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KyberSwap

56%

Process Quality Review (0.8)

KyberSwap

Final score:56%
Date:10 Nov 2022
Audit Process:version 0.8
Author:Ryoma
PQR Score:56%

FAIL

Protocol Website:kyberswap.com

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.

The blockchain used by this protocol
Ethereum
#QuestionAnswer
87%
1.70%
2.100%
3.Yes
4.100%
5.100
94%
6.Yes
7.Yes
8.100%
9.60%
70%
10.100%
11.50%
12.Yes
13.0%
14.No
15.Yes
78%
16.90%
17.0%
10%
18.0%
19.50%
20.50%
21.0%
22.0%
23.0%
24.0%
25.0%
13%
26.0%
27.Yes
28.No
Total:56%

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 2021. Permission is given to copy in whole, retaining this copyright label.

Smart Contracts & Team

87%

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? (%)

Answer: 70%

KyberSwap Elastic's core smart contracts can be found in the protocol's documentation under Contract Deployment. A screenshot of the addresses can be found in the appendix.    KyberSwap Classic's smart contracts can be found here    

Percentage Score Guidance:
100%
Clearly labelled and on website, documents or repository, quick to find
70%
Clearly labelled and on website, docs or repo but takes a bit of looking
40%
Addresses in mainnet.json, in discord or sub graph, etc
20%
Address found but labeling not clear or easy to find
0%
Executing addresses could not be found

2. How active is the primary contract? (%)

Answer: 100%

KyberSwap's Polygon Router is active more than 10 times a day; the polygonscan's information can be found here. A screenshot of the analytics can be found in the appendix.

Percentage Score Guidance:
100%
More than 10 transactions a day
70%
More than 10 transactions a week
40%
More than 10 transactions a month
10%
Less than 10 transactions a month
0%
No activity

3. Does the protocol have a public software repository? (Y/N)

Answer: Yes

KyberSwap's GitHub: https://github.com/KyberNetwork.

Score Guidance:
Yes
There is 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.
No
For teams with private repositories.

4. Is there a development history visible? (%)

Answer: 100%

The KyberSwap repository has 5340 commits, 66 branches.

Percentage Score Guidance:
100%
Any one of 100+ commits, 10+branches
70%
Any one of 70+ commits, 7+branches
50%
Any one of 50+ commits, 5+branches
30%
Any one of 30+ commits, 3+branches
0%
Less than 2 branches or less than 30 commits

5. Is the team public (not anonymous)?

Answer: 100

KyberSwap's Co-Founders are Doxxed on Twitter, their profiles can be found here and here. A screenshot of one of the profiles can be found in the appendix.

Score Guidance:
100%
At least two names can be easily found in the protocol's website, documentation or medium. These are then confirmed by the personal websites of the individuals / their linkedin / twitter.
50%
At least one public name can be found to be working on the protocol.
0%
No public team members could be found.

Documentation

94%

This section looks at the software documentation. The document explaining these questions is here.

6. Is there a whitepaper? (Y/N)

Answer: Yes

7. Is the protocol's software architecture documented? (Y/N)

Answer: Yes

This protocol's software architecture is thoroughly explained through written explanations and graphs. The Technical Explanation documentation offers an example of how meticulous the KyberSwap team is on the platform's technicalities.

Score Guidance:
Yes
The documents identify software architecture and contract interaction through any of the following: diagrams, arrows, specific reference to software functions or a written explanation on how smart contracts interact.
No
Protocols receive a "no" if none of these are included.

8. Does the software documentation fully cover the deployed contracts' source code? (%)

Answer: 100%

KyberSwap offers complete coverage of its smart contract functions here.

Percentage Score Guidance:
100%
All contracts and functions documented
80%
Only the major functions documented
79 - 1%
Estimate of the level of software documentation
0%
No software documentation

9. Is it possible to trace the documented software to its implementation in the protocol's source code? (%)

Answer: 60%

There is implicit traceability between software documentation and implemented code as cross-referencing can be done to trace back the smart contract functions to the source code. An easy fix would be to allow a hyperlink to the functions so that users can directly access the source code through the function's documentation.

