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PASS
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.
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.
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? (%)
Loopring stores their smart contract addresses in their smart contract page, found on the home page of the protocol. Supporting documentation can be found in the appendix.
2. How active is the primary contract? (%)
Loopring's ExchangeV3 contract has way over 10 transactions a day, earning them a score of 100%. A screenshot of the etherscan contract can be found in the appendix.
3. Does the protocol have a public software repository? (Y/N)
Loopring displays their software repository publicly on their GitHub.
4. Is there a development history visible? (%)
The protocols repository, as an instance of Loopring's development history, has a total of 3450 commits and 36 branches, showing a meticulous maintenance of their code. They definitely keep their code in the loop(ring).
5. Is the team public (not anonymous)?
The Loopring team and 9 employees are publicly displayed on their LinkedIn site. A screenshot of their LinkedIn page can be found in the appendix.
This section looks at the software documentation. The document explaining these questions is here.
6. Is there a whitepaper? (Y/N)
The protocol's whitepaper is available as a pdf using this link.
7. Is the protocol's software architecture documented? (Y/N)
Loopring showcases their software architecture as a framework design on their Github and also use written explanations in their documentation.
8. Does the software documentation fully cover the deployed contracts' source code? (%)
9. Is it possible to trace the documented software to its implementation in the protocol's source code? (%)
There is clear association between the code in the repos and the documentation, but the association is non explicit as there are no links between the two that would redirect to the source code.
10. Has the protocol tested their deployed code? (%)
Code examples are in the Appendix at the end of this report.. As per the SLOC, there is 491% 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 reviewer's best judgment is the final deciding factor.
11. How covered is the protocol's code? (%)
Although no code coverage test was found for Loopring V3, they have a very rigorous testing suite. As such, 50% will be awarded.
12. Does the protocol provide scripts and instructions to run their tests? (Y/N)
The protocol does provide its scripts for testing here.
13. Is there a detailed report of the protocol's test results?(%)
There are no test reports in Loopring's repositories.
14. Has the protocol undergone Formal Verification? (Y/N)
Loopring has not undergone any Formal Verification.
15. Were the smart contracts deployed to a testnet? (Y/N)
The protocol has deployed its tests on testnets, evidence on Kovan can be seen here.
This section looks at the 3rd party software audits done. It is explained in this document.
16. Is the protocol sufficiently audited? (%)
Loopring protocol has multiple audits performed before deployment. Their audit list can be found here.
17. Is the bounty value acceptably high (%)
Loopring's Medium post dislcoses a maximum bug bounty of 50 000 LRC. At the time of writing this report, LRC is at 0.43 cents, totalling a reward of 21,500$ of static bug bounty reward.
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?
Loopring discloses risks related to the usage of their platform on their loopring.io platform page. The admin access controls are clearly stated there but the protocol scores a 70 as this information takes a bit of looking.
19. Are relevant contracts clearly labelled as upgradeable or immutable? (%)
20. Is the type of smart contract ownership clearly indicated? (%)
Loopring's ownership is clearly indicated as a MultiSig admin right here.
21. Are the protocol's smart contract change capabilities described? (%)
Loopring's smart contract change capabilities are clearly indicated on their risk disclosure page.
22. Is the protocol's admin control information easy to understand? (%)
The admin control information is written in plain english and is easy to understand. You can consult the risk disclosures here.
23. Is there sufficient Pause Control documentation? (%)
Named as a "Withdrawal Mode", Loopring has a function disabling all functionalities of the exchange, which can be found here. This function somewhat operates as a pause control function for the AMM. Their last recorded test was made 9 months ago prior to the writing of this review, which earns Loopring a score of 80%.
24. Is there sufficient Timelock documentation? (%)
Loopring has no Timelock documentation readily available in their repository or documentation.
25. Is the Timelock of an adequate length? (Y/N)
As there is no Timelock documentation, Loopring scores a 0.
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? (%)
There are no proper Oracle documentation in the Github nor the Loopring documentation, but a Medium article provides the source of the protocol's oracle being Chainlink.
27. Is front running mitigated by this protocol? (Y/N)
Frontrunning is addressed in Loopring's Github repository; Withdrawal mode and conditional transactions are functions used to mitigate frontrunning by controlling new block submissions.
28. Can flashloan attacks be applied to the protocol, and if so, are those flashloan attack risks mitigated? (Y/N)
Flashloan attacks are also addressed in Loopring's Github repository; Withdrawal mode and conditional transactions can mitigate flashloan attacks by controlling transaction submissions.
1// SPDX-License-Identifier: Apache-2.0
2// Copyright 2017 Loopring Technology Limited.
