If you notice some outdated information please let us know!
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.bancor.network/developer-quick-start/working-with-bancor-network, as indicated in the Appendix.
2. Is the code actively being used? (%)
Activity is over 10 transactions a day on contract ContractRegistry.sol, as indicated in the Appendix.
3. Is there a public software repository? (Y/N)
GitHub: https://github.com/bancorprotocol.
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 4836 commits and 11 branches, this is a 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)
Location: https://icobench.com/ico/bancor/team.
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.
6. Is there a whitepaper? (Y/N)
7. Are the basic software functions documented? (Y/N)
The basic software functions of Bancor Protocol are well documented in "Developer Quick Start"
8. Does the software function documentation fully (100%) cover the deployed contracts? (%)
Every single software function of Bancor Protocol is fully documented. Developer, architecture, API, SDK, and other
9. Are there sufficiently detailed comments for all functions within the deployed contract code (%)
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 Bancor Protocol's documented software functions and their subsequent implementation in their source code. Good examples of this traceability are the Developer Quick Start, and the API Reference
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) (%)
Bancor has received v2 code coverage from ConsenSys Diligence in their audit report. However, it is not the full coverage and does not explain misses or uncovered lines.
13. Scripts and instructions to run the tests? (Y/N)
Scrips/Instructions location: https://github.com/bancorprotocol/contracts-solidity/blob/master/README.md.
14. Report of the results (%)
Detailed test report was found here, as well as a more extensive report in the ConsenSys Diligence audit report.
15. Formal Verification test done (%)
No evidence of a Bancor Formal Verification has been found in their documentation or in web searches.
16. Stress Testing environment (%)
There is evidence of Bancor Protocol's Ropsten test-net usage at https://docs.bancor.network/developer-quick-start/working-with-bancor-network#contract-names-and-addresses.
This section looks at the 3rd party software audits done. It is explained in this document.
17. Did 3rd Party audits take place? (%)
Bancor Protocol has had multiple audits before deployment, both V1 and V2, as well as 2.1. A full list of reports can be found here.
18. Is the bug bounty acceptable high? (%)
Bancor's Bug Bounty program is active and offers up to 100k 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 (%)
The Bancor Protocol governance portal is clearly indicated on their website.
20. Is the information clear and complete (%)
21. Is the information in non-technical terms that pertain to the investments (%)
All governance and access control-related information is usually explained in user-friendly words.
22. Is there Pause Control documentation including records of tests (%)
There is no evidence of Pause Control or a similar function documented in the Bancor documentation.
1/**
2 * @dev This contract maintains contract addresses by name.
3 *
4 * The owner can update contract addresses so that a contract name always points to the latest version
5 * of the given contract.
6 *
7 * Other contracts can query the registry to get updated addresses instead of depending on specific
8 * addresses.
9 *
10 * Note that contract names are limited to 32 bytes UTF8 encoded ASCII strings to optimize gas costs
11 */
12contract ContractRegistry is IContractRegistry, Owned, Utils {
13 struct RegistryItem {
14 address contractAddress; // contract address
15 uint256 nameIndex; // index of the item in the list of contract names
16 }
17
18 mapping(bytes32 => RegistryItem) private items; // name -> RegistryItem mapping
19 string[] public contractNames; // list of all registered contract names
20
21 /**
22 * @dev triggered when an address pointed to by a contract name is modified
23 *
24 * @param _contractName contract name
25 * @param _contractAddress new contract address
26 */
27 event AddressUpdate(bytes32 indexed _contractName, address _contractAddress);
28
29 /**
30 * @dev returns the number of items in the registry
31 *
32 * @return number of items
33 */
34 function itemCount() public view returns (uint256) {
35 return contractNames.length;
36 }
37
38 /**
39 * @dev returns the address associated with the given contract name
40 *
41 * @param _contractName contract name
42 *
43 * @return contract address
44 */
45 function addressOf(bytes32 _contractName) public view override returns (address) {
46 return items[_contractName].contractAddress;
47 }
48
49 /**
50 * @dev registers a new address for the contract name in the registry
51 *
52 * @param _contractName contract name
53 * @param _contractAddress contract address
54 */
55 function registerAddress(bytes32 _contractName, address _contractAddress)
56 public
57 ownerOnly
58 validAddress(_contractAddress)
59 {
60 // validate input
61 require(_contractName.length > 0, "ERR_INVALID_NAME");
62
63 // check if any change is needed
64 address currentAddress = items[_contractName].contractAddress;
65 if (_contractAddress == currentAddress) {
66 return;
67 }
68
69 if (currentAddress == address(0)) {
70 // update the item's index in the list
71 items[_contractName].nameIndex = contractNames.length;
72
73 // add the contract name to the name list
74 contractNames.push(bytes32ToString(_contractName));
75 }
76
77 // update the address in the registry
78 items[_contractName].contractAddress = _contractAddress;
79
80 // dispatch the address update event
81 emit AddressUpdate(_contractName, _contractAddress);
82 }
83
84 /**
85 * @dev removes an existing contract address from the registry
86 *
87 * @param _contractName contract name
88 */
89 function unregisterAddress(bytes32 _contractName) public ownerOnly {
90 // validate input
91 require(_contractName.length > 0, "ERR_INVALID_NAME");
92 require(items[_contractName].contractAddress != address(0), "ERR_INVALID_NAME");
93
94 // remove the address from the registry
95 items[_contractName].contractAddress = address(0);
96
97 / if there are multiple items in the registry, move the last element to the deleted element's position
98 / and modify last element's registryItem.nameIndex in the items collection to point to the right position in contractNames
99 if (contractNames.length > 1) {
100 string memory lastContractNameString = contractNames[contractNames.length - 1];
101 uint256 unregisterIndex = items[_contractName].nameIndex;
102
103 contractNames[unregisterIndex] = lastContractNameString;
104 bytes32 lastContractName = stringToBytes32(lastContractNameString);
105 RegistryItem storage registryItem = items[lastContractName];
106 registryItem.nameIndex = unregisterIndex;
107 }
108
109 // remove the last element from the name list
110 contractNames.pop();
111 // zero the deleted element's index
112 items[_contractName].nameIndex = 0;
113
114 // dispatch the address update event
115 emit AddressUpdate(_contractName, address(0));
116 }
117
118 /**
119 * @dev utility, converts bytes32 to a string
120 * note that the bytes32 argument is assumed to be UTF8 encoded ASCII string
121 *
122 * @return string representation of the given bytes32 argument
123 */
124 function bytes32ToString(bytes32 _bytes) private pure returns (string memory) {
125 bytes memory byteArray = new bytes(32);
126 for (uint256 i = 0; i < 32; i++) {
127 byteArray[i] = _bytes[i];
128 }
129
130 return string(byteArray);
131 }
132
133 /**
134 * @dev utility, converts string to bytes32
135 * note that the bytes32 argument is assumed to be UTF8 encoded ASCII string
136 *
137 * @return string representation of the given bytes32 argument
138 */
139 function stringToBytes32(string memory _string) private pure returns (bytes32) {
140 bytes32 result;
141 assembly {
142 result := mload(add(_string, 32))
143 }
144 return result;
145 }
Comments to Code: 4050 / 5680 = 71 %
Tests to Code: 14816 / 5680 = 261 %