The Bancor Network (BNT) project announced on June 7 that ConsenSys is leading a security audit for its Bancor V2 network, which is slated for release sometime in Q2 2020. 

The announcement has been accompanied by a price surge - the BNT token value has risen by 25% in the first week of June, after many weeks of remaining stagnant. The token is currently valued at $0.74, not far from its 3 month high of $0.81.

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The technical details of the code will be released in the weeks to come. For the moment, ConsenSys Diligence will examine the code to ensure that the code is exploit proof and fully secure. The DeFi market has suffered attacks in recent months, and teams have put more time into ensuring that code is safe.

ConsenSys is a blockchain software company, founded by Ethereum co-founder Joseph Lubin. It is a prominent company in the blockchain space, involved in multiple projects and efforts. ConsenSys Diligence is the blockchain security division of the firm, working with development teams to secure code.

Bancor V2 brings many new features to the network, including an automated market maker that has been integrated with Chainlink (LINK), lending protocol support and exposure to a single token. The team is tackling a few major pain points with V2, namely exposure to multiple assets and impermanent loss, capital inefficiency and the cost of providing liquidity.

The project has some notable backers - including billionaire VC investor Tim Draper, who joined the Bancor Advisory Board in June 2017, and Blockchain Capital. The former has stated his expectations of a long term collaboration and Bancor remains one of the select few projects he has invested in.