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88mph V3.0


Previous versions

Process Quality Review (0.7)

88mph V3.0

Final score:75%
Date:15 Sep 2021
Audit Process:version 0.7
Author:Nick of DeFiSafety
PQR Score:75%


Protocol Website:https://88mph.app

Hack History

Date:10 Nov 2020
Details: $100K in tokens were maliciously printed, though funds were later returned.
Reference Linklink

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

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.

Code And Team


This section looks at the code deployed on the Mainnet that gets reviewed and its corresponding software repository. The document explaining these questions is here.

1. Are the executing code addresses readily available? (%)

Answer: 70%

They are available at website https://88mph.app/docs/addresses, which feature the v2 addresses. There is also https://docs.88mph.app/developer-docs/addresses, featuring the V3 addresses as indicated in the Appendix. The docs are not centralized in the docs linked from the app's homepage (https://docs.88mph.app/) and to find them requires additional research. The developer docs are listed in the homepage, with traceability to the contract addresses, but presentation in JSON format requires additional work to view the contract addressses themselves.

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

2. Is the code actively being used? (%)

Answer: 100%

Activity is 18 transactions a day on contract 0x8888801aF4d980682e47f1A9036e589479e835C5, as indicated in the Appendix.​

Percentage Score Guidance:
More than 10 transactions a day
More than 10 transactions a week
More than 10 transactions a month
Less than 10 transactions a month
No activity

3. Is there a public software repository? (Y/N)

Answer: Yes

Is there 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, it gets a "Yes". For teams with private repositories, this answer is "No"

Score Guidance:
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.
For teams with private repositories.

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

Answer: 100%

88mph has a strong 367 commits and 23 branches, making its development history well documented.

This metric checks if the software repository demonstrates a strong steady history. This is normally demonstrated by commits, branches and releases in a software repository. A healthy history demonstrates a history of more than a month (at a minimum).

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

5. Is the team public (not anonymous)? (Y/N)

Answer: Yes

The team consists of Guillame Palayer and Zefram Lou.  

For a "Yes" in this question, the real names of some team members must be public on the website or other documentation (LinkedIn, etc). If the team is anonymous, then this question is a "No".



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

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

Answer: Yes

7. Are the basic software functions documented? (Y/N)

Answer: Yes

Core software functions such as DInterest, Withdrawal & Deposit are clearly documented. https://docs.88mph.app/developer-docs/smart-contract-architecture

8. Does the software function documentation fully (100%) cover the deployed contracts? (%)

Answer: 80%

​Smart contracts, governance, and other deployed functions are clearly covered in the documentation. Not all functions are documented.

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

9. Are there sufficiently detailed comments for all functions within the deployed contract code (%)

Answer: 23%

Code examples are in the Appendix. As per the SLOC, there is 23% commenting to code (CtC).

The Comments to Code (CtC) ratio is the primary metric for this score.

Percentage Score Guidance:
CtC > 100 Useful comments consistently on all code
90 - 70%
CtC > 70 Useful comment on most code
60 - 20%
CtC > 20 Some useful commenting
CtC < 20 No useful commenting

10. Is it possible to trace from software documentation to the implementation in code (%)

Answer: 60%

88mph has clear code explanations for all major functions in the documents, though traceability is nonexplicit.

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



11. Full test suite (Covers all the deployed code) (%)

Answer: 80%

Code examples are in the Appendix. As per the SLOC, there is 117% 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 reviewers best judgement is the final deciding factor.

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

12. Code coverage (Covers all the deployed lines of code, or explains misses) (%)

Answer: 50%

Neither auditors nor the protocol itself successfully generated a code coverage score. Trail of bits did a "coverage" part of their audit, but did not include percentage values of code coverage, and this can therefore not be counted into the scoring.

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

13. Scripts and instructions to run the tests? (Y/N)

Answer: Yes

Scrips/Instructions location: https://github.com/88mphapp/88mph-contracts

14. Report of the results (%)

Answer: 0%

There is no report of the test's results.

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

15. Formal Verification test done (%)

Answer: 0%

There is no formal verification of this protocol.

16. Stress Testing environment (%)

Answer: 100%

88mph has been deployed on the Rinkeby test network in full.



