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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 relevant chain that gets reviewed and its corresponding software repository. The document explaining these questions is here.
1. Are the smart contract addresses easy to find? (%)
They can be found at https://docs.tokensets.com/developers/contracts/deployed/protocol, as indicated in the Appendix.
2. How active is the primary contract? (%)
Contract CreateTokenSet is used 10+ times a day, as indicated in the Appendix.
3. Does the protocol have a public software repository? (Y/N)
Set uses GitHub
4. Is there a development history visible? (%)
At 261 commits, Set has a strong development history.
5. Is the team public (not anonymous)?
The team is public.
The difference between this and the old link is solely the link. This section looks at the software documentation. The document explaining these questions is here.
6. Is there a whitepaper? (Y/N)
Location: https://docs.tokensets.com/
7. Is the protocol's software architecture documented? (Y/N)
This protocol's software architecture is documented
8. Does the software documentation fully cover the deployed contracts' source code? (%)
There is full coverage of deployed contracts by software function documentation.
9. Is it possible to trace the documented software to its implementation in the protocol's source code? (%)
There is non-explicit traceability between software documentation and implemented code.
10. Has the protocol tested their deployed code? (%)
Code examples are in the Appendix at the end of this report. As per the SLOC, there is 3301% testing to code (TtC). For every 1 line of deployed code, this protocol has documented testing of 330 lines. This is mind-bogglingly large and is unquestionably the highest I have ever seen in my time as a reviewer. Set should be congratulated for the extensive nature of such testing.
11. How covered is the protocol's code? (%)
Set has full code coverage.
12. Does the protocol provide scripts and instructions to run their tests? (Y/N)
Scripts/Instructions location: https://github.com/SetProtocol/set-protocol-v2#run-contract-tests
13. Is there a detailed report of the protocol's test results?(%)
No test report was identified, but there is a code coverage report.
14. Has the protocol undergone Formal Verification? (Y/N)
This protocol has not undergone formal verification.
15. Were the smart contracts deployed to a testnet? (Y/N)
This protocol has been deployed to Kovan.
This section looks at the 3rd party software audits done. It is explained in this document.
16. Is the protocol sufficiently audited? (%)
Set has been audited twice, both times before launch.
17. Is the bounty value acceptably high (%)
This protocol offers an active bug bounty of $50K
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.
18. Is the protocol's admin control information easy to find?
Admin control information was poorly documented at this location. This took some looking.
19. Are relevant contracts clearly labelled as upgradeable or immutable? (%)
Although Set Protocol's documentation does not clearly state what is immutable or upgradeable, the SetToken contract has upgradeable parameters that can be interacted with via their Controller and BaseManager contracts, making it implicitly upgradeable. However, the BaseManager contract that controls admin functionality indicates the upgradeable parameters of its various contracts, which are also stated in the individual contracts' pages in the Set Protocol documentation. 30% will be deduced due to lack of clarity.
20. Is the type of smart contract ownership clearly indicated? (%)
The Set Protocol contracts are owned by the BaseManager and Controller contracts, but it is unclear what kind of access the Set team has to them. 30% is deduced for lack of clarity.
21. Are the protocol's smart contract change capabilities described? (%)
Capabilities for change are described in the BaseManager and Controller contracts' documentation, and also in every single other Set Protocol contract.
22. Is the protocol's admin control information easy to understand? (%)
This information is in software specific language.
23. Is there sufficient Pause Control documentation? (%)
This protocol's pause control is documented but not explained in this location.
24. Is there sufficient Timelock documentation? (%)
This protocol has non-specific timelock documentation which can be found at this location.
25. Is the Timelock of an adequate length? (Y/N)
The timelock is of an unknown length.
This section goes over the documentation that a protocol may or may not supply about their Oracle usage. Oracles are a fundamental part of DeFi as they are responsible for relaying tons of price data information to thousands of protocols using blockchain technology. Not only are they important for price feeds, but they are also an essential component of transaction verification and security. This is explained in this document.
