SimplyEarn Info
SimplyEarn is a cutting-edge decentralized finance (DeFi) platform designed to offer users sustainable yields through a simplified interface. By leveraging the power of blockchain technology, SimplyEarn enables users to mint, redeem, and stake USDse, a yield-generating stablecoin backed by reliable assets like USDC and USDT.
TrustNet Score
The TrustNet Score evaluates crypto projects based on audit results, security, KYC verification, and social media presence. This score offers a quick, transparent view of a project's credibility, helping users make informed decisions in the Web3 space.
Real-Time Threat Detection
Real-time threat detection, powered by Cyvers.io,
is currently not
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for this project.
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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 renounced
The contract does not include owner functions that allow post-deployment modifications.
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.
Ownership Privileges
USDse.sol
- The admin can update the treasury address.
- The admin can update the signer address.
- The admin can set the token address.
Note - This Audit report consists of a security analysis of the SimplyEarn USDse smart contract. This analysis did not include functional testing (or unit testing) of the contract’s logic. Moreover, we have audited the mentioned contract for the SimplyEarn team. Other contracts associated with the project were not audited by our team. We recommend investors do their own research before investing.
Files and details
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Findings and Audit result
medium Issues | 1 findings
Resolved
#1 medium Issue
The minter can mint tokens.
The USDse contract has an unlimited minting issue, allowing any address with MINTER_ROLE to mint tokens indefinitely. Since the ADMIN_ROLE can assign MINTER_ROLE, the admin can mint unlimited tokens, leading to inflation, centralization risks, and loss of trust. There is no governance control or supply cap, making it vulnerable to abuse. To mitigate this, the contract should enforce a maximum token supply, require multi-signature approvals, and introduce time-locked minting to prevent instant manipulation. These measures will prevent excessive inflation, enhance decentralization, and improve security, ensuring fair and transparent token issuance.