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PASS
The final review score is indicated as a percentage. The percentage is calculated as Achieved Points due to MAX Possible Points. For each element the answer can be either Yes/No or a percentage. For a detailed breakdown of the individual weights of each question, please consult this document.
Very simply, the audit looks for the following declarations from the developer's site. With these declarations, it is reasonable to trust the smart contracts.
This report is for informational purposes only and does not constitute investment advice of any kind, nor does it constitute an offer to provide investment advisory or other services. Nothing in this report shall be considered a solicitation or offer to buy or sell any security, token, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this report constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this report should not be taken as advice to buy, sell or hold any security. The information in this report should not be relied upon for the purpose of investing. In preparing the information contained in this report, we have not taken into account the investment needs, objectives and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors.
Any views expressed in this report by us were prepared based upon the information available to us at the time such views were written. The views expressed within this report are limited to DeFiSafety and the author and do not reflect those of any additional or third party and are strictly based upon DeFiSafety, its authors, interpretations and evaluation of relevant data. Changed or additional information could cause such views to change. All information is subject to possible correction. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.
This completed report is copyright (c) DeFiSafety 2023. Permission is given to copy in whole, retaining this copyright label.
This section looks at the code deployed on the Mainnet that gets reviewed and its corresponding software repository. The document explaining these questions is here.
1. Are the executing code addresses readily available? (%)
They are available at website https://docs.yearn.finance/developers/deployed-contracts-registry, as indicated in the Appendix.
2. Is the code actively being used? (%)
Activity is over 10 transactions a day on contract yVault.sol, as indicated in the Appendix.
3. Is there a public software repository? (Y/N)
Is there a public software repository with the code at a minimum, but also normally test and scripts. Even if the repository was created just to hold the files and has just 1 transaction, it gets a "Yes". For teams with private repositories, this answer is "No"
4. Is there a development history visible? (%)
With 320 commits and 5 branches, this is a very healthy software repository.
This metric checks if the software repository demonstrates a strong steady history. This is normally demonstrated by commits, branches and releases in a software repository. A healthy history demonstrates a history of more than a month (at a minimum).
5. Is the team public (not anonymous)? (Y/N)
For a "Yes" in this question, the real names of some team members must be public on the website or other documentation (LinkedIn, etc). If the team is anonymous, then this question is a "No".
This section looks at the software documentation. The document explaining these questions is here.
7. Are the basic software functions documented? (Y/N)
Yearn have their basic software functions documented in their yVault documentation.
8. Does the software function documentation fully (100%) cover the deployed contracts? (%)
All of Yearn's contracts and functions are documented in the Smart Contracts section of their documentation, as well as the yVaults section and the API section. In addition, Yearn has robust software documentation in each of the README.md of their various GitHub repositories, most notably yearn-vaults.
9. Are there sufficiently detailed comments for all functions within the deployed contract code (%)
The CtC seems to understate how much commenting there is on the Vyper code. For this reason the score was increase to 80%.
The Comments to Code (CtC) ratio is the primary metric for this score.
10. Is it possible to trace from software documentation to the implementation in code (%)
There is clear and explicit traceability between the Yearn devdocs and the software functions' implementations in the source code.
11. Full test suite (Covers all the deployed code) (%)
This score is guided by the Test to Code ratio (TtC). Generally a good test to code ratio is over 100%. However the reviewers best judgement is the final deciding factor.
12. Code coverage (Covers all the deployed lines of code, or explains misses) (%)
Detailed code coverage can be found in their v2 vault repository commits.
13. Scripts and instructions to run the tests? (Y/N)
Scrips/Instructions location: You can find scripts here and instructions to run tests in the README.md of their various repositories.
14. Report of the results (%)
Detailed test report was found at https://github.com/yearn/yearn-vaults/commit/ca36f0113e32abb78e44f61fa95c0f1258daeffd. There is an additional report in the actions of the year-vaults repository here.
15. Formal Verification test done (%)
No evidence of a Formal Verification test was found in the Yearn documentation or in web searches.
16. Stress Testing environment (%)
There is evidence of Yearn's test-net usage in the "v2 yVault Improvements" section of their documentation. However, no addresses are publicly available, and therefore this metric's score is reduced to 50%.
This section looks at the 3rd party software audits done. It is explained in this document.
17. Did 3rd Party audits take place? (%)
Yearn has had two MixBytes audits and one Martinet Lee audit pre-deployment, as well as one Trail of Bits audit post-deployment. Full list of available audit reports can be found here.
