DeFiSafety Profile picture
Jun 8 7 tweets 5 min read
1/7 Bancor, or as @IamSuperMassive likes to call them "the (unkillable) cockroaches" of DeFi, keep up AND surpass their invincible process quality record. They've increased an impressive 6% from a base of 90% despite our review system growing more complex. Image
2/7 We have nothing but praise to say here. Flawless explanations for both developers and users relating to how the protocol functions, great audit hygiene, a delicious bug bounty offering ... we could go on. Truly outstanding work dears.
3/7 We're especially grateful that they clearly explain how @Bancor manages their ownership. This is critical information that users must know, and we are reassured that they are clear in expressing it.
4/7 We're heartened that one of the #DeFi OGs has stayed so true to the transparent (and therefore more secure) spirit it set out with. This team's commitment to good development processes is as consistently strong as their yield offerings are consistently attractive.
5/7 We suggested to them they might consider formal verification but it turns out they'd already got started down that road. Through each iteration of Bancor, DeFiSafety has been reliably pleased by their unwavering commitment to mitigating technical risk.
6/7 Tl;dr Bancor good: as good as a #DeFi protocol gets. A responsive, intelligent and polite development team paired with an exciting and innovative DeFi offering is a powerful and secure combination.

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More from @DefiSafety

Jun 10
(1/7) 🚀 We have a new top 3 arrival within our PQR high scores. @AngleProtocol, specialized in stablecoins pegged to the Euro, issues spectacular documentation and offers minute details as to every angle of their protocol. #StableCoin Image
(2/7) Software documentation is a hard process to go through and siding the likes of Synthetix, AAVE, Liquidity is nothing short of an accomplishment. Great testing suite, spot-on smart contract documentation, clear admin controls, What does Angle not cover..? Nothing, it seems.
(3/7) One strong and unique perspective displaying Angle's acuteness in smart contract documentation is the outlining of immutable AND mutable references when discussing change capabilities, followed by software functions.
Read 7 tweets
Jun 9
1/21 Tempted by $USDD to bridge to @trondao? That supple and bouncy claimed 30% APY offering comes with a few strings attached. Let's dig in and make sure you don't regret it the morning after —>
2/21 Let's start with nodes: TronScan claims some 6000+ operate. This is impressive! Ethereum doesn't have this many. However, when you look at their documentation, they use a 27 node "Super Representative" system. What this indicates to us is that 27 nodes validate.
Read 27 tweets
Jun 7
1/28 Due to repeated downtime, @solana has the second worst final technical risk score of the 15 chains that we have reviewed so far. Only @Ronin_Network has a lower score at this point. This is for a variety of reasons. 🫤
2/28 Firstly, Solana's base score is low. Despite a public software repository and some good documentation, their infrastructure relating to nodes is subpar.
3/28 There is only one node implementation (we will address this later), the updates are handled in a haphazard manner and there is no process for an archive node.
Read 29 tweets
Jun 6
1/5 Concocting the magic potions of #DeFi, Alchemix does not fail to provide the right recipes for its code documentation. With impeccable security, admin controls and documentation, the protocol is a great broom to ride through your DeFi wizardry.
Final score: a whopping 80%.
2/5 To support this high score, thorough audits and a high bug bounty reward proved to be the winning formula for this magic potion. Add into the (Alche)mix their straightforward smart contract change capabilities and ownership roles and you get yourself a valuable elixir.
3/5 The only points Alchemix lost for Gryffindor would have to be their testing suite. With no testnet or testing documentation, some may be warry of Alchemix' elixir. However, because of their beyond reasonable TtC ratio, DeFiSafety will make sure to stock up on them' potions.
Read 5 tweets
May 26
1/9 Impossible Finance has defied the realms of reality this past month, raising its score to an outstanding 94%. With brand new documentation to showcase information of vital importance, the team has shown a commitment to expert-level process quality 🧵⬇️
2/9 Firstly, the launchpad provider had a decent running start in our core transparency metrics. Addresses are public and easily found, devs are doxxed, technical documentation was present, and the well-maintained GitHub contained fully open-source software.
3/9 However, one thing that was clearly missing was admin control information. Upon establishing contact with the developers, they worked very hard to produce this important document. It can now be found here: impossiblefinance.notion.site/Contract-Addre….
Read 9 tweets
May 25
1/7 Over the past two months, Synthetix has worked hard to achieve a 97% score, and is tied for the current top score with @LiquityProtocol ! As such, it is time to syntherely congratulate the protocol and underline what went into this groundbreaking effort.
2/7 First, Synthetix has always had a rock-solid base. Its technical documentation is anything but artificial and does a great job at covering its entire smart contract architecture. Moreover, the traceability of the source code implementations is excellent.
3/7 Speaking of source code, Synthetix has one of the most well-developed GitHub repositories that we have seen. Testing depth is commendable, and all unit testing is fully available. A formal verification puts a cherry on top of these vast software development standards.
Read 7 tweets

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