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Hashflow

Process Quality Reviews

Hashflow

Process Quality Review (0.8)

Hashflow

Final score:7%

Date:20 Jan 2023

Audit Process:version 0.8

Author:Rex Hygate

PQR Score:7%

FAIL

Protocol Website:https://www.hashflow.com/

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.

The blockchain used by this protocol

Ethereum

#QuestionAnswer

22%

1.0%

2.0%

3.No

4.0%

5.100

14%

6.Yes

7.No

8.0%

9.0%

10.0%

11.0%

12.No

13.0%

14.No

15.No

16.0%

17.20%

18.0%

19.0%

20.0%

21.0%

22.0%

23.0%

24.0%

25.0%

13%

26.0

27.Yes

28.No

Total:7%

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

22%

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? (%)

Answer: 0%

They are no smart contract addresses to be found. Not on the website, docs or blog.

Percentage Score Guidance:

100%

Clearly labelled and on website, documents or repository, quick to find

70%

Clearly labelled and on website, docs or repo but takes a bit of looking

40%

Addresses in mainnet.json, in discord or sub graph, etc

20%

Address found but labeling not clear or easy to find

Executing addresses could not be found

2. How active is the primary contract? (%)

Answer: 0%

Unknown as the contract addresses are not available.

Percentage Score Guidance:

100%

More than 10 transactions a day

70%

More than 10 transactions a week

40%

More than 10 transactions a month

10%

Less than 10 transactions a month

No activity

3. Does the protocol have a public software repository? (Y/N)

Answer: No

No link to a public repo is available.

Score Guidance:

Yes

There is a public software repository with the code at a minimum, but also normally test and scripts. Even if the repository was created just to hold the files and has just 1 transaction.

For teams with private repositories.

4. Is there a development history visible? (%)

Answer: 0%

No link to a public repo is available.

Percentage Score Guidance:

100%

Any one of 100+ commits, 10+branches

70%

Any one of 70+ commits, 7+branches

50%

Any one of 50+ commits, 5+branches

30%

Any one of 30+ commits, 3+branches

Less than 2 branches or less than 30 commits

5. Is the team public (not anonymous)?

Answer: 100

Where we found the team is documented on their git books.

Score Guidance:

100%

At least two names can be easily found in the protocol's website, documentation or medium. These are then confirmed by the personal websites of the individuals / their linkedin / twitter.

50%

At least one public name can be found to be working on the protocol.

No public team members could be found.

Documentation

14%

This section looks at the software documentation. The document explaining these questions is here.

6. Is there a whitepaper? (Y/N)

Answer: Yes

Location: https://docs.hashflow.com/hashflow/

7. Is the protocol's software architecture documented? (Y/N)

Answer: No

This protocol's software architecture is not documented. No github, no software architecture.

Score Guidance:

Yes

The documents identify software architecture and contract interaction through any of the following: diagrams, arrows, specific reference to software functions or a written explanation on how smart contracts interact.

Protocols receive a "no" if none of these are included.

8. Does the software documentation fully cover the deployed contracts' source code? (%)

Answer: 0%

No code in any visible software repository.

Percentage Score Guidance:

100%

All contracts and functions documented

80%

Only the major functions documented

79 - 1%

Estimate of the level of software documentation

No software documentation

9. Is it possible to trace the documented software to its implementation in the protocol's source code? (%)

Answer: 0%

No code in any visible software repository.

Percentage Score Guidance:

100%

Clear explicit traceability between code and documentation at a requirement level for all code

60%

Clear association between code and documents via non explicit traceability

40%

Documentation lists all the functions and describes their functions

No connection between documentation and code

Testing

0%

10. Has the protocol tested their deployed code? (%)

Answer: 0%

No code in any visible software repository. 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.

Percentage Score Guidance:

100%

TtC > 120% Both unit and system test visible

80%

TtC > 80% Both unit and system test visible

40%

TtC < 80% Some tests visible

No tests obvious

11. How covered is the protocol's code? (%)

Answer: 0%

No code in any visible software repository.

Percentage Score Guidance:

100%

Documented full coverage

99 - 51%

Value of test coverage from documented results

50%

No indication of code coverage but clearly there is a complete set of tests

30%

Some tests evident but not complete

No test for coverage seen

12. Does the protocol provide scripts and instructions to run their tests? (Y/N)

Answer: No

No scripts in any visible software repository.

Score Guidance:

Yes

Scripts and/or instructions to run tests are available in the testing suite

Scripts and/or instructions to run tests are not available in the testing suite

13. Is there a detailed report of the protocol's test results?(%)

Answer: 0%

No reports visible.

Percentage Score Guidance:

100%

Detailed test report as described below

70%

GitHub code coverage report visible

No test report evident

14. Has the protocol undergone Formal Verification? (Y/N)

Answer: No

This protocol has not undergone formal verification.

Score Guidance:

Yes

Formal Verification was performed and the report is readily available

Formal Verification was not performed and/or the report is not readily available.

15. Were the smart contracts deployed to a testnet? (Y/N)

Answer: No

This protocol has no information about testnets.

Score Guidance:

Yes

Protocol has proved their tesnet usage by providing the addresses

Protocol has not proved their testnet usage by providing the addresses

Security

3%

This section looks at the 3rd party software audits done. It is explained in this document.

16. Is the protocol sufficiently audited? (%)

Answer: 0%

There is no data about audits on the website or git book. I did get a reference to a Certik audit from their discord after I asked. (https://www.certik.com/projects/hashflow). This audit found a major centralization risk which was merely acknowledged, plus several small small risks.
No score for this audit for multiple reasons. First, with no code we cannot verify if the code of the audit matches the code being executed. Second the audits are not visible to the users as it is not on the website or docs.