18. Is the bug bounty acceptable high? (%)
Yearn Finance's Bug Bounty Program with Immunefi is active and rewards participating users with up to 200k for the most critical of finds.
This section covers the documentation of special access controls for a DeFi protocol. The admin access controls are the contracts that allow updating contracts or coefficients in the protocol. Since these contracts can allow the protocol admins to "change the rules", complete disclosure of capabilities is vital for user's transparency. It is explained in this document.
19. Can a user clearly and quickly find the status of the access controls (%)
Yearn's access controls can easily be found in the "Governance" section of their documentation.
20. Is the information clear and complete (%)
21. Is the information in non-technical terms that pertain to the investments (%)
All Yearn governance information is detailed in user-friendly language.
22. Is there Pause Control documentation including records of tests (%)
yGuard is explained clearly in the "Governance and Operations" section of the Yearn documentation.
1contract yVault is ERC20, ERC20Detailed {
2 using SafeERC20 for IERC20;
3 using Address for address;
4 using SafeMath for uint256;
5
6 IERC20 public token;
7
8 uint256 public min = 9500;
9 uint256 public constant max = 10000;
10
11 address public governance;
12 address public controller;
13
14 constructor(address _token, address _controller)
15 public
16 ERC20Detailed(
17 string(abi.encodePacked("yearn ", ERC20Detailed(_token).name())),
18 string(abi.encodePacked("y", ERC20Detailed(_token).symbol())),
19 ERC20Detailed(_token).decimals()
20 )
21 {
22 token = IERC20(_token);
23 governance = msg.sender;
24 controller = _controller;
25 }
26
27 function balance() public view returns (uint256) {
28 return token.balanceOf(address(this)).add(IController(controller).balanceOf(address(token)));
29 }
30
31 function setMin(uint256 _min) external {
32 require(msg.sender == governance, "!governance");
33 min = _min;
34 }
35
36 function setGovernance(address _governance) public {
37 require(msg.sender == governance, "!governance");
38 governance = _governance;
39 }
40
41 function setController(address _controller) public {
42 require(msg.sender == governance, "!governance");
43 controller = _controller;
44 }
45
46 / Custom logic in here for how much the vault allows to be borrowed
47 / Sets minimum required on-hand to keep small withdrawals cheap
48 function available() public view returns (uint256) {
49 return token.balanceOf(address(this)).mul(min).div(max);
50 }
51
52 function earn() public {
53 uint256 _bal = available();
54 token.safeTransfer(controller, _bal);
55 IController(controller).earn(address(token), _bal);
56 }
57
58 function depositAll() external {
59 deposit(token.balanceOf(msg.sender));
60 }
61
62 function deposit(uint256 _amount) public {
63 uint256 _pool = balance();
64 uint256 _before = token.balanceOf(address(this));
65 token.safeTransferFrom(msg.sender, address(this), _amount);
66 uint256 _after = token.balanceOf(address(this));
67 _amount = _after.sub(_before); // Additional check for deflationary tokens
68 uint256 shares = 0;
69 if (totalSupply() == 0) {
70 shares = _amount;
71 } else {
72 shares = (_amount.mul(totalSupply())).div(_pool);
73 }
74 _mint(msg.sender, shares);
75 }
76
77 function withdrawAll() external {
78 withdraw(balanceOf(msg.sender));
79 }
80
81 // Used to swap any borrowed reserve over the debt limit to liquidate to 'token'
82 function harvest(address reserve, uint256 amount) external {
83 require(msg.sender == controller, "!controller");
84 require(reserve != address(token), "token");
85 IERC20(reserve).safeTransfer(controller, amount);
86 }
87
88 // No rebalance implementation for lower fees and faster swaps
89 function withdraw(uint256 _shares) public {
90 uint256 r = (balance().mul(_shares)).div(totalSupply());
91 _burn(msg.sender, _shares);
92
93 // Check balance
94 uint256 b = token.balanceOf(address(this));
95 if (b < r) {
96 uint256 _withdraw = r.sub(b);
97 IController(controller).withdraw(address(token), _withdraw);
98 uint256 _after = token.balanceOf(address(this));
99 uint256 _diff = _after.sub(b);
100 if (_diff < _withdraw) {
101 r = b.add(_diff);
102 }
103 }
104
105 token.safeTransfer(msg.sender, r);
106 }
107
108 function getPricePerFullShare() public view returns (uint256) {
109 return balance().mul(1e18).div(totalSupply());
110 }
111}
Comments to Code: 729 / 1885 = 39 %
Tests to Code: 1131 / 1885 = 60 %