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Process Quality Review (0.8)
Aperture Finance
PASS
About the protocol
Aperture is closed source, and yet with excellent documentation relating to permissions it scores well. This is notable because we dock points for closed source protocols (e.g. the audit score would be 90% with open code). Through good developer communications and a dedicated team working away at it, their score roughly doubled over the course of this review.
We'd value a bug bounty and hope that they decide to open source their protocol. Nevertheless, we understand why they have yet to.
Once again though, it's notable how highly the score given their closed source nature.
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 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? (%)
They can be found at https://docs.aperture.finance/docs/transparency/deployed-contracts, as indicated in the Appendix.
2. How active is the primary contract? (%)
Contract ApertureManager is used in excess of 100 times a day, as indicated in the Appendix.
3. Does the protocol have a public software repository? (Y/N)
Location: https://github.com/aperture-finance
4. Is there a development history visible? (%)
Unfortunately, without access to the contract repository we cannot quantify development history. The audit conducted on this protocol confirms the existence of a contracts repository, but at this point Aperture retains its contracts in a private repository.
5. Is the team public (not anonymous)?
Three team members and a community manager are all public and confirm their contributions to Aperture, as identified in the appendix.
Documentation
43%
This section looks at the software documentation. The document explaining these questions is here.
6. Is there a whitepaper? (Y/N)
Location: https://docs.aperture.finance/
7. Is the protocol's software architecture documented? (Y/N)
This protocol's software architecture is documented in full in Aperture documentation.
8. Does the software documentation fully cover the deployed contracts' source code? (%)
There is no coverage of deployed contracts by software function documentation.
9. Is it possible to trace the documented software to its implementation in the protocol's source code? (%)
There is no software function documentation and no documented contracts in the GitHub repository. This makes traceability impossible.
Testing
58%
10. Has the protocol tested their deployed code? (%)
No testing is documented in the protocol's repository. This is a result of the protocol remaining closed source. As the audit identifies, there is an Aperture Contracts repository but it remains private. Nevertheless, given proof of such a high code coverage (at 80%), it's clear that this protocol has done good testing (even if it is closed source). As such, we can award marks since high code coverage necessitates good test suites in the first place. This means the protocol has clearly tested their code in a robust manner.
11. How covered is the protocol's code? (%)
Aperture documents in their testing section that they have 80% code coverage. While we cannot cross-reference this ourselves without access to the repository, they have documented proof that this is the case.
12. Does the protocol provide scripts and instructions to run their tests? (Y/N)
No scripts are provided by aperture in their GitHub repository for users to run their own tests.
13. Is there a detailed report of the protocol's test results?(%)
There is no report of the tests conducted on Aperture finance.
14. Has the protocol undergone Formal Verification? (Y/N)
Aperture has not undergone formal verification.
15. Were the smart contracts deployed to a testnet? (Y/N)
This protocol has documented a deployment to the bombay-12 testnet.
Security
56%
This section looks at the 3rd party software audits done. It is explained in this document.
16. Is the protocol sufficiently audited? (%)
Aperture undertook an audit by Oak Security. Given that the contracts that were audited are not available for comparison, we must deduct 25% as per guidance. This is because we cannot verify if the code deployed is the same code that has been subject to the audit. This audit predated the public deployment of Aperture's contracts.
17. Is the bounty value acceptably high (%)
No bug bounty is listed in Aperture's documentation.
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.
18. Is the protocol's admin control information easy to find?
Admin control is easily located in Aperture's documentation. Their clear and concise Key emoji is an excellent touch - other projects should take inspiration from this navigational design choice.
19. Are relevant contracts clearly labelled as upgradeable or immutable? (%)
All of Aperture's deployed contracts are identified as upgradeable if they are. This is listed in their documentation.
20. Is the type of smart contract ownership clearly indicated? (%)
Aperture's relevant contracts are clearly identified as having an owner when relevant. Documentation identifies the ownership status for the different deployed contracts.
21. Are the protocol's smart contract change capabilities described? (%)
Smart contract change capabilities are clearly identified in Aperture's documentation. In each of the contracts, each specific upgrade function is identified. This is great information for users to understand how Aperture functions.
22. Is the protocol's admin control information easy to understand? (%)
This information is straightforward and clear for users to understand.
23. Is there sufficient Pause Control documentation? (%)
Aperture does not use a pause control, and this is justified in their documentation. Since the contracts are upgradeable, this is subject to change - as identified in their documentation.
24. Is there sufficient Timelock documentation? (%)
Aperture does not use a timelock, and this is justified on grounds of allowing from people to create new positions.
25. Is the Timelock of an adequate length? (Y/N)
Aperture does not use a timelock and justifies this on grounds of increasing the user's ease and ability to open positions.
Oracles
100%
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? (%)
Aperture's oracle source is mentioned in the documentation and audit as being dependent on Mirror, and related documentation is linked. The contracts dependent (Delta-neutral Strategy) on this oracle are identified and there is comprehensive software function documentation in the linked documentation.
27. Is front running mitigated by this protocol? (Y/N)
Aperture uses Atomic Transactions that prevent front-running strategies against their users.
28. Can flashloan attacks be applied to the protocol, and if so, are those flashloan attack risks mitigated? (Y/N)
Aperture is not subject to flashloan attacks, given that flashloans are not currently a feature of the Terra ecosystem.
Appendices
1N/A