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Moonwell

64%

Process Quality Review (0.8)

Moonwell

Final score:64%
Date:08 Jun 2023
Audit Process:version 0.8
Author:NV
PQR Score:64%

FAIL

Protocol Website:https://moonwell.fi/

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
Moonriver
Moonbeam
#QuestionAnswer
89%
1.100%
2.100%
3.Yes
4.0%
5.100
77%
6.No
7.Yes
8.80%
9.100%
60%
10.100%
11.50%
12.Yes
13.0%
14.No
15.No
96%
16.100%
17.70%
28%
18.20%
19.0%
20.50%
21.0%
22.30%
23.40%
24.60%
25.50%
38%
26.0
27.No
28.Yes
Total:64%

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

89%

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: 100%

They can be found here, as indicated in the Appendix.

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%

Contract Artemis Comptroller is used well over 100 times a day, as indicated 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

Moonwell's open source code can be found in their GitHub.

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: 0%

With 4 commits and 1 branch, Moonwell's main repository shows a subpar development history.

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

Public team members can be found on the front page of the Moonwell website.

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

77%

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

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

Answer: No

Location: https://docs.moonwell.fi/moonwell-finance/introduction/what-is-moonwell

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

Answer: Yes

Moonwell's software architecture is documented here.

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: 80%

Moonwell's technical docs go over the functions of their major smart contracts, but it is not exhaustive.

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: 100%

There is explicit traceability between software documentation and implemented code insofar as the Moonwell technical docs directly link to the source code.

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

60%

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

Answer: 100%

Code examples are in the Appendix at the end of this report.. As per the SLOC, there is 201% 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.

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 is no evidence of Moonwell's code coverage. However, their dedication to in-depth testing is evident.

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/moonwell-fi/contracts-open-source#testing

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 is no evidence of a Moonwell detailed test report.

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

Moonwell 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: No

Moonwell has not visibly been deployed to a testnet

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

96%

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

16. Is the protocol sufficiently audited? (%)

Answer: 100%

Moonwell has repeatedly had their published source code audited by Halborn, who they seemingly have a retainer agreement with, prior to each release. This can all be seen here. Most fixes and suggested improvements were implemented.

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: 70%

Moonwell offers an active bug bounty of $250K.

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

28%

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: 20%

Admin control information is sparse and in various locations. However, it is also not formally described and more so vaguely mentioned.

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: 0%

Each smart contract isn't explicitly labelled as upgradeable or immutable. While upgradeability is clearly a component of Moonwell's software, additional details need to be provided.

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%

Moonwell has a governance mechanism but the protocol also encompasses a multitude of admin roles that are not clearly defined in their documentation. This information is, however, clearly defined in the Moonwell code.

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 in Moonwell's smart contracts documentation.

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: 30%

This information is in software specific language.

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: 40%

There is a mention of a Pause Guardian, but the associated hyperlink is dead.

Percentage Score Guidance:
100%
If immutable and no changes possible
100%
If admin control is fully via governance
80%
Robust transaction signing process (7 or more elements)
70%
Adequate transaction signing process (5 or more elements)
60%
Weak transaction signing process (3 or more elements)
0%
No transaction signing process evident
Evidence of audits of signers following the process add 20%

24. Is there sufficient Timelock documentation? (%)

Answer: 60%

Moonwell has timelock documentation which can be found at this location.

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: 50%

The timelock is 24h, as specified in this location.

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

38%

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 are multiple allusions to price oracle functions and Chainlink within the Moonwell docs, but the oracles they use are not explicitly defined. Hyperlinks are dead.

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: No

Moonwell does not document their mitigation plan for front running.

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: Yes

Moonwell documents liquidity attack countermeasures here.