Percentage Score Guidance:
100%
Clear explicit traceability between code and documentation at a requirement level for all code
60%
Clear association between code and documents via non explicit traceability
40%
Documentation lists all the functions and describes their functions
0%
No connection between documentation and code

Testing

70%

10. Has the protocol tested their deployed code? (%)

Answer: 100%

Our research gives out a 300% test to code ratio on the Smart-contracts-master file. This is calculated by comparing the lines of code deployed to the lines of test code.    

Percentage Score Guidance:
100%
TtC > 120% Both unit and system test visible
80%
TtC > 80% Both unit and system test visible
40%
TtC < 80% Some tests visible
0%
No tests obvious

11. How covered is the protocol's code? (%)

Answer: 50%

There are no coverage documentation, but there is clearly a complete set of tests.

Percentage Score Guidance:
100%
Documented full coverage
99 - 51%
Value of test coverage from documented results
50%
No indication of code coverage but clearly there is a complete set of tests
30%
Some tests evident but not complete
0%
No test for coverage seen

12. Does the protocol provide scripts and instructions to run their tests? (Y/N)

Answer: Yes

Scripts/Instructions location:[https://github.com/KyberNetwork/smart-contracts#testing-with-buidler] (https://github.com/KyberNetwork/smart-contracts#testing-with-buidler)

Score Guidance:
Yes
Scripts and/or instructions to run tests are available in the testing suite
No
Scripts and/or instructions to run tests are not available in the testing suite

13. Is there a detailed report of the protocol's test results?(%)

Answer: 0%

There are no explicit detailed reports on test results for KyberSwap.

Percentage Score Guidance:
100%
Detailed test report as described below
70%
GitHub code coverage report visible
0%
No test report evident

14. Has the protocol undergone Formal Verification? (Y/N)

Answer: No

This protocol has not undergone formal verification.

Score Guidance:
Yes
Formal Verification was performed and the report is readily available
No
Formal Verification was not performed and/or the report is not readily available.

15. Were the smart contracts deployed to a testnet? (Y/N)

Answer: Yes

KyberSwap provides Ropsten testnet contract addresses here.

Score Guidance:
Yes
Protocol has proved their tesnet usage by providing the addresses
No
Protocol has not proved their testnet usage by providing the addresses

Security

78%

This section looks at the 3rd party software audits done. It is explained in this document.

16. Is the protocol sufficiently audited? (%)

Answer: 90%

Kyber's current version (V3) has been audited by Chainsecurity on Janurary 9th, 2019. All major and critical issues were fixed and most light issues were fixed or acknowledged.    Launch date assumption: January 30th, 2019

Percentage Score Guidance:
100%
Multiple Audits performed before deployment and the audit findings are public and implemented or not required
90%
Single audit performed before deployment and audit findings are public and implemented or not required
70%
Audit(s) performed after deployment and no changes required. The Audit report is public.
65%
Code is forked from an already audited protocol and a changelog is provided explaining why forked code was used and what changes were made. This changelog must justify why the changes made do not affect the audit.
50%
Audit(s) performed after deployment and changes are needed but not implemented.
30%
Audit(s) performed are low-quality and do not indicate proper due diligence.
20%
No audit performed
0%
Audit Performed after deployment, existence is public, report is not public OR smart contract address' not found.
Deduct 25% if the audited code is not available for comparison.

17. Is the bounty value acceptably high (%)

Answer: 0%

No bug bounty could be found for KyberSwap.

Percentage Score Guidance:
100%
Bounty is 10% TVL or at least $1M AND active program (see below)
90%
Bounty is 5% TVL or at least 500k AND active program
80%
Bounty is 5% TVL or at least 500k
70%
Bounty is 100k or over AND active program
60%
Bounty is 100k or over
50%
Bounty is 50k or over AND active program
40%
Bounty is 50k or over
20%
Bug bounty program bounty is less than 50k
0%
No bug bounty program offered / the bug bounty program is dead
An active program means that a third party (such as Immunefi) is actively driving hackers to the site. An inactive program would be static mentions on the docs.

Admin Controls

10%

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?

