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Process Quality Review (0.9)
Biconomy Nexus
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? (%)
Not Applicable.
The Biconomy Nexus is a suite of software that can be plugged into a smart contract enabling account obstruction functionality. This means it is not deployed and therefore does not have an address in the same way that a DeFi protocol would. We will give 100%, but actually it is not applicable.
2. Does the protocol have a public software repository? (Y/N)
Location: https://github.com/bcnmy/nexus
3. Is the team public (not anonymous)?
Yes, The team is clearly listed.
4. How responsive are the devs when we present our initial report?
The team was very responsive and enthusiastic about the review.
Code Documentation
88%
This section looks at the software documentation. The document explaining these questions is here.
5. Is there a whitepaper? (Y/N)
Location: https://github.com/bcnmy/nexus/wiki
6. Is the protocol's software architecture documented? (%)
Yes, there is a detailed smart contract architecture page with diagrams and text giving all required information.
7. Does the software documentation fully cover the deployed contracts' source code? (%)
With the combination of the contract descriptions in the "Core Components" section of the Network Architecture page plus the excellent documentation in the code itself brings an overall score of 100%.
8. Is it possible to trace the documented software to its implementation in the protocol's source code? (%)
Documentation is very thorough but there is no traceability. This leads to a score of 40%.
9. Is the documentation organized to ensure information availability and clarity? (%)
Documentation organization is excellent throughout.
Testing
85%
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? (%)
Test to Code = 17317/4124 = 419% which gives a score of 100% as per guidance.
11. How covered is the protocol's code? (%)
Coverage is 100% as indicated in the GitHub (Foundry coverage).
12. Is there a detailed report of the protocol's test results?(%)
Coverage Report is in the GitHub
13. Has the protocol undergone Formal Verification? (Y/N)
No formal verification appears evident.
Security
88%
This section looks at the 3rd party software audits done. It is explained in this document.
14. Is the protocol sufficiently audited? (%)
15. Is there a matrix of audit applicability on deployed code (%)? Please refer to the example doc for reference.
Not required as there is just a single audit
16. Is the bug bounty value acceptably high (%)
The bug bounty program is clearly described in the security document. The rewards for a critical bug on 50 K. The bug bounty program is self managed. As Biconomy is not a protocol and as such does not have the assets a DeFi protocol would have we will give a score of 60% rather than the 40% that 50 K unmanaged would normally offer.
17. Is there documented protocol monitoring (%)?
Not applicable as this is not a deployed software
18. Is there documented protocol front-end monitoring (%)?
Not applicable as this is not deployed software.
Admin Controls
100%
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? (%)
Not applicable as this is not deployed software.
20. Is the protocol's code upgradeability clearly explained in non technical terms? (%)
Not applicable as this is not deployed software.
21. Are the admin addresses, roles and capabilities clearly explained? (%)
Not applicable as this is not deployed software.
22. Are the signers of the admin addresses clearly listed and provably distinct humans? (%)
Not applicable as this is not deployed software.
23. Is there a robust documented transaction signing policy? Please refer to the Example doc for reference.(%)
Not applicable as this is not deployed software.