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Process Quality Review (0.8)
BendDAO
PASS
Scoring Appendix
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.
- Here is my smart contract on the blockchain
- You can see it matches a software repository used to develop the code
- Here is the documentation that explains what my smart contract does
- Here are the tests I ran to verify my smart contract
- Here are the audit(s) performed to review my code by third party experts
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.
Smart Contracts & Team
78%
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? (%)
BendDao's addresses can be found at this location, as indicated in the Appendix.
2. How active is the primary contract? (%)
Contract WETHGateway is used over 100 times a day, as indicated in the Appendix.
3. Does the protocol have a public software repository? (Y/N)
BendDao has a public software repository on Github.
4. Is there a development history visible? (%)
BendDao's main repository has 342 commits and 12 branches. This demonstrates consistent and rigorous development.
5. Is the team public (not anonymous)?
All of BendDao's contributors are anonymous.
Documentation
100%
This section looks at the software documentation. The document explaining these questions is here.
6. Is there a whitepaper? (Y/N)
Location: https://docs.benddao.xyz/portal/
7. Is the protocol's software architecture documented? (Y/N)
BendDao's software architecture is in written form and can be found here. It also shows various graphs and designs through diagrams and arrows to explain software functiosn throughout the user docs. Here is the Liquidation and Redeem diagrams for reference.
8. Does the software documentation fully cover the deployed contracts' source code? (%)
BendDAO's documentation covers all relevant smart contract software functions.
9. Is it possible to trace the documented software to its implementation in the protocol's source code? (%)
There is explicit traceability between software documentation and implemented code.
Testing
88%
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 173% testing to code (TtC). This score is guided by the Test to Code ratio (TtC). Generally a good test to code ratio is over 100%. However, the reviewer's best judgement is the final deciding factor.
11. How covered is the protocol's code? (%)
BendDAO's code coverage report indicates a score of 91%.
12. Does the protocol provide scripts and instructions to run their tests? (Y/N)
Scripts/Instructions location: https://github.com/BendDAO/bend-protocol/tree/main/scripts
13. Is there a detailed report of the protocol's test results?(%)
BendDao has a test result report in the actions tab of the bend-lending-protocol repo available.
14. Has the protocol undergone Formal Verification? (Y/N)
BendDao has not undergone formal verification.
15. Were the smart contracts deployed to a testnet? (Y/N)
BendDao has been deployed to Rinkeby testnet. The addresses can be found here.
Security
100%
This section looks at the 3rd party software audits done. It is explained in this document.
16. Is the protocol sufficiently audited? (%)
BendDao has been audited twice. BendDao's audit by Verilog indicates 8 minor to medium issues which have mostly been resolved. Additionally, Certik's audit indicated 8 issues of varying severity, some of which need to be resolved. Both audits were done prior to various software deployments.
17. Is the bounty value acceptably high (%)
Admin Controls
84%
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?
BendDAO has a dedicated governance section for how to approach proposals and also describes what admins can do. In addition, the BendDAO developer docs provide an adequate amount of information regarding the immutability and ownership of each major contract.
19. Are relevant contracts clearly labelled as upgradeable or immutable? (%)
Security FAQ mentions contract being upgradeability through proxy contracts here. However, some contracts are also identified as being immutable within the BendDAO developer docs.
20. Is the type of smart contract ownership clearly indicated? (%)
21. Are the protocol's smart contract change capabilities described? (%)
General upgradeability of most contracts is identified, however individual change capabilities of each contract are not identified.
22. Is the protocol's admin control information easy to understand? (%)
Admin control information is easy to understand, and in non-software language
23. Is there sufficient Pause Control documentation? (%)
BendDao's documentation identifies a pause feature, however no further detail is provided. A recent complete test for this function was found in BendDao's test repository here.
24. Is there sufficient Timelock documentation? (%)
BendDAO's timelock information can be found here. The documentation explains the timelock is applied on each contract and the duration for lending protocol contracts are 24 hours while the NFT protocol contract duration is 7 days.
25. Is the Timelock of an adequate length? (Y/N)
Timelocks are 24 hours for lending, 7 days for NFT protocols.
Oracles
63%
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. These questions are explained in this document.
26. Is the protocol's Oracle sufficiently documented? (%)
Oracle design and usage is documented here. The smart contracts affected are displayed within the explanatory graphics.
27. Is front running mitigated by this protocol? (Y/N)
Due to BendDAO being mostly a lending protocol that also allows the buying and selling of NFTs, this does not really apply here.
28. Can flashloan attacks be applied to the protocol, and if so, are those flashloan attack risks mitigated? (Y/N)
BendDao does not mention flash loan attacks and does not document any countermeasure against it.
Appendices
1// SPDX-License-Identifier: agpl-3.0
2pragma solidity 0.8.4;
3
4// Prettier ignore to prevent buidler flatter bug
5// prettier-ignore
6import {ILendPoolAddressesProvider} from "../interfaces/ILendPoolAddressesProvider.sol";
7import {BendUpgradeableProxy} from "../libraries/proxy/BendUpgradeableProxy.sol";
8
9import {Ownable} from "@openzeppelin/contracts/access/Ownable.sol";
10import {Address} from "@openzeppelin/contracts/utils/Address.sol";
11
12/**
13 * @title LendPoolAddressesProvider contract
14 * @dev Main registry of addresses part of or connected to the protocol, including permissioned roles
15 * - Acting also as factory of proxies and admin of those, so with right to change its implementations
16 * - Owned by the Bend Governance
17 * @author Bend
18 **/
19contract LendPoolAddressesProvider is Ownable, ILendPoolAddressesProvider {
20 string private _marketId;
21 mapping(bytes32 => address) private _addresses;
22
23 bytes32 private constant LEND_POOL = "LEND_POOL";
24 bytes32 private constant LEND_POOL_CONFIGURATOR = "LEND_POOL_CONFIGURATOR";
25 bytes32 private constant POOL_ADMIN = "POOL_ADMIN";
26 bytes32 private constant EMERGENCY_ADMIN = "EMERGENCY_ADMIN";
27 bytes32 private constant RESERVE_ORACLE = "RESERVE_ORACLE";
28 bytes32 private constant NFT_ORACLE = "NFT_ORACLE";
29 bytes32 private constant BEND_ORACLE = "BEND_ORACLE";
30 bytes32 private constant LEND_POOL_LOAN = "LEND_POOL_LOAN";
31 bytes32 private constant BNFT_REGISTRY = "BNFT_REGISTRY";
32 bytes32 private constant LEND_POOL_LIQUIDATOR = "LEND_POOL_LIQUIDATOR";
33 bytes32 private constant INCENTIVES_CONTROLLER = "INCENTIVES_CONTROLLER";
34 bytes32 private constant BEND_DATA_PROVIDER = "BEND_DATA_PROVIDER";
35 bytes32 private constant UI_DATA_PROVIDER = "UI_DATA_PROVIDER";
36 bytes32 private constant WALLET_BALANCE_PROVIDER = "WALLET_BALANCE_PROVIDER";
37
JavaScript Tests
Tests to Code: 7606 / 4395 = 173 %