26. Is the protocol's Oracle sufficiently documented? (%)
The protocol's oracle source is well documented at this location. The contracts dependent are well identified. There is relevant software function documentation.
27. Is front running mitigated by this protocol? (Y/N)
This protocol documents no front running mitigation techniques.
28. Can flashloan attacks be applied to the protocol, and if so, are those flashloan attack risks mitigated? (Y/N)
This protocol documents no flashloan countermeasure consideration.
1pragma solidity 0.6.10;
2pragma experimental "ABIEncoderV2";
3
4import { Address } from "@openzeppelin/contracts/utils/Address.sol";
5import { ERC20 } from "@openzeppelin/contracts/token/ERC20/ERC20.sol";
6import { SafeCast } from "@openzeppelin/contracts/utils/SafeCast.sol";
7import { SafeMath } from "@openzeppelin/contracts/math/SafeMath.sol";
8import { SignedSafeMath } from "@openzeppelin/contracts/math/SignedSafeMath.sol";
9
10import { IController } from "../interfaces/IController.sol";
11import { IModule } from "../interfaces/IModule.sol";
12import { ISetToken } from "../interfaces/ISetToken.sol";
13import { Position } from "./lib/Position.sol";
14import { PreciseUnitMath } from "../lib/PreciseUnitMath.sol";
15import { AddressArrayUtils } from "../lib/AddressArrayUtils.sol";
16
17
18/**
19 * @title SetToken
20 * @author Set Protocol
21 *
22 * ERC20 Token contract that allows privileged modules to make modifications to its positions and invoke function calls
23 * from the SetToken.
24 */
25contract SetToken is ERC20 {
26 using SafeMath for uint256;
27 using SafeCast for int256;
28 using SafeCast for uint256;
29 using SignedSafeMath for int256;
30 using PreciseUnitMath for int256;
31 using Address for address;
32 using AddressArrayUtils for address[];
33
34 /* ============ Constants ============ */
35
36 /*
37 The PositionState is the status of the Position, whether it is Default (held on the SetToken)
38 or otherwise held on a separate smart contract (whether a module or external source).
39 There are issues with cross-usage of enums, so we are defining position states
40 as a uint8.
41 */
42 uint8 internal constant DEFAULT = 0;
43 uint8 internal constant EXTERNAL = 1;
44
45 /* ============ Events ============ */
46
47 event Invoked(address indexed _target, uint indexed _value, bytes _data, bytes _returnValue);
48 event ModuleAdded(address indexed _module);
49 event ModuleRemoved(address indexed _module);
50 event ModuleInitialized(address indexed _module);
51 event ManagerEdited(address _newManager, address _oldManager);
52 event PendingModuleRemoved(address indexed _module);
53 event PositionMultiplierEdited(int256 _newMultiplier);
54 event ComponentAdded(address indexed _component);
55 event ComponentRemoved(address indexed _component);
56 event DefaultPositionUnitEdited(address indexed _component, int256 _realUnit);
57 event ExternalPositionUnitEdited(address indexed _component, address indexed _positionModule, int256 _realUnit);
58 event ExternalPositionDataEdited(address indexed _component, address indexed _positionModule, bytes _data);
59 event PositionModuleAdded(address indexed _component, address indexed _positionModule);
60 event PositionModuleRemoved(address indexed _component, address indexed _positionModule);
61
62 /* ============ Modifiers ============ */
63
64 /**
65 * Throws if the sender is not a SetToken's module or module not enabled
66 */
67 modifier onlyModule() {
68 // Internal function used to reduce bytecode size
69 _validateOnlyModule();
70 _;
71 }
72
73 /**
74 * Throws if the sender is not the SetToken's manager
75 */
76 modifier onlyManager() {
77 _validateOnlyManager();
78 _;
79 }
80
81 /**
82 * Throws if SetToken is locked and called by any account other than the locker.
