IXS Launchpad Info
IX Swap is the Uniswap for RWA and bridges the gap between traditional finance and decentralized finance by offering a regulated and innovative platform for trading tokenized Real-World Assets.
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Security Assessments
Summary and Final Words
No crucial issues found
The contract does not contain issues of high or medium criticality. This means that no known vulnerabilities were found in the source code.
Contract owner cannot mint
It is not possible to mint new tokens.
Contract owner cannot blacklist addresses.
It is not possible to lock user funds by blacklisting addresses.
Contract owner cannot set high fees
The fees, if applicable, can be a maximum of 25% or lower. The contract can therefore not be locked. Please take a look in the comment section for more details.
Contract cannot be locked
Owner cannot lock any user funds.
Token cannot be burned
There is no burning within the contract without any allowances
Ownership is not renounced
The owner retains significant control, which could potentially be used to modify key contract parameters.
Contract is not upgradeable
The contract does not use proxy patterns or other mechanisms to allow future upgrades. Its behavior is locked in its current state.
Scope of Work
This audit encompasses the evaluation of the files listed below, each verified with a SHA-1 Hash. The team referenced above has provided the necessary files for assessment.
The auditing process consists of the following systematic steps:
- Specification Review: Analyze the provided specifications, source code, and instructions to fully understand the smart contract's size, scope, and functionality.
- Manual Code Examination: Conduct a thorough line-by-line review of the source code to identify potential vulnerabilities and areas for improvement.
- Specification Alignment: Ensure that the code accurately implements the provided specifications and intended functionalities.
- Test Coverage Assessment: Evaluate the extent and effectiveness of test cases in covering the codebase, identifying any gaps in testing.
- Symbolic Execution: Analyze the smart contract to determine how various inputs affect execution paths, identifying potential edge cases and vulnerabilities.
- Best Practices Evaluation: Assess the smart contracts against established industry and academic best practices to enhance efficiency, maintainability, and security.
- Actionable Recommendations: Provide detailed, specific, and actionable steps to secure and optimize the smart contracts.
A file with a different Hash has been intentionally or otherwise modified after the security review. A different Hash may indicate a changed condition or potential vulnerability that was not within the scope of this review.
Final Words
The following provides a concise summary of the audit report, accompanied by insightful comments from the auditor. This overview captures the key findings and observations, offering valuable context and clarity.
Forked Status
- The IXS V2 reward system, including its core reward function and associated functionalities, is a direct fork of Velodrome Finance.
The codebase for the original Velodrome Finance contracts can be accessed here:
https://github.com/velodrome-finance/contracts/tree/main/contracts
Note - This Audit report consists of a security analysis of the IXS Launchpad smart contract. This analysis did not include functional testing (or unit testing) of the contract’s logic. Moreover, we only audited the mentioned contract for the IXS Launchpad team. Other contracts associated with the project were not audited by our team. We recommend investors do their own research before investing. Moreover, any vulnerabilities or issues inherent in the original Velodrome Finance contracts may also be present in this implementation.
Files and details
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Findings and Audit result
medium Issues | 2 findings
Pending
#1 medium Issue
Gauge Creation by Non-Governor for Pools with Zero Tokens
The core issue is that the new createGauge function's access control check, which restricts gauge creation to the governor, is located inside a loop that processes the pool's tokens. If a pool retrieved from the IVault has zero tokens, this loop is skipped entirely. Consequently, the governor check is bypassed, allowing a non-governor to successfully call createGauge for such a pool. This could lead to the creation of a gauge with no associated reward tokens, potentially causing errors or unexpected behavior in the IVotingRewardsFactory or resulting in a non-functional gauge.
Pending
#2 medium Issue
Potential Fund Misappropriation or DoS due to Unconstrained feeForVe in Fee Distribution
The _claimFees() function calculates a _share of collected fees to be sent to the feesVotingReward contract based on feeForVe obtained from the IVoter contract. If feeForVe is not constrained to be less than or equal to BASIC_POINT (100%), the calculated _share can exceed the claimableAmount. This leads to remain = claimableAmount - _share underflowing. If the subsequent external call to IReward(feesVotingReward).notifyRewardAmount() doesn't revert due to attempting to pull more funds than available (which is the most likely outcome, causing a Denial of Service for fee claiming), the underflowed remain value will be used in _updateRatio(). This would highly inflate the indexRatio for LPs, allowing them to claim significantly more fees than earned, potentially draining other funds.
low Issues | 4 findings
Pending
#1 low Issue
Unused imports
It is recommended to remove the unused code from the contract.
Pending
#2 low Issue
Missing events arithmetic
It is recommended to emit all the parameter changes.
Pending
#3 low Issue
Hardcoded true for isPool Parameter.
In the createGauge function, the call to IGaugeFactory(gaugeFactory).createGauge(...) now passes a hardcoded true for its final parameter. In the older version, this parameter was a dynamically determined boolean isPool, indicating whether the _pool address actually represented a pool according to IPoolFactory. By always setting this to true, the system now unconditionally tells the GaugeFactory that any gauge being created is for a standard pool. This simplification might be acceptable if all entities for which gauges are created are indeed standard pools and the GaugeFactory is designed accordingly. However, if the GaugeFactory previously used this boolean to differentiate and manage various types of gauges (e.g., some not strictly being liquidity pools but still needing gauges), this hardcoding removes that flexibility. It could lead to misclassification or loss of specific functionalities for any non-standard gauge types that the system might have previously supported or might intend to support in the future.
Pending
#4 low Issue
Missing zero or dead address check.
It is recommended to check that the address cannot be set to zero or a dead address.