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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.
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? (%)
They can be found at https://docs.exact.ly/guides/smart-contract-addresses, as indicated in the Appendix.
2. How active is the primary contract? (%)
Contract market.sol is used 3 times a day (or more than 10 times a week), as indicated in the Appendix.
3. Does the protocol have a public software repository? (Y/N)
4. Is there a development history visible? (%)
Comment: 1,766 commits and 6 branches
5. Is the team public (not anonymous)?
There team is indicated at the people tab of their GitHub.
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)
Exactly has a good system overview but has no formal requirements document.
8. Does the software documentation fully cover the deployed contracts' source code? (%)
There is full coverage of deployed contracts by software function documentation, plus the NatSpec comments in the code.
9. Is it possible to trace the documented software to its implementation in the protocol's source code? (%)
Via the function documentation, basic traceability is there but without requirements, and traceability to those requirements, full points cannot be allocated.
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 567% testing to code (TtC), which is excellent. 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? (%)
Comment: Based on codecov in the GitHub when reviewed, we see 97%.
12. Does the protocol provide scripts and instructions to run their tests? (Y/N)
Scripts/Instructions location: https://github.com/exactly-protocol/protocol
13. Is there a detailed report of the protocol's test results?(%)
There is a detailed test output which has all of the information except the explanation for the 3% of missed code. For this reason. the score is only 99%.
14. Has the protocol undergone Formal Verification? (Y/N)
On September 8th, 2022 the Center for Cryptoeconomics published a mathematical audit. We will consider this a formal verification.
15. Were the smart contracts deployed to a testnet? (Y/N)
This protocol has been deployed to the Goerli testnet testnet.
This section looks at the 3rd party software audits done. It is explained in this document.
16. Is the protocol sufficiently audited? (%)
Exactly has seven audits, most before release of the software.
17. Is the bounty value acceptably high (%)
Immunifi bug bounty of 100k.
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 is clearly indicated in the GitBook at https://docs.exact.ly/security/access-control
19. Are relevant contracts clearly labelled as upgradeable or immutable? (%)
The relevant contracts are upgradeable, as identiied by the GitBook at https://docs.exact.ly/security/access-control
20. Is the type of smart contract ownership clearly indicated? (%)
Ownership is clearly indicated in the GitBook; https://docs.exact.ly/security/access-control#roles-and-privileges
21. Are the protocol's smart contract change capabilities described? (%)
Smart contract change capabilities arespecified clearly in the GitBook and Governance sections.
22. Is the protocol's admin control information easy to understand? (%)
This admin capabilities are clearly specified clearly in the GitBook and Governance sections.
23. Is there sufficient Pause Control documentation? (%)
This protocol's pause control is clearly documented at https://docs.exact.ly/security/access-control#roles-and-privileges. There is no evidence of testing the capability.
24. Is there sufficient Timelock documentation? (%)
This protocol has clear timelock documentation at https://docs.exact.ly/security/access-control#roles-and-privileges
25. Is the Timelock of an adequate length? (Y/N)
This protocol has clear description of the duration (presently 12 hours at https://docs.exact.ly/security/access-control#roles-and-privileges
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? (%)
The protocol's oracle source is Chainlink and is documented at this location. The contracts dependent are identified in the documentation. There is relevant software function documentation. The timeframe of price feeds is described in supplied Chainlink data.
27. Is front running mitigated by this protocol? (Y/N)
This protocol documents how they mitigate Price Manipulation clearly mitigating front running and similar attacks.
28. Can flashloan attacks be applied to the protocol, and if so, are those flashloan attack risks mitigated? (Y/N)
This protocol documents how they mitigate Price Manipulation clearly mitigating flash loans and similar attacks.
1Enter appendix example code here