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

17. Did 3rd Party audits take place? (%)

Answer: 100%

Three audits have been released for V3: Trail of Bits, Code423n4, and PeckShield. Two other audits have been made for previous versions, and all audits were completed before the code was implemented.

Percentage Score Guidance:
Multiple Audits performed before deployment and results public and implemented or not required
Single audit performed before deployment and results public and implemented or not required
Audit(s) performed after deployment and no changes required. Audit report is public
Audit(s) performed after deployment and changes needed but not implemented
No audit performed
Audit Performed after deployment, existence is public, report is not public and no improvements deployed OR smart contract address not found, (where question 1 is 0%)
Deduct 25% if code is in a private repo and no note from auditors that audit is applicable to deployed code.

18. Is the bug bounty acceptable high? (%)

Answer: 70%

88mph uses Immunefi's bug bounty program at the same time as offering a $100,420 maximum bounty.

Percentage Score Guidance:
Bounty is 10% TVL or at least $1M AND active program (see below)
Bounty is 5% TVL or at least 500k AND active program
Bounty is 5% TVL or at least 500k
Bounty is 100k or over AND active program
Bounty is 100k or over
Bounty is 50k or over AND active program
Bounty is 50k or over
Bug bounty program bounty is less than 50k
No bug bounty program offered
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.

Access Controls


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. Can a user clearly and quickly find the status of the access controls (%)

Answer: 100%

Governance has controls to the access controls, which is clearly labelled under the governance section.

Percentage Score Guidance:
Clearly labelled and on website, docs or repo, quick to find
Clearly labelled and on website, docs or repo but takes a bit of looking
Access control docs in multiple places and not well labelled
Access control docs in multiple places and not labelled
Admin Control information could not be found

20. Is the information clear and complete (%)

Answer: 15%

There is no information on access controls beyond a mention in a medium article, which has since been changed. There is a mention of change capabilities under governance in the documents.

Percentage Score Guidance:
All the contracts are immutable -- 100% OR
a) All contracts are clearly labelled as upgradeable (or not) -- 30% AND
b) The type of ownership is clearly indicated (OnlyOwner / MultiSig / Defined Roles) -- 30% AND
c) The capabilities for change in the contracts are described -- 30%

21. Is the information in non-technical terms that pertain to the investments (%)

Answer: 0%

There is no mention of admin controls.

Percentage Score Guidance:
All the contracts are immutable
Description relates to investments safety and updates in clear, complete non-software language
Description all in software specific language
No admin control information could be found

22. Is there Pause Control documentation including records of tests (%)

Answer: 40%

There is no mention of a pause control function in the documents. There is one documented use in a medium article, in which the pause control was used to prevent user fund theft on the 7th of June, 2021.

Percentage Score Guidance:
All the contracts are immutable or no pause control needed and this is explained OR Pause control(s) are clearly documented and there is records of at least one test within 3 months
Pause control(s) explained clearly but no evidence of regular tests
Pause controls mentioned with no detail on capability or tests
Pause control not documented or explained


 The author of this review is Rex of DeFi Safety.

Email: rex@defisafety.com
Twitter: @defisafety

I started with Ethereum just before the DAO and that was a wonderful education.  It showed the importance of code quality. The second Parity hack also showed the importance of good process.  Here my aviation background offers some value. Aerospace knows how to make reliable code using quality processes.
I was coaxed to go to EthDenver 2018 and there I started SecuEth.org with Bryant and Roman. We created guidelines on good processes for blockchain code development. We got EthFoundation funding to assist in their development Process Quality Reviews are an extension of the SecurEth guidelines that will further increase the quality processes in Solidity and Vyper development. DeFiSafety is my full time gig and we are working on funding vehicles for a permanent staff.