83 */
84 modifier whenLockedOnlyLocker() {
85 _validateWhenLockedOnlyLocker();
86 _;
87 }
88
89 /* ============ State Variables ============ */
90
91 // Address of the controller
92 IController public controller;
93
94 // The manager has the privelege to add modules, remove, and set a new manager
95 address public manager;
96
97 // A module that has locked other modules from privileged functionality, typically required
98 // for multi-block module actions such as auctions
99 address public locker;
100
101 // List of initialized Modules; Modules extend the functionality of SetTokens
102 address[] public modules;
103
104 // Modules are initialized from NONE -> PENDING -> INITIALIZED through the
105 // addModule (called by manager) and initialize (called by module) functions
106 mapping(address => ISetToken.ModuleState) public moduleStates;
107
108 // When locked, only the locker (a module) can call privileged functionality
109 // Typically utilized if a module (e.g. Auction) needs multiple transactions to complete an action
110 // without interruption
111 bool public isLocked;
112
113 // List of components
114 address[] public components;
115
116 // Mapping that stores all Default and External position information for a given component.
117 // Position quantities are represented as virtual units; Default positions are on the top-level,
118 // while external positions are stored in a module array and accessed through its externalPositions mapping
119 mapping(address => ISetToken.ComponentPosition) private componentPositions;
120
121 // The multiplier applied to the virtual position unit to achieve the real/actual unit.
122 // This multiplier is used for efficiently modifying the entire position units (e.g. streaming fee)
123 int256 public positionMultiplier;
124
125 /* ============ Constructor ============ */
126
127 /**
128 * When a new SetToken is created, initializes Positions in default state and adds modules into pending state.
129 * All parameter validations are on the SetTokenCreator contract. Validations are performed already on the
130 * SetTokenCreator. Initiates the positionMultiplier as 1e18 (no adjustments).
131 *
132 * @param _components List of addresses of components for initial Positions
133 * @param _units List of units. Each unit is the # of components per 10^18 of a SetToken
134 * @param _modules List of modules to enable. All modules must be approved by the Controller
135 * @param _controller Address of the controller
136 * @param _manager Address of the manager
137 * @param _name Name of the SetToken
138 * @param _symbol Symbol of the SetToken
139 */
140 constructor(
141 address[] memory _components,
142 int256[] memory _units,
143 address[] memory _modules,
144 IController _controller,
145 address _manager,
146 string memory _name,
147 string memory _symbol
148 )
149 public
150 ERC20(_name, _symbol)
151 {
152 controller = _controller;
153 manager = _manager;
154 positionMultiplier = PreciseUnitMath.preciseUnitInt();
155 components = _components;
156
157 // Modules are put in PENDING state, as they need to be individually initialized by the Module
158 for (uint256 i = 0; i < _modules.length; i++) {
159 moduleStates[_modules[i]] = ISetToken.ModuleState.PENDING;
160 }
161
162 // Positions are put in default state initially
163 for (uint256 j = 0; j < _components.length; j++) {
164 componentPositions[_components[j]].virtualUnit = _units[j];
165 }
166 }
167
168 /* ============ External Functions ============ */
169
170 /**
171 * PRIVELEGED MODULE FUNCTION. Low level function that allows a module to make an arbitrary function
172 * call to any contract.
173 *
174 * @param _target Address of the smart contract to call
175 * @param _value Quantity of Ether to provide the call (typically 0)
176 * @param _data Encoded function selector and arguments
177 * @return _returnValue Bytes encoded return value
178 */
179 function invoke(
180 address _target,
181 uint256 _value,
182 bytes calldata _data
183 )
184 external
185 onlyModule
186 whenLockedOnlyLocker
187 returns (bytes memory _returnValue)
188 {
189 _returnValue = _target.functionCallWithValue(_data, _value);
190
191 emit Invoked(_target, _value, _data, _returnValue);
192
193 return _returnValue;
194 }
195
196 /**
197 * PRIVELEGED MODULE FUNCTION. Low level function that adds a component to the components array.
198 */
199 function addComponent(address _component) external onlyModule whenLockedOnlyLocker {
200 require(!isComponent(_component), "Must not be component");
201
202 components.push(_component);
203
204 emit ComponentAdded(_component);
205 }
206
Tests to Code: 37741 / 1143 = 3302 %