Vidma is pleased to present this audit report outlining our assessment of code, smart contracts, and other important audit insights and suggestions for management, developers, and users.
The audited scope included an updated version of vesting and pre-transaction check smart contracts. A previous version was audited by Vidma team last November so this audit will include auditing the updates that are made.
There was an added updating of beneficiary addresses functionality that allows the contract owner to update receiver wallet address if the previous wallet was lost or the user just wants to move his allocation to a new address. Also, updated contract tracks unallocated tokens that allows to view transparent processing.
Vidma audit team confirms that all known issues are resolved and contracts are secure and operational. The changes are reflected in this version of the report accordingly.
During the audit process, the Vidma team found several issues, including those with critical severity. A detailed summary and the current state are displayed in the table below.
After evaluating the findings in this report and the final state after fixes, the Vidma auditors can state that the contracts are fully operational and secure. Under the given circumstances, we set the following risk level:
To set the codebase quality mark, our auditors are evaluating the initial commit given for the scope of the audit and the last commit with the fixes. This approach helps us adequately and sequentially evaluate the quality of the code. Code style, optimization of the contracts, the number of issues, and risk level of the issues are all taken into consideration. The Vidma team has developed a transparent evaluation codebase quality system presented below.
Evaluating the initial commit and the last commit with the fixes, Vidma audit team set the following codebase quality mark.
Score
Based on the overall result of the audit and the state of the final reviewed commit, the Vidma audit team grants the following score:
In addition to manual check and static analysis, the auditing team has conducted a number of integrated autotests to ensure the given codebase has an adequate performance and security level. The test results and coverage can be found in the accompanying section of this audit report.
Please be aware that this audit does not certify the definitive reliability and security level of the contract. This document describes all vulnerabilities, typos, performance issues, and security issues found by the Vidma audit team.
If the code is still under development, we highly recommend running one more audit once the code is finalized.
With the mission of breaking down barriers to mass adoption, Ferrum empowers the industry by reducing friction and bringing startups and established networks closer together.
Within the scope of this audit, two independent auditors thoroughly investigated the given codebase and analyzed the overall security and performance of the smart contracts.
The audit was conducted from August 24th, 2023 to September 18th. The outcome is disclosed in this document.
The scope of work for the given audit consists of the following contracts:
The source code was taken from the following source:
https://github.com/ferrumnet/linear-release-engine
Initial commit submitted for the audit:
bd2bf0a9a4c55467968cc289eb9bff7a61c43f63
Last commit reviewed by the auditing team:
9cb94e0946bd1ac527dbd1cb4c1f89ed428448a0
Final Release tag reviewed by Vidma auditors:
https://github.com/ferrumnet/linear-release-engine/releases/tag/v1.10.0
As a reference to the contracts logic, business concept, and the expected behavior of the codebase, the Ferrum Network team has provided the following documentation:
https://docs.ferrumnetwork.io/ferrum-network-ecosystem/v/iron-vest/
Vidma audit team uses the most sophisticated and contemporary methods and well-developed techniques to ensure contracts are free of vulnerabilities and security risks. The overall workflow consists of the following phases:
After the Audit kick-off, our security team conducts research on the contract’s logic and expected behavior of the audited contract.
Vidma auditors do a deep dive into your tech documentation with the aim of discovering all the behavior patterns of your codebase and analyzing the potential audit and testing scenarios.
At this point, the Vidma auditors are ready to kick off the process. We set the auditing strategies and methods and are prepared to conduct the first audit part.
During the manual phase of the audit, the Vidma team manually looks through the code in order to find any security issues, typos, or discrepancies with the logic of the contract. The initial commit as stated in the agreement is taken into consideration.
Static analysis tools are used to find any other vulnerabilities in smart contracts that were missed after a manual check.
An interim report with the list of issues.
Within the testing part, Vidma auditors run integration tests using the Truffle or Hardhat testing framework. The test coverage and the test results are inserted in the accompanying section of this audit report.
Second interim report with the list of new issues found during the testing part of the audit process.
For simplicity in reviewing the findings in this report, Vidma auditors classify the findings in accordance with the severity level of the issues. (from most critical to least critical).
All issues are marked as “Resolved” or “Unresolved”, depending on if they have been fixed by project team or not. The issues with “Not Relevant” status are left on the list of findings but are not eligible for the score points deduction.
The latest commit with the fixes reviewed by the auditors is indicated in the “Scope of Work” section of the report.
The Vidma team always provides a detailed description of the issues and recommendations on how to fix them.
Classification of found issues is graded according to 6 levels of severity described below:
Low ML – 01 | Resolved
To decrease gas usage during claiming tokens by claim() you can use a local variable instead of a second call to the contract state (line 318).
Consider changing info.remainingToBeClaimable to local remainingToBeClaimable.
Low TL – 01 | Resolved
There is no requirement that the IronVest PreCheck contract address can't be zero address in the function setPreCheck (line 611). If the admin sets zero address with it, it will lock adding new vestings and updating beneficiary addresses.
Make sure that functionality will be not locked or add requirement like that:
Low TL – 02 | Resolved
In function updateBeneficiaryAddress() assigns zero value to few struct fields. It is more efficient to use delete operator here to save gas usage on the function execution:
Consider using delete operator to “clear” variables.
Informational MI – 01 | Resolved
According to Solidity Style Guide, state and local variables should be in mixedCase style. In the IronVestExtended contract there is a state variable VestingCheck (line 92) that stores instance of the IronVestPreCheck contract.
Also, there is _usedHashes public mapping with underscore that usually indicates private/internal state variable but it is public. Make sure that visibility is correctly setted and remove underscore or change visibility for _usedHashes.
Consider following the Solidity Style Guide 0.8.17 and naming conventions.
Informational MI – 02 | Resolved
There are some typos in the IronVestExtended contract code:
Typos in the IronVestPreCheck contract code:
Consider fixing typos.
Informational MI – 03 | Resolved
In the IronVestPreCheck contract there are copied NatSpec docs from the IronVestExtended which do not correspond to their purpose. For example, general NatSpec for IronVestPreCheck contract, preAddVesting(), preAddCliffVesting(), preUpdateBeneficiaryAddress().
Consider changing NatSpec documentation for IronVestPreCheck SC.
To verify the security of contracts and the performance, a number of integration tests were carried out using the Hardhat testing framework.
Vidma Coverage – 100%
Industry Standard – 95%
It is important to note that Vidma auditors do not modify, edit or add tests to the existing tests provided in the Ferrum Network repository. We write totally separate tests with code coverage of a minimum of 95% to meet the industry standards.
We are delighted to have a chance to work with the Ferrum Network team and contribute to your company's success by reviewing and certifying the security of your smart contracts.
The statements made in this document should be interpreted neither as investment or legal advice, nor should its authors be held accountable for decisions made based on this document.