1pragma solidity 0.8.4;
23import {ERC20} from "@openzeppelin/contracts/token/ERC20/ERC20.sol";
4import {SafeERC20} from "./libs/SafeERC20.sol";
5import {
6    ReentrancyGuardUpgradeable
7} from "@openzeppelin/contracts-upgradeable/security/ReentrancyGuardUpgradeable.sol";
8import {
9    AddressUpgradeable
10} from "@openzeppelin/contracts-upgradeable/utils/AddressUpgradeable.sol";
11import {BoringOwnable} from "./libs/BoringOwnable.sol";
12import {
13    MulticallUpgradeable
14} from "@openzeppelin/contracts-upgradeable/utils/MulticallUpgradeable.sol";
15import {MoneyMarket} from "./moneymarkets/MoneyMarket.sol";
16import {IFeeModel} from "./models/fee/IFeeModel.sol";
17import {IInterestModel} from "./models/interest/IInterestModel.sol";
18import {NFT} from "./tokens/NFT.sol";
19import {FundingMultitoken} from "./tokens/FundingMultitoken.sol";
20import {MPHMinter} from "./rewards/MPHMinter.sol";
21import {IInterestOracle} from "./models/interest-oracle/IInterestOracle.sol";
22import {PRBMathUD60x18} from "prb-math/contracts/PRBMathUD60x18.sol";
23import {Rescuable} from "./libs/Rescuable.sol";
24import {console} from "hardhat/console.sol";
27    @title DeLorean Interest -- It's coming back from the future!
28    @author Zefram Lou
29    @notice The main pool contract for fixed-rate deposits
30    @dev The contract to interact with for most actions
31 */
32contract DInterest is
33    ReentrancyGuardUpgradeable,
34    BoringOwnable,
35    Rescuable,
36    MulticallUpgradeable
38    using SafeERC20 for ERC20;
39    using AddressUpgradeable for address;
40    using PRBMathUD60x18 for uint256;
4142    // Constants
43    uint256 internal constant PRECISION = 10**18;
44    /**
45        @dev used for sumOfRecordedFundedPrincipalAmountDivRecordedIncomeIndex
46     */
47    uint256 internal constant EXTRA_PRECISION = 10**27;
48    /**
49        @dev used for funding.principalPerToken
50     */
51    uint256 internal constant ULTRA_PRECISION = 2**128;
52    /**
53        @dev Specifies the threshold for paying out funder interests
54     */
55    uint256 internal constant FUNDER_PAYOUT_THRESHOLD_DIVISOR = 10**10;
5657    // User deposit data
58    // Each deposit has an ID used in the depositNFT, which is equal to its index in `deposits` plus 1
59    struct Deposit {
60        uint256 virtualTokenTotalSupply; // depositAmount + interestAmount, behaves like a zero coupon bond
61        uint256 interestRate; // interestAmount = interestRate * depositAmount
62        uint256 feeRate; // feeAmount = feeRate * depositAmount
63        uint256 averageRecordedIncomeIndex; // Average income index at time of deposit, used for computing deposit surplus
64        uint64 maturationTimestamp; // Unix timestamp after which the deposit may be withdrawn, in seconds
65        uint64 fundingID; // The ID of the associated Funding struct. 0 if not funded.
66    }
67    Deposit[] internal deposits;
6869    // Funding data
70    // Each funding has an ID used in the fundingMultitoken, which is equal to its index in `fundingList` plus 1
71    struct Funding {
72        uint64 depositID; // The ID of the associated Deposit struct.
73        uint64 lastInterestPayoutTimestamp; // Unix timestamp of the most recent interest payout, in seconds
74        uint256 recordedMoneyMarketIncomeIndex; // the income index at the last update (creation or withdrawal)
75        uint256 principalPerToken; // The amount of stablecoins that's earning interest for you per funding token you own. Scaled to 18 decimals regardless of stablecoin decimals.
76    }
77    Funding[] internal fundingList;
78    // the sum of (recordedFundedPrincipalAmount / recordedMoneyMarketIncomeIndex) of all fundings
79    uint256 public sumOfRecordedFundedPrincipalAmountDivRecordedIncomeIndex;
8081    // Params
82    /**
83        @dev Maximum deposit period, in seconds
84     */
85    uint64 public MaxDepositPeriod;
86    /**
87        @dev Minimum deposit amount, in stablecoins
88     */
89    uint256 public MinDepositAmount;
9091    // Global variables
92    uint256 public totalDeposit;
93    uint256 public totalInterestOwed;
94    uint256 public totalFeeOwed;
95    uint256 public totalFundedPrincipalAmount;
9697    // External smart contracts
98    IFeeModel public feeModel;