Answer: 0%

There is a governance forum for KyberSwap to push proposals forward, but this does not constitute admin control information. An easy fix would be to create a section in the documentation covering administrative roles and capabilities in regards to smart contract upgradeability.

Percentage Score Guidance:
100%
Admin Controls are clearly labelled and on website, docs or repo, quick to find
70%
Admin Controls are clearly labelled and on website, docs or repo but takes a bit of looking
40%
Admin Control docs are in multiple places and not well labelled
20%
Admin Control docs are in multiple places and not labelled
0%
Admin Control information could not be found

19. Are relevant contracts clearly labelled as upgradeable or immutable? (%)

Answer: 50%

Immutable parameters are listed here. However, there are no explicit mentions of upgradeability for other smart contracts.

Percentage Score Guidance:
100%
Both the contract documentation and the smart contract code state that the code is not upgradeable or immutable.
80%
All Contracts are clearly labelled as upgradeable (or not)
50%
Code is immutable but not mentioned anywhere in the documentation
0%
Admin control information could not be found

20. Is the type of smart contract ownership clearly indicated? (%)

Answer: 50%

Contract ownerships are not explicitly documented but ownership can be found in the code; for instance, KyberNetwork.sol has OnlyAdmin() ownership, like here. For that matter, the protocol earns 50%.

Percentage Score Guidance:
100%
The type of ownership is clearly indicated in their documentation. (OnlyOwner / MultiSig / etc)
50%
The type of ownership is indicated, but only in the code. (OnlyOwner / MultiSig / etc)
0%
Admin Control information could not be found

21. Are the protocol's smart contract change capabilities described? (%)

Answer: 0%

Smart contract change capabilities are not identified.

Percentage Score Guidance:
100%
The documentation covers the capabilities for change for all smart contracts
50%
The documentation covers the capabilities for change in some, but not all contracts
0%
The documentation does not cover the capabilities for change in any contract

22. Is the protocol's admin control information easy to understand? (%)

Answer: 0%

There are no admin control information available.

Percentage Score Guidance:
100%
All the contracts are immutable
90%
Description relates to investments safety in clear non-software language
30%
Description all in software-specific language
0%
No admin control information could be found

23. Is there sufficient Pause Control documentation? (%)

Answer: 0%

There is no pause control documentation available for KyberSwap.

Percentage Score Guidance:
100%
Pause control(s) are clearly documented and there is records of at least one test within 3 months
80%
Pause control(s) explained clearly but no evidence of regular tests
40%
Pause controls mentioned with no detail on capability or tests
0%
Pause control not documented or explained

24. Is there sufficient Timelock documentation? (%)

Answer: 0%

There is no timelock documentation available for KyberSwap.

Percentage Score Guidance:
100%
Documentation identifies and explains why the protocol does not need a Timelock OR Timelock documentation identifies its duration, which contracts it applies to and justifies this time period.
60%
A Timelock is identified and its duration is specified
30%
A Timelock is identified
0%
No Timelock information was documented

25. Is the Timelock of an adequate length? (Y/N)

Answer: 0%

There is no timelock documentation available for KyberSwap.

Percentage Score Guidance:
100%
Timelock is between 48 hours to 1 week OR justification as to why no Timelock is needed / is outside this length.
50%
Timelock is less than 48 hours or greater than 1 week.
0%
No Timelock information was documented OR no timelock length was identified.

Oracles

13%

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? (%)

Answer: 0%

There is no oracle documentation provided for KyberSwap. As an AMM, this is likely because it does not use one. However, further clarification is needed given the importance of this issue.

Percentage Score Guidance:
100%
If it uses one, the Oracle is specified. The contracts dependent on the oracle are identified. Basic software functions are identified (if the protocol provides its own price feed data). Timeframe of price feeds are identified. OR The reason as to why the protocol does not use an Oracle is identified and explained.
75%
The Oracle documentation identifies both source and timeframe, but does not provide additional context regarding smart contracts.
50%
Only the Oracle source is identified.
0%
No oracle is named / no oracle information is documented.