3pragma solidity ^0.7.0;
4pragma experimental ABIEncoderV2;
5
6import "../aux/access/ITransactionReceiver.sol";
7import "../core/iface/IAgentRegistry.sol";
8import "../lib/ReentrancyGuard.sol";
9import "../lib/TransferUtil.sol";
10import "./libamm/AmmAssetManagement.sol";
11import "./libamm/AmmData.sol";
12import "./libamm/AmmExitRequest.sol";
13import "./libamm/AmmJoinRequest.sol";
14import "./libamm/AmmPoolToken.sol";
15import "./libamm/AmmStatus.sol";
16import "./libamm/AmmTransactionReceiver.sol";
17import "./libamm/AmmWithdrawal.sol";
18import "./PoolToken.sol";
19
20
21/// @title LoopringAmmPool
22contract LoopringAmmPool is
23 PoolToken,
24 IAgent,
25 ITransactionReceiver,
26 ReentrancyGuard
27{
28 using AmmAssetManagement for AmmData.State;
29 using AmmJoinRequest for AmmData.State;
30 using AmmExitRequest for AmmData.State;
31 using AmmPoolToken for AmmData.State;
32 using AmmStatus for AmmData.State;
33 using AmmTransactionReceiver for AmmData.State;
34 using AmmWithdrawal for AmmData.State;
35 using TransferUtil for address;
36
37 event PoolJoinRequested(AmmData.PoolJoin join);
38 event PoolExitRequested(AmmData.PoolExit exit, bool force);
39 event ForcedExitProcessed(address owner, uint96 burnAmount, uint96[] amounts);
40 event Shutdown(uint timestamp);
41
42 IAmmController public immutable controller;
43 IAssetManager public immutable assetManager;
44 bool public immutable joinsDisabled;
45
46 modifier onlyFromExchangeOwner()
47 {
48 require(msg.sender == state.exchangeOwner, "UNAUTHORIZED");
49 _;
50 }
51
52 modifier onlyFromAssetManager()
53 {
54 require(msg.sender == address(assetManager), "UNAUTHORIZED");
55 _;
56 }
57
58 modifier onlyFromController()
59 {
60 require(msg.sender == address(controller), "UNAUTHORIZED");
61 _;
62 }
63
64 modifier onlyWhenOnline()
65 {
66 require(state.isOnline(), "NOT_ONLINE");
67 _;
68 }
69
70 modifier onlyWhenOffline()
71 {
72 require(!state.isOnline(), "NOT_OFFLINE");
73 _;
74 }
75
76 constructor(
77 IAmmController _controller,
78 IAssetManager _assetManager,
79 bool _joinsDisabled
80 )
81 {
82 require(_controller != IAmmController(0), "ZERO_ADDRESS");
83 controller = _controller;
84 assetManager = _assetManager;
85 joinsDisabled = _joinsDisabled;
86 }
87
88 function isOnline()
89 public
90 view
91 returns (bool)
92 {
93 return state.isOnline();
94 }
95
96 receive() payable external {}
97
98 function setupPool(AmmData.PoolConfig calldata config)
99 external
100 nonReentrant
101 {
102 require(state.accountID == 0 || msg.sender == address(controller), "UNAUTHORIZED");
103 state.setupPool(config);
104 }
105
106 function enterExitMode(bool enabled)
107 external
108 onlyFromController
109 {
110 require(state.exitMode != enabled, "INVALID_STATE");
111 state.exitMode = enabled;
112 }
113
114 // Anyone is able to shut down the pool when requests aren't being processed any more.
115 function shutdown(address exitOwner)
116 external
117 payable
118 onlyWhenOnline
119 nonReentrant
120 {
121 state.shutdownByLP(exitOwner);
122 }
123
124 function shutdownByController()
125 external
126 onlyWhenOnline
127 nonReentrant
128 onlyFromController
129 {
130 state.shutdownByController();
131 }
132
133 function joinPool(
134 uint96[] calldata joinAmounts,
135 uint96 mintMinAmount,
136 uint96 fee
137 )
138 external
139 payable
140 onlyWhenOnline
141 nonReentrant
142 {
143 state.joinPool(joinAmounts, mintMinAmount, fee);
144 }
145
146 function exitPool(
147 uint96 burnAmount,
148 uint96[] calldata exitMinAmounts
149 )
150 external
151 payable
152 onlyWhenOnline
153 nonReentrant
154 {
155 state.exitPool(burnAmount, exitMinAmounts, false);
156 }
157
158 function forceExitPool(
159 uint96 burnAmount,
160 uint96[] calldata exitMinAmounts
161 )
162 external
163 payable
164 onlyWhenOnline
165 nonReentrant
166 {
167 state.exitPool(burnAmount, exitMinAmounts, true);
168 }
169
170 function onReceiveTransactions(
171 bytes calldata txsData,
172 bytes calldata callbackData
173 )
174 external
175 override
176 onlyWhenOnline
177 onlyFromExchangeOwner
178 // nonReentrant // Not needed, does not do any external calls
179 // and can only be called by the exchange owner.
180 {
181 AmmData.Settings memory settings = AmmData.Settings({
182 controller: controller,
183 assetManager: assetManager,
184 joinsDisabled: joinsDisabled
185 });
186 state.onReceiveTransactions(txsData, callbackData, settings);
187 }
Tests to Code: 16920 / 3447 = 491 %