The team of Float contracted byterocket to conduct a smart contract audit of an upgrade to their smart contracts related a new fee mechanism that is being introduced. Float is a “peer-to-peer, yield-enhanced, floating synthetic asset exposure mechanism”. They describe themselves as “the easiest and safest way for users to buy synthetic assets. Users do not need to worry about over-collateralization, or suddenly getting liquidated”.
The team of byterocket reviewed and audited the above smart contracts in the course of this audit. We started on the 19th of August and finished on the 22nd of August 2022.
byterocket gained access to the code via a private GitHub repository. We based the audit on the main branch’s state on August 22nd, 2022 (commit hash 923f9b56d0d4812d8a8b2beac83ab420ff1567f2).
We conducted a manual multi-pass code review of the smart contracts mentioned in section (1). Three different people went through the smart contract independently and compared their results in multiple concluding discussions.
We are categorizing our findings into four different levels of severity:
On the code level, we found no bugs or flaws. Our automated systems and review tools did not find any additional ones. Additionally, we found 1 gas improvement.
The contracts are written according to the latest standard used within the Ethereum community and the Solidity community’s best practices. The naming of variables is very logical and understandable, which results in the contract being easy to understand. The code is sufficiently documented.
In order to save some gas, any divisions or multiplications by 2^x can be simplified to x bitshifts to either the left (multiplication) or right (division). As bitshifts are cheaper than divisions or multiplications, this is a good way to save some gas.
The following calculation can be optimized:
To the following:
Part of our audits are also analyses of the protocol and its logic. The byterocket team went through the implementation and documentation of the implemented protocol.
The repository itself contained tests and documentation. We found the provided unit tests that are coming with the repository execute without any issues and cover the most important parts of the protocol.
According to our analysis, the protocol and logic are working as intended, given that any findings with a severity level are fixed.
We were not able to discover any additional problems in the protocol implemented in the smart contract.
During our code review (which was done manually and automated), we found no bugs or flaws. Our automated systems and review tools did not find any additional ones. Additionally, we found 1 gas improvement.
The protocol review and analysis did neither uncover any game-theoretical nature problems nor any other functions prone to abuse besides the ones that have been uncovered in our findings.
In general, there are some improvements that can be made, but we are happy with the overall quality of the code and its documentation. The developers have been very responsive and were able to answer any questions that we had.
As of the date of publication, the information provided in this report reflects the presently held understanding of the auditor’s knowledge of security patterns as they relate to the client’s contract(s), assuming that blockchain technologies, in particular, will continue to undergo frequent and ongoing development and therefore introduce unknown technical risks and flaws. The scope of the audit presented here is limited to the issues identified in the preliminary section and discussed in more detail in subsequent sections. The audit report does not address or provide opinions on any security aspects of the Solidity compiler, the tools used in the development of the contracts or the blockchain technologies themselves, or any issues not specifically addressed in this audit report.
The audit report makes no statements or warranties about the utility of the code, safety of the code, suitability of the business model, investment advice, endorsement of the platform or its products, the legal framework for the business model, or any other statements about the suitability of the contracts for a particular purpose, or their bug-free status.
To the full extent permissible by applicable law, the auditors disclaim all warranties, express or implied. The information in this report is provided “as is” without warranty, representation, or guarantee of any kind, including the accuracy of the information provided. The auditors hereby disclaim, and each client or user of this audit report hereby waives, releases and holds all auditors harmless from, any and all liability, damage, expense, or harm (actual, threatened, or claimed) from such use.
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The IPFS Hash, a unique identifier of the report, is signed on-chain by both the client and us to prove that both sides have approved this audit report. This signing mechanism allows users to verify that neither side has faked or tampered with the audit.