27. Is front running mitigated by this protocol? (Y/N)

Answer: Yes

KyberSwap describes front running as Sniping attack and describes its mitigation techniques through slippage limitation parameters here.

Score Guidance:
Yes
The protocol cannot be front run and there is an explanation as to why OR documented front running countermeasures are implemented.
No
The Oracle documentation identifies both source and timeframe, but does not provide additional context regarding smart contracts.

28. Can flashloan attacks be applied to the protocol, and if so, are those flashloan attack risks mitigated? (Y/N)

Answer: No

Flashloan attack mitigation techniques are not documented.

Score Guidance:
Yes
The protocol's documentation includes information on how they mitigate the possibilities and extents of flash loan attacks.
No
The protocol's documentation does not include any information regarding the mitigation of flash loan attacks.

Appendices

1pragma solidity 0.6.6;
2
3import "./utils/WithdrawableNoModifiers.sol";
4import "./utils/Utils5.sol";
5import "./utils/zeppelin/ReentrancyGuard.sol";
6import "./utils/zeppelin/SafeERC20.sol";
7import "./IKyberNetwork.sol";
8import "./IKyberReserve.sol";
9import "./IKyberFeeHandler.sol";
10import "./IKyberDao.sol";
11import "./IKyberMatchingEngine.sol";
12import "./IKyberStorage.sol";
13import "./IGasHelper.sol";
14
15
16/**
17 *   @title kyberNetwork main contract
18 *   Interacts with contracts:
19 *       kyberDao: to retrieve fee data
20 *       kyberFeeHandler: accumulates and distributes trade fees
21 *       kyberMatchingEngine: parse user hint and run reserve matching algorithm
22 *       kyberStorage: store / access reserves, token listings and contract addresses
23 *       kyberReserve(s): query rate and trade
24 */
25contract KyberNetwork is WithdrawableNoModifiers, Utils5, IKyberNetwork, ReentrancyGuard {
26    using SafeERC20 for IERC20;
27
28    struct NetworkFeeData {
29        uint64 expiryTimestamp;
30        uint16 feeBps;
31    }
32
33    /// @notice Stores work data for reserves (either for token -> eth, or eth -> token)
34    /// @dev Variables are in-place, ie. reserve with addresses[i] has id of ids[i], offers rate of rates[i], etc.
35    /// @param addresses List of reserve addresses selected for the trade
36    /// @param ids List of reserve ids, to be used for KyberTrade event
37    /// @param rates List of rates that were offered by the reserves
38    /// @param isFeeAccountedFlags List of reserves requiring users to pay network fee
39    /// @param isEntitledRebateFlags List of reserves eligible for rebates
40    /// @param splitsBps List of proportions of trade amount allocated to the reserves.
41    ///     If there is only 1 reserve, then it should have a value of 10000 bps
42    /// @param srcAmounts Source amount per reserve.
43    /// @param decimals Token decimals. Src decimals when for src -> eth, dest decimals when eth -> dest
44    struct ReservesData {
45        IKyberReserve[] addresses;
46        bytes32[] ids;
47        uint256[] rates;
48        bool[] isFeeAccountedFlags;
49        bool[] isEntitledRebateFlags;
50        uint256[] splitsBps;
51        uint256[] srcAmounts;
52        uint256 decimals;
53    }
54
55    /// @notice Main trade data structure, is initialised and used for the entire trade flow
56    /// @param input Initialised when initTradeInput is called. Stores basic trade info
57    /// @param tokenToEth Stores information about reserves that were selected for src -> eth side of trade
58    /// @param ethToToken Stores information about reserves that were selected for eth -> dest side of trade
59    /// @param tradeWei Trade amount in ether wei, before deducting fees.
60    /// @param networkFeeWei Network fee in ether wei. For t2t trades, it can go up to 200% of networkFeeBps
61    /// @param platformFeeWei Platform fee in ether wei
62    /// @param networkFeeBps Network fee bps determined by kyberDao, or default value
63    /// @param numEntitledRebateReserves No. of reserves that are eligible for rebates