99    IInterestModel public interestModel;
100    IInterestOracle public interestOracle;
101    NFT public depositNFT;
102    FundingMultitoken public fundingMultitoken;
103    MPHMinter public mphMinter;
104105    // Extra params
106    /**
107        @dev The maximum amount of deposit in the pool. Set to 0 to disable the cap.
108     */
109    uint256 public GlobalDepositCap;
110111    // Events
112    event EDeposit(
113        address indexed sender,
114        uint256 indexed depositID,
115        uint256 depositAmount,
116        uint256 interestAmount,
117        uint256 feeAmount,
118        uint64 maturationTimestamp
119    );
120    event ETopupDeposit(
121        address indexed sender,
122        uint64 indexed depositID,
123        uint256 depositAmount,
124        uint256 interestAmount,
125        uint256 feeAmount
126    );
127    event ERolloverDeposit(
128        address indexed sender,
129        uint64 indexed depositID,
130        uint64 indexed newDepositID
131    );
132    event EWithdraw(
133        address indexed sender,
134        uint256 indexed depositID,
135        bool indexed early,
136        uint256 virtualTokenAmount,
137        uint256 feeAmount
138    );
139    event EFund(
140        address indexed sender,
141        uint64 indexed fundingID,
142        uint256 fundAmount,
143        uint256 tokenAmount
144    );
145    event EPayFundingInterest(
146        uint256 indexed fundingID,
147        uint256 interestAmount,
148        uint256 refundAmount
149    );
150    event ESetParamAddress(
151        address indexed sender,
152        string indexed paramName,
153        address newValue
154    );
155    event ESetParamUint(
156        address indexed sender,
157        string indexed paramName,
158        uint256 newValue
159    );
160161    function __DInterest_init(
162        uint64 _MaxDepositPeriod,
163        uint256 _MinDepositAmount,
164        address _feeModel,
165        address _interestModel,
166        address _interestOracle,
167        address _depositNFT,
168        address _fundingMultitoken,
169        address _mphMinter
170    ) internal initializer {
171        __ReentrancyGuard_init();
172        __Ownable_init();
173174        feeModel = IFeeModel(_feeModel);
175        interestModel = IInterestModel(_interestModel);
176        interestOracle = IInterestOracle(_interestOracle);
177        depositNFT = NFT(_depositNFT);
178        fundingMultitoken = FundingMultitoken(_fundingMultitoken);
179        mphMinter = MPHMinter(_mphMinter);
180        MaxDepositPeriod = _MaxDepositPeriod;
181        MinDepositAmount = _MinDepositAmount;
182    }
183184    /**
185        @param _MaxDepositPeriod The maximum deposit period, in seconds
186        @param _MinDepositAmount The minimum deposit amount, in stablecoins
187        @param _feeModel Address of the FeeModel contract that determines how fees are charged
188        @param _interestModel Address of the InterestModel contract that determines how much interest to offer
189        @param _interestOracle Address of the InterestOracle contract that provides the average interest rate
190        @param _depositNFT Address of the NFT representing ownership of deposits (owner must be set to this DInterest contract)
191        @param _fundingMultitoken Address of the ERC1155 multitoken representing ownership of fundings (this DInterest contract must have the minter-burner role)
192        @param _mphMinter Address of the contract for handling minting MPH to users
193     */
194    function initialize(
195        uint64 _MaxDepositPeriod,
196        uint256 _MinDepositAmount,
197        address _feeModel,
198        address _interestModel,
199        address _interestOracle,
200        address _depositNFT,
201        address _fundingMultitoken,
202        address _mphMinter
203    ) external virtual initializer {
204        __DInterest_init(
205            _MaxDepositPeriod,
206            _MinDepositAmount,
207            _feeModel,
208            _interestModel,
209            _interestOracle,
210            _depositNFT,
211            _fundingMultitoken,
212            _mphMinter
213        )

Solidity Contracts


Comments to Code: 803 / 3532 =  23 %

JavaScript Tests


Tests to Code: 4138 / 3532 = 117 %