Percentage Score Guidance:

100%

Multiple Audits performed before deployment and the audit findings are public and implemented or not required

90%

Single audit performed before deployment and audit findings are public and implemented or not required

70%

Audit(s) performed after deployment and no changes required. The Audit report is public.

65%

Code is forked from an already audited protocol and a changelog is provided explaining why forked code was used and what changes were made. This changelog must justify why the changes made do not affect the audit.

50%

Audit(s) performed after deployment and changes are needed but not implemented.

30%

Audit(s) performed are low-quality and do not indicate proper due diligence.

20%

No audit performed

Audit Performed after deployment, existence is public, report is not public OR smart contract address' not found.

Deduct 25% if the audited code is not available for comparison.

17. Is the bounty value acceptably high (%)

Answer: 20%

Hashflow offers an active bug bounty of $40k with a 23.91M TVL which is 0.17% which gives a 20% score as per guidance.

Percentage Score Guidance:

100%

Bounty is 10% TVL or at least $1M AND active program (see below)

90%

Bounty is 5% TVL or at least 500k AND active program

80%

Bounty is 5% TVL or at least 500k

70%

Bounty is 100k or over AND active program

60%

Bounty is 100k or over

50%

Bounty is 50k or over AND active program

40%

Bounty is 50k or over

20%

Bug bounty program bounty is less than 50k

No bug bounty program offered / the bug bounty program is dead

An active program means that a third party (such as Immunefi) is actively driving hackers to the site. An inactive program would be static mentions on the docs.

Admin Controls

0%

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?

Answer: 0%

Admin control information could not be found.

Percentage Score Guidance:

100%

Admin Controls are clearly labelled and on website, docs or repo, quick to find

70%

Admin Controls are clearly labelled and on website, docs or repo but takes a bit of looking

40%

Admin Control docs are in multiple places and not well labelled

20%

Admin Control docs are in multiple places and not labelled

Admin Control information could not be found

19. Are relevant contracts clearly labelled as upgradeable or immutable? (%)

Answer: 0%

The relevant contracts are not specified as upgradeable or immutable.

Percentage Score Guidance:

100%

Both the contract documentation and the smart contract code state that the code is not upgradeable or immutable.

80%

All Contracts are clearly labelled as upgradeable (or not)

50%

Code is immutable but not mentioned anywhere in the documentation

Admin control information could not be found

20. Is the type of smart contract ownership clearly indicated? (%)

Answer: 0%

Ownership is not clearly indicated.

Percentage Score Guidance:

100%

The type of ownership is clearly indicated in their documentation. (OnlyOwner / MultiSig / etc)

50%

The type of ownership is indicated, but only in the code. (OnlyOwner / MultiSig / etc)

Admin Control information could not be found

21. Are the protocol's smart contract change capabilities described? (%)

Answer: 0%

Smart contract change capabilities are not indicated anywhere.

Percentage Score Guidance:

100%

The documentation covers the capabilities for change for all smart contracts

50%

The documentation covers the capabilities for change in some, but not all contracts

The documentation does not cover the capabilities for change in any contract

22. Is the protocol's admin control information easy to understand? (%)

Answer: 0%

This information is not specified in any language.

Percentage Score Guidance:

100%

All the contracts are immutable

90%

Description relates to investments safety in clear non-software language

30%

Description all in software-specific language

No admin control information could be found

23. Is there sufficient Pause Control documentation? (%)

Answer: 0%

This protocol's pause control is not documented.

Percentage Score Guidance:

100%

If immutable and no changes possible

100%

If admin control is fully via governance

80%

Robust transaction signing process (7 or more elements)

70%

Adequate transaction signing process (5 or more elements)

60%

Weak transaction signing process (3 or more elements)

No transaction signing process evident

Evidence of audits of signers following the process add 20%

24. Is there sufficient Timelock documentation? (%)

Answer: 0%

This protocol has no timelock documentation.

Percentage Score Guidance:

100%

Documentation identifies and explains why the protocol does not need a Timelock OR Timelock documentation identifies its duration, which contracts it applies to and justifies this time period.

60%

A Timelock is identified and its duration is specified

30%

A Timelock is identified

No Timelock information was documented

25. Is the Timelock of an adequate length? (Y/N)

Answer: 0%

The timelock is of a not specified anywhere.

Percentage Score Guidance:

100%

Timelock is between 48 hours to 1 week OR justification as to why no Timelock is needed / is outside this length.

50%

Timelock is less than 48 hours or greater than 1 week.

No Timelock information was documented OR no timelock length was identified.

Oracles

13%

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? (%)

Answer: 0

The protocol's oracle source is not documented.

Score Guidance:

100%

If it uses one, the Oracle is specified. The contracts dependent on the oracle are identified. Basic software functions are identified (if the protocol provides its own price feed data). Timeframe of price feeds are identified. OR The reason as to why the protocol does not use an Oracle is identified and explained.

75%

The Oracle documentation identifies both source and timeframe, but does not provide additional context regarding smart contracts.

50%

Only the Oracle source is identified.

No oracle is named / no oracle information is documented.

27. Is front running mitigated by this protocol? (Y/N)

Answer: Yes

Front running protection is described here.

Score Guidance:

Yes

The protocol cannot be front run and there is an explanation as to why OR documented front running countermeasures are implemented.

The Oracle documentation identifies both source and timeframe, but does not provide additional context regarding smart contracts.

28. Can flashloan attacks be applied to the protocol, and if so, are those flashloan attack risks mitigated? (Y/N)

Answer: No

This protocol does not document flashloan countermeasures.

Score Guidance:

Yes

The protocol's documentation includes information on how they mitigate the possibilities and extents of flash loan attacks.

The protocol's documentation does not include any information regarding the mitigation of flash loan attacks.

Appendices

1Enter appendix example code here

N/A