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FAIL
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.
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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? (%)
2. How active is the primary contract? (%)
Contract InvestmentTreasury is used around 35 times per day, as indicated in the Appendix. This is a highly active contract.
3. Does the protocol have a public software repository? (Y/N)
Sphere Finance appears to have a private software repository.
4. Is there a development history visible? (%)
Sphere does not have a public software repository.
5. Is the team public (not anonymous)?
We could not locate any public members working on the Sphere protocol. Doxx page not available
This section looks at the software documentation. The document explaining these questions is here.
6. Is there a whitepaper? (Y/N)
Location: https://docs.sphere.finance
7. Is the protocol's software architecture documented? (Y/N)
No software architecture was found for Sphere Finance.
8. Does the software documentation fully cover the deployed contracts' source code? (%)
No software architecture was found for Sphere Finance.
9. Is it possible to trace the documented software to its implementation in the protocol's source code? (%)
No software architecture was found for Sphere Finance.
10. Has the protocol tested their deployed code? (%)
No public repository. Code examples are in the Appendix at the end of this report.. As per the SLOC, there is ___% 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 judgement is the final deciding factor.
11. How covered is the protocol's code? (%)
No code coverage report found and no evidence of testing found.
12. Does the protocol provide scripts and instructions to run their tests? (Y/N)
No public software repository found to check for scripts/instructions.
13. Is there a detailed report of the protocol's test results?(%)
No test report found.
14. Has the protocol undergone Formal Verification? (Y/N)
Sphere Finance has not undergone formal verification.
15. Were the smart contracts deployed to a testnet? (Y/N)
Sphere Finance has not been deployed to a testnet.
This section looks at the 3rd party software audits done. It is explained in this document.
16. Is the protocol sufficiently audited? (%)
Sphere Finance has been audited once before and once after deployment. These audits are public, however their website indicates a third audit was done by Prisma Shield. This audit report is private. In the most recent Solidity Finance audit, all changes were minor and have been resolved. No further changes are required.
17. Is the bounty value acceptably high (%)
Sphere does not mention a bug bounty program.
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?
No admin control information was documented.
19. Are relevant contracts clearly labelled as upgradeable or immutable? (%)
No admin control information was documented.
20. Is the type of smart contract ownership clearly indicated? (%)
Ownership of the treasury funds are mentioned as a 4/8 MultiSig with Gnosis Safe here. -> need clarification; is the treasury funds where the user funds are stored?
21. Are the protocol's smart contract change capabilities described? (%)
No admin control information was documented.
22. Is the protocol's admin control information easy to understand? (%)
No admin control information was documented.
23. Is there sufficient Pause Control documentation? (%)
No mention of pause control was documented.
24. Is there sufficient Timelock documentation? (%)
No mention of a timelock was documented.
25. Is the Timelock of an adequate length? (Y/N)
No mention of a timelock was documented.
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? (%)
No mention of an oracle was documented.
27. Is front running mitigated by this protocol? (Y/N)
Sphere Finance does not mention front running and does not document any countermeasure against it
28. Can flashloan attacks be applied to the protocol, and if so, are those flashloan attack risks mitigated? (Y/N)
Sphere Finance does not mention flash loan attacks and does not document any countermeasure against it
1Enter appendix example code here