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
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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 not renounced
The owner retains significant control, which could potentially be used to modify key contract parameters.
Contract is upgradeable
The contract uses a proxy pattern or similar mechanism, enabling future upgrades. This can introduce risks if the upgrade mechanism is not securely managed.
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
SimplyEarnFactory.sol
- The admin can add the USDse contract address.
- The admin can update the redeem token address.
- The admin can withdraw the native and tokens from the contract.
- The admin can update the lock time in the contract to any arbitrary value.
- The admin can pause/un-pause the functionalities in the contract.
Note - This Audit report consists of a security analysis of the SimplyEarn Factory 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
high Issues | 1 findings
Resolved
#1 high Issue
Missing signature verification expiration.
The _msgId is checked only once, but if the signature is valid for multiple contract instances or chains, it can be reused across different deployments or forked networks. The same signature is valid if an attacker forks the network or deploys the same contract on another chain. The function does not explicitly check if the signer is the one calling the function. A malicious actor could extract a valid signature from one transaction and use it elsewhere. To mitigate this, Include msg.sender in the Signature Hash. This ensures that the signature is valid only for the original sender.
medium Issues | 3 findings
Resolved
#1 medium Issue
Missing 'isContract' check.
The contract lacks a validation check to ensure that specific parameters are contract addresses. Without this check, there is a risk that non-contract addresses (such as externally owned accounts, or EOAs) could be mistakenly set for parameters intended to reference other contracts. This could lead to failures in executing critical interactions within the contract, as EOAs do not support contract-specific functions. To mitigate this, Implement a validation check to ensure that parameters designated as contract addresses are verified as such. This can be done using Solidity’s Address library function isContract, which checks if an address has associated contract code.
Resolved
#2 medium Issue
Missing threshold for Lock Time.
The setLockTime function allows the admin to change the LOCK_TIME, impacting when users can withdraw redeemed tokens. If set too high, withdrawals could be indefinitely blocked, freezing user funds. If set too low, it could bypass security checks, allowing instant withdrawals. Frequent changes create uncertainty and potential admin abuse. To mitigate risks, limits should be set (e.g., max 30 days), timelocks should be enforced, and changes should trigger on-chain events for transparency. Implementing DAO governance can prevent misuse, ensuring fair and decentralized control over withdrawal delays.
Resolved
#3 medium Issue
The admin can lock redeem functionality.
The pause functionality in SimplyEarnFactory, controlled by ADMIN_ROLE, restricts key functions like redeem() when activated. If paused, users cannot redeem their USDse tokens, potentially locking their funds indefinitely. This creates centralization risks, where an admin can block withdrawals, disrupt trading, or execute an exit scam by withdrawing funds while users remain stuck. To prevent abuse, safeguards like timelocks, community governance (DAO control), and emergency exit mechanisms should be implemented. While pausing is useful for emergencies, it must not be misused to limit user access to funds arbitrarily, ensuring fairness and trust in the system.
low Issues | 2 findings
Resolved
#1 low Issue
Floating pragma solidity version
Adding the constant version of solidity is recommended, as this prevents the unintentional deployment of a contract with an outdated compiler that contains unresolved bugs.
Resolