits fall and new draws stop, but no early default; seizure works on shares, so it is instant |
| Exchange-rate moves | Borrowers | Debt shown in dollars with the local amount before paying |
| Lost passkey | The user | Passkeys sync across devices; recovery is on the roadmap |
| Regulation | The project | Licensed partners or OJK’s regulatory sandbox before real money |