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

1/**
2 * @title Moonwell's Comptroller Contract
3 * @author Moonwell
4 */
5contract Comptroller is ComptrollerVXStorage, ComptrollerInterface, ComptrollerErrorReporter, ExponentialNoError {
6    /// @notice Emitted when an admin supports a market
7    event MarketListed(MToken mToken);
8
9    /// @notice Emitted when an account enters a market
10    event MarketEntered(MToken mToken, address account);
11
12    /// @notice Emitted when an account exits a market
13    event MarketExited(MToken mToken, address account);
14
15    /// @notice Emitted when close factor is changed by admin
16    event NewCloseFactor(uint oldCloseFactorMantissa, uint newCloseFactorMantissa);
17
18    /// @notice Emitted when a collateral factor is changed by admin
19    event NewCollateralFactor(MToken mToken, uint oldCollateralFactorMantissa, uint newCollateralFactorMantissa);
20
21    /// @notice Emitted when liquidation incentive is changed by admin
22    event NewLiquidationIncentive(uint oldLiquidationIncentiveMantissa, uint newLiquidationIncentiveMantissa);
23
24    /// @notice Emitted when price oracle is changed
25    event NewPriceOracle(PriceOracle oldPriceOracle, PriceOracle newPriceOracle);
26
27    /// @notice Emitted when pause guardian is changed
28    event NewPauseGuardian(address oldPauseGuardian, address newPauseGuardian);
29
30    /// @notice Emitted when an action is paused globally
31    event ActionPaused(string action, bool pauseState);
32
33    /// @notice Emitted when an action is paused on a market
34    event ActionPaused(MToken mToken, string action, bool pauseState);
35
36    /// @notice Emitted when supply reward speed is updated
37    event SupplyRewardSpeedUpdated(uint8 rewardToken, MToken indexed mToken, uint newSupplyRewardSpeed);
38
39    /// @notice Emitted when borrow reward speed is updated
40    event BorrowRewardSpeedUpdated(uint8 rewardToken, MToken indexed mToken, uint newBorrowRewardSpeed);
41
42    /// @notice Emitted when a new WELL speed is set for a contributor
43    event ContributorWellSpeedUpdated(address indexed contributor, uint newSpeed);
44
45    /// @notice Emitted when WELL or GLMR is distributed to a borrower
46    event DistributedBorrowerReward(uint8 indexed tokenType, MToken indexed mToken, address indexed borrower, uint wellDelta, uint wellBorrowIndex);
47
48    /// @notice Emitted when WELL or GLMR is distributed to a supplier
49    event DistributedSupplierReward(uint8 indexed tokenType, MToken indexed mToken, address indexed supplier, uint wellDelta, uint wellSupplyIndex);
50
51    /// @notice Emitted when borrow cap for a mToken is changed
52    event NewBorrowCap(MToken indexed mToken, uint newBorrowCap);
53
54    /// @notice Emitted when borrow cap guardian is changed
55    event NewBorrowCapGuardian(address oldBorrowCapGuardian, address newBorrowCapGuardian);
56
57    /// @notice Emitted when WELL is granted by admin
58    event WellGranted(address recipient, uint amount);
59
60    /// @notice The initial WELL and GLMR index for a market
61    uint224 public constant initialIndexConstant = 1e36;
62
63    // closeFactorMantissa must be strictly greater than this value
64    uint internal constant closeFactorMinMantissa = 0.05e18; // 0.05
65
66    // closeFactorMantissa must not exceed this value
67    uint internal constant closeFactorMaxMantissa = 0.9e18; // 0.9
68
69    // No collateralFactorMantissa may exceed this value
70    uint internal constant collateralFactorMaxMantissa = 0.9e18; // 0.9
71
72    // reward token type to show WELL or GLMR
73    uint8 public constant rewardWell = 0;
74    uint8 public constant rewardGlmr = 1;
75
76    // The amount of gas to use when making a native asset transfer.
77    uint16 public gasAmount = 2300;
78
79    /// @notice Emitted when the admin changes the gas amount.
80    event NewGasAmount(uint16 oldGasAmount, uint16 newGasAmount);
81
82    constructor() public {
83        admin = msg.sender;
84    }
85
86    /*** Assets You Are In ***/
87
88    /**
89     * @notice Returns the assets an account has entered
90     * @param account The address of the account to pull assets for
91     * @return A dynamic list with the assets the account has entered
92     */
93    function getAssetsIn(address account) external view returns (MToken[] memory) {
94        MToken[] memory assetsIn = accountAssets[account];
95
96        return assetsIn;
97    }
98
99    /**
100     * @notice Returns whether the given account is entered in the given asset
101     * @param account The address of the account to check
102     * @param mToken The mToken to check
103     * @return True if the account is in the asset, otherwise false.
104     */
105    function checkMembership(address account, MToken mToken) external view returns (bool) {
106        return markets[address(mToken)].accountMembership[account];
107    }
108
109    /**
110     * @notice Add assets to be included in account liquidity calculation
111     * @param mTokens The list of addresses of the mToken markets to be enabled
112     * @return Success indicator for whether each corresponding market was entered
113     */
114    function enterMarkets(address[] memory mTokens) public returns (uint[] memory) {
115        uint len = mTokens.length;
116
117        uint[] memory results = new uint[](len);
118        for (uint i = 0; i < len; i++) {
119            MToken mToken = MToken(mTokens[i]);
120
121            results[i] = uint(addToMarketInternal(mToken, msg.sender));
122        }
123
124        return results;
125    }
126
127    /**
128     * @notice Add the market to the borrower's "assets in" for liquidity calculations
129     * @param mToken The market to enter
130     * @param borrower The address of the account to modify
131     * @return Success indicator for whether the market was entered
132     */
133    function addToMarketInternal(MToken mToken, address borrower) internal returns (Error) {
134        Market storage marketToJoin = markets[address(mToken)];
135
136        if (!marketToJoin.isListed) {
137            // market is not listed, cannot join
138            return Error.MARKET_NOT_LISTED;
139        }
140
141        if (marketToJoin.accountMembership[borrower] == true) {
142            // already joined
143            return Error.NO_ERROR;
144        }
145
146        // survived the gauntlet, add to list
147        // NOTE: we store these somewhat redundantly as a significant optimization
148        //  this avoids having to iterate through the list for the most common use cases
149        //  that is, only when we need to perform liquidity checks
150        //  and not whenever we want to check if an account is in a particular market
151        marketToJoin.accountMembership[borrower] = true;
152        accountAssets[borrower].push(mToken);
153
154        emit MarketEntered(mToken, borrower);
155
156        return Error.NO_ERROR;
157    }
158

JavaScript Tests

Language
Files
Lines
Blanks
Comments
Testing Code
Deployed Code
Complexity
Solidity
47
10191
1675
3339
10418
5177
843

Tests to Code: 10418 / 5177 = 201 %