Code lineage

Precept's contracts derive from Blend v2. Precept keeps its pool accounting and liquidation auctions, and changes who takes a loss. The code is under the MIT licence, and the licence file keeps both copyright notices.

What changed

Changes from Blend v2 compares each changed behaviour with the original code and links to both sides. It also lists the event-topic changes made after the Guardian review.

Audits of the original code

These audits reviewed Blend v2 before Precept's changes existed. They do not cover those changes. Security and audits describes the review of Precept's changes.

• Code4rena audit report
• Certora formal verification, draft v2, June 2025
• Certora security assessment, draft v3, April 2025

Names you may still see

Some contract, parameter and report names keep the original naming. The factory configuration and activation stack include a placeholder token labelled BLND. It has no value and is not the real BLND token.

Integrations

An integration written for Blend v2 needs changes. Calls to rewards, flash loans and backstop-funded bad debt fail on Precept, even though the function names still resolve. See Integrate with a pool.

Moving a position

If your wallet holds a position in a Blend pool, the app can offer to move it. The move is not a like-for-like swap. Blend's backstop covers part of a lender's bad-debt risk, and Precept has nothing in that position. See Risks.