Audit name:
[SCA][Re-Audit] Libertify | Vault | Jul2023
Date:
Jul 6, 2023
Table of Content
Introduction
We express our gratitude to the Libertify team for the collaborative engagement that enabled the execution of this Smart Contract Security Assessment.
Libertify is a decentralized investment platform that uses a concept of tokenized vaults with a fixed asset ratio.
| title | content |
|---|---|
| Platform | EVM |
| Language | Solidity |
| Tags | ERC4626 |
| Timeline | 01/03/2023 - 14/07/2023 |
| Methodology | https://hackenio.cc/sc_methodology→ |
Review Scope | |
|---|---|
| Repository | https://github.com/LibertyFi/libertify.protocol→ |
| Commit | 3b1a3ce2896c414c8bd1ba5503b25db48b33642a |
Review Scope
- Commit
- 3b1a3ce2896c414c8bd1ba5503b25db48b33642a
Audit Summary
10/10
98%
10/10
9/10
The system users should acknowledge all the risks summed up in the risks section of the report
Document Information
This report may contain confidential information about IT systems and the intellectual property of the Customer, as well as information about potential vulnerabilities and methods of their exploitation.
The report can be disclosed publicly after prior consent by another Party. Any subsequent publication of this report shall be without mandatory consent.
Document | |
|---|---|
| Name | Smart Contract Code Review and Security Analysis Report for Libertify |
| Audited By | Hacken |
| Website | https://www.libertify.com/→ |
| Changelog | 01/03/2023 - Initial Review |
| 09/03/2023 - Second Review | |
| 13/03/2023 - Third Review | |
| 22/03/2023 - Fourth Review | |
| 14/07/2023 - Fifth Review |
Document
- Name
- Smart Contract Code Review and Security Analysis Report for Libertify
- Audited By
- Hacken
- Website
- https://www.libertify.com/→
- Changelog
- 01/03/2023 - Initial Review
- 09/03/2023 - Second Review
- 13/03/2023 - Third Review
- 22/03/2023 - Fourth Review
- 14/07/2023 - Fifth Review
System Overview
Libertify is a decentralized investment platform that uses a concept of tokenized vaults with a fixed asset ratio. The main idea is to decrease risks, related to holding assets, using vault rebalancing.
The files in the scope:
LibertiAggregationRouterV4.sol - contains a logic to execute a swap using 1Inch Aggregation Router V4 protocol.
LibertiFactory.sol - an instance of LibertiVault factory.
LibertiFactoryBase.sol - a factory that uses a minimal proxy pattern for deploying new instances of LibertiVault.
LibertiPriceFeed.sol - interacts with Chainlink Aggregator V3 interface to fetch data about the current token price.
LibertiVault.sol - a core contract of the system. ERC4626-like vault.
Privileged roles
Owner:
LibertiPriceFeed.sol - can add price feed.
LibertiVault.sol - can rebalance the vault, set minimal and maximal deposit values, entry and exit fee.
Executive Summary
Documentation quality
The total Documentation quality score is 9 out of 10.
Provided documentation well describes both technical and functional parts of the system.
Missing NatSpecs for multiple functions.
Code quality
The total Code quality score is 10 out of 10.
Code is well-written and designed.
Test coverage
Code coverage of the project is 98% (branch coverage).
Deployment and basic user interactions are covered with tests.
Negative case coverage is present.
Security score
Upon auditing, the code was found to contain 1 critical, 3 high, 8 medium, and 7 low severity issues. Out of these, 17 issues have been addressed and resolved, leading to a Security score of 10 out of 10.
All identified issues are detailed in the “Findings” section of this report.
Summary
The comprehensive audit of the customer's smart contract yields an overall score of 9.8. This score reflects the combined evaluation of documentation, code quality, test coverage, and security aspects of the project.
Risks
Off-chain trading logic is not verified in the scope of the audit.
Findings
Code ― | Title | Status | Severity | |
|---|---|---|---|---|
| F-2023-0529 | Data Consistency | fixed | Critical | |
| F-2023-0532 | Invalid Calculations | fixed | High | |
| F-2023-0531 | Non-Finalized Code: FIXME Comments | fixed | High | |
| F-2023-0530 | Funds Lock | fixed | High | |
| F-2023-0540 | Documentation Mismatch | fixed | Medium | |
| F-2023-0539 | Missing Validation | fixed | Medium | |
| F-2023-0538 | Missing Validation | fixed | Medium | |
| F-2023-0537 | Name Contradiction | fixed | Medium | |
| F-2023-0536 | Missing Event For Critical Value Updation | fixed | Medium | |
| F-2023-0535 | Inefficient Gas Model: Redundant Interactions | fixed | Medium |
Appendix 1. Severity Definitions
When auditing smart contracts, Hacken is using a risk-based approach that considers Likelihood, Impact, Exploitability and Complexity metrics to evaluate findings and score severities.
Reference on how risk scoring is done is available through the repository in our Github organization:
Severity | Description |
|---|---|
Critical | Critical vulnerabilities are usually straightforward to exploit and can lead to the loss of user funds or contract state manipulation. |
High | High vulnerabilities are usually harder to exploit, requiring specific conditions, or have a more limited scope, but can still lead to the loss of user funds or contract state manipulation. |
Medium | Medium vulnerabilities are usually limited to state manipulations and, in most cases, cannot lead to asset loss. Contradictions and requirements violations. Major deviations from best practices are also in this category. |
Low | Major deviations from best practices or major Gas inefficiency. These issues will not have a significant impact on code execution, do not affect security score but can affect code quality score. |
Severity
- Critical
Description
- Critical vulnerabilities are usually straightforward to exploit and can lead to the loss of user funds or contract state manipulation.
Severity
- High
Description
- High vulnerabilities are usually harder to exploit, requiring specific conditions, or have a more limited scope, but can still lead to the loss of user funds or contract state manipulation.
Severity
- Medium
Description
- Medium vulnerabilities are usually limited to state manipulations and, in most cases, cannot lead to asset loss. Contradictions and requirements violations. Major deviations from best practices are also in this category.
Severity
- Low
Description
- Major deviations from best practices or major Gas inefficiency. These issues will not have a significant impact on code execution, do not affect security score but can affect code quality score.
Appendix 2. Scope
The scope of the project includes the following smart contracts from the provided repository:
Scope Details | |
|---|---|
| Repository | https://github.com/LibertyFi/libertify.protocol→ |
| Commit | 3b1a3ce2896c414c8bd1ba5503b25db48b33642a |
| Whitepaper | Provided→ |
| Requirements | Provided |
| Technical Requirements | Provided |
Scope Details
- Commit
- 3b1a3ce2896c414c8bd1ba5503b25db48b33642a
- Whitepaper
- Provided→
- Requirements
- Provided
- Technical Requirements
- Provided