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Process Quality Review (0.9)
Pendle
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 review looks for the following declarations from the developer's site. With these declarations, it is reasonable to trust the smart contracts.
- Here are my smart contract on the blockchain(s)
- Here is the documentation that explains what my smart contracts do
- Here are the tests I ran to verify my smart contracts
- Here are all the security steps I took to safeguard these contracts
- Here is an explanation of the control I have to change these smart contracts
- Here is how these smart contracts get information from outside the blockchain (if applicable)
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.
Code and Team
100%
This section looks at the code deployed on the relevant chains and team aspects. The document explaining these questions is here.
1. Are the smart contract addresses easy to find? (%)
The smart contract addresses for the given protocol are readily available and easy to find. They are clearly labeled and accessible directly on the protocol’s documentation. The addresses are listed alongside the relevant contracts, making it straightforward to locate the desired information. https://docs.pendle.finance/cn/Developers/Deployments/Ethereum
2. Does the protocol have a public software repository? (Y/N)
https://github.com/pendle-finance/pendle-core-v2-public/tree/main
3. Is the team public (not anonymous)?
Team members can be found publicly on their linkedin page: https://www.linkedin.com/company/pendlefinance/people/
4. How responsive are the devs when we present our initial report?
Pendle devs were responsive.
Code Documentation
92%
This section looks at the software documentation. The document explaining these questions is here.
5. Is there a whitepaper? (Y/N)
Pendle whitepapers can be found here: https://github.com/pendle-finance/pendle-v2-resources/tree/main/whitepapers
6. Is the protocol's software architecture documented? (%)
There is clear architecture documentation here: https://docs.pendle.finance/Developers/Contracts/vePENDLE the documentation has a simple block diagram as well as more detailed explanations for each contract in the same page.
7. Does the software documentation fully cover the deployed contracts' source code? (%)
The pendle documentation is quite thorough. There is explicit reference to their code linked on their documentation page and that code is thoroughly commented.
8. Is it possible to trace the documented software to its implementation in the protocol's source code? (%)
There is complete traceability to code, but not to tests.
9. Is the documentation organized to ensure information availability and clarity? (%)
Their documentation is quite easy to navigate, anything necessary is easily understood through searching.
Testing
0%
This section covers the testing process of the protocol’s smart contract code previous to its deployment on the mainnet. The document explaining these questions is here.
10. Has the protocol tested their deployed code? (%)
NO tests or tests script were found in the GitHub Test to Code = 30499 / 0 = % which gives a score of 0% as per guidance.
11. How covered is the protocol's code? (%)
There is no evidence of code coverage, leading to a score of 0%.
12. Is there a detailed report of the protocol's test results?(%)
There is no test report that we can find. Score 0%.
13. Has the protocol undergone Formal Verification? (Y/N)
No Formal Verification reports could be found.
Security
80%
This section looks at the 3rd party software audits done. It is explained in this document.
14. Is the protocol sufficiently audited? (%)
Pendle's smart contracts have been audited by multiple parties including Ackee, Dedaub, Dingbats, and top wardens from Code4rena. This indicates a high level of due diligence and adherence to best practices. The audits are publicly accessible on their GitHub repo, and it's mentioned that all of Pendle's smart contracts are open source which implies transparency and invites peer review. There is no information indicating that there were any required changes after these audits were performed. As such, the protocol seems to have been sufficiently audited. https://github.com/pendle-finance/pendle-core-v2-public/tree/main/audits
15. Is there a matrix of audit applicability on deployed code (%)? Please refer to the example doc for reference.
There is no clear matrix of audit applicability.
16. Is the bug bounty value acceptably high (%)
Pendle has an Immunifi bug bounty of 250k, leading to a 70% score.
17. Is there documented protocol monitoring (%)?
There is no evidence of formal protocol monitoring.
18. Is there documented protocol front-end monitoring (%)?
There's no documented protocol front-end monitoring.
Admin Controls
97%
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. Is the protocol code immutable or upgradeable? (%)
The pendle protocol is immutable. This information could be a little more clear to access as it is stated in their "Pendle Router" page. https://docs.pendle.finance/Developers/Contracts/PendleRouter
20. Is the protocol's code upgradeability clearly explained in non technical terms? (%)
The protocol is immutable,this is mentioned clearly in the Protocol Router page.
21. Are the admin addresses, roles and capabilities clearly explained? (%)
Protocol is immutable. There is no mention of admin requirements but the documentation could be clearer, driving an 80% score.
22. Are the signers of the admin addresses clearly listed and provably distinct humans? (%)
Protocol is immutable.
23. Is there a robust documented transaction signing policy? Please refer to the Example doc for reference.(%)
Protocol is immutable.