64    /// @param feeAccountedBps Proportion of this trade that fee is accounted to, in BPS. Up to 2 * BPS
65    struct TradeData {
66        TradeInput input;
67        ReservesData tokenToEth;
68        ReservesData ethToToken;
69        uint256 tradeWei;
70        uint256 networkFeeWei;
71        uint256 platformFeeWei;
72        uint256 networkFeeBps;
73        uint256 numEntitledRebateReserves;
74        uint256 feeAccountedBps; // what part of this trade is fee paying. for token -> token - up to 200%
75    }
76
77    struct TradeInput {
78        address payable trader;
79        IERC20 src;
80        uint256 srcAmount;
81        IERC20 dest;
82        address payable destAddress;
83        uint256 maxDestAmount;
84        uint256 minConversionRate;
85        address platformWallet;
86        uint256 platformFeeBps;
87    }
88
89    uint256 internal constant PERM_HINT_GET_RATE = 1 << 255; // for backwards compatibility
90    uint256 internal constant DEFAULT_NETWORK_FEE_BPS = 25; // till we read value from kyberDao
91    uint256 internal constant MAX_APPROVED_PROXIES = 2; // limit number of proxies that can trade here
92
93    IKyberFeeHandler internal kyberFeeHandler;
94    IKyberDao internal kyberDao;
95    IKyberMatchingEngine internal kyberMatchingEngine;
96    IKyberStorage internal kyberStorage;
97    IGasHelper internal gasHelper;
98
99    NetworkFeeData internal networkFeeData; // data is feeBps and expiry timestamp
100    uint256 internal maxGasPriceValue = 50 * 1000 * 1000 * 1000; // 50 gwei
101    bool internal isEnabled = false; // is network enabled
102
103    mapping(address => bool) internal kyberProxyContracts;
104
105    event EtherReceival(address indexed sender, uint256 amount);
106    event KyberFeeHandlerUpdated(IKyberFeeHandler newKyberFeeHandler);
107    event KyberMatchingEngineUpdated(IKyberMatchingEngine newKyberMatchingEngine);
108    event GasHelperUpdated(IGasHelper newGasHelper);
109    event KyberDaoUpdated(IKyberDao newKyberDao);
110    event KyberNetworkParamsSet(uint256 maxGasPrice, uint256 negligibleRateDiffBps);
111    event KyberNetworkSetEnable(bool isEnabled);
112    event KyberProxyAdded(address kyberProxy);
113    event KyberProxyRemoved(address kyberProxy);
114
115    event ListedReservesForToken(
116        IERC20 indexed token,
117        address[] reserves,
118        bool add
119    );
120
121    constructor(address _admin, IKyberStorage _kyberStorage)
122        public
123        WithdrawableNoModifiers(_admin)
124    {
125        updateNetworkFee(now, DEFAULT_NETWORK_FEE_BPS);
126        kyberStorage = _kyberStorage;
127    }
128
129    receive() external payable {
130        emit EtherReceival(msg.sender, msg.value);
131    }
132
133    /// @notice Backward compatible function
134    /// @notice Use token address ETH_TOKEN_ADDRESS for ether
135    /// @dev Trade from src to dest token and sends dest token to destAddress
136    /// @param trader Address of the taker side of this trade
137    /// @param src Source token
138    /// @param srcAmount Amount of src tokens in twei
139    /// @param dest Destination token
140    /// @param destAddress Address to send tokens to
141    /// @param maxDestAmount A limit on the amount of dest tokens in twei
142    /// @param minConversionRate The minimal conversion rate. If actual rate is lower, trade reverts
143    /// @param walletId Platform wallet address for receiving fees
144    /// @param hint Advanced instructions for running the trade 
145    /// @return destAmount Amount of actual dest tokens in twei
146    function tradeWithHint(
147        address payable trader,
148        ERC20 src,
149        uint256 srcAmount,
150        ERC20 dest,
151        address payable destAddress,
152        uint256 maxDestAmount,
153        uint256 minConversionRate,
154        address payable walletId,

JavaScript Tests

Language
Files
Lines
Blanks
Comments
Testing Code
Deployed Code
Complexity
Solidity
180
21860
3631
2295
47900
15934
1987

Tests to Code: 47900 / 15934 = 301 %