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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 audit looks for the following declarations from the developer's site. With these declarations, it is reasonable to trust the smart contracts.
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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? (%)
BitDAO essentially only operates from one smart contract: its treasury. This address is public, and is easy to find at https://docs.bitdao.io/litepaper-1/governance-phase-1.
2. How active is the primary contract? (%)
BitDAO's treasury contract sees less than 10 transactions a month.
3. Does the protocol have a public software repository? (Y/N)
4. Is there a development history visible? (%)
BitDAO is a 1:1 implementation of the Gnosis Safe contracts. At 595 commits and 9 branches, these contracts are robustly developed.
5. Is the team public (not anonymous)?
The team is public, however this information was found via LinkedIn, and not listed anywhere on the site, documents or repo. Where we found the team is documented in our team appendix at the end of this report.
This section looks at the software documentation. The document explaining these questions is here.
6. Is there a whitepaper? (Y/N)
7. Is the protocol's software architecture documented? (Y/N)
BitDAO provides links to the relevant location of the docs corresponding to their 1:1 implementation of the Gnosis Safe contracts. Architecture docs can be found here.
8. Does the software documentation fully cover the deployed contracts' source code? (%)
The Gnosis Safe documentation, which BitDAO inherits and links to within their own docs, only covers signatures and API.
9. Is it possible to trace the documented software to its implementation in the protocol's source code? (%)
The Gnosis Safe documentation, which BitDAO inherits, only lists the functions of a limited amount of smart contracts.
10. Has the protocol tested their deployed code? (%)
11. How covered is the protocol's code? (%)
12. Does the protocol provide scripts and instructions to run their tests? (Y/N)
13. Is there a detailed report of the protocol's test results?(%)
BitDAO inherits Gnosis Safe's extensive test reports found within the "Actions" tab of their GitHub repository. Must be signed in to view test logs.
14. Has the protocol undergone Formal Verification? (Y/N)
BitDAO uses a direct implementation of the Gnosis Safe, which was formally verified here.
15. Were the smart contracts deployed to a testnet? (Y/N)
The Gnosis Safe contract was deployed to multiple testnets that can be viewed here.
This section looks at the 3rd party software audits done. It is explained in this document.
16. Is the protocol sufficiently audited? (%)
17. Is the bounty value acceptably high (%)
No bug bounty program for BitDAO was found. Although a Gnosis Safe program exists, BitDAO does not share its bug reporting.
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?
Admin control information was fully documented at this location. This was quick to find.
19. Are relevant contracts clearly labelled as upgradeable or immutable? (%)
BitDAO clearly identifies its treasury contract as being upgradeable.
20. Is the type of smart contract ownership clearly indicated? (%)
Ownership is MultiSig clearly indicated in this location.
21. Are the protocol's smart contract change capabilities described? (%)
BitDAO's documentation does not cover the capabilities for change in any contract.
22. Is the protocol's admin control information easy to understand? (%)
BitDAO's governance information is in software-specific terms, and does not relate to the safety of user funds.
23. Is there sufficient Pause Control documentation? (%)
BitDAO's pause control is not documented or explained.
24. Is there sufficient Timelock documentation? (%)
BitDAO has mentioned a timelock in the documentation which can be found at this location. However, this will be implemented in their governance phase 2 which is not currently in-effect.
25. Is the Timelock of an adequate length? (Y/N)
BitDAO's timelocks are not currently in-effect.
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? (%)
BitDAO does not need an Oracle for its sole Gnosis Safe treasury contract.
27. Is front running mitigated by this protocol? (Y/N)
BitDAO does not mention front running or does not document any countermeasure against it because it utilizes a treasury contract where front running is not applicable.
28. Can flashloan attacks be applied to the protocol, and if so, are those flashloan attack risks mitigated? (Y/N)
BitDAO's documentation does not include any information regarding the mitigation of flash loan attacks because it uses a treasury contract where flash loan/liquidity manipulations are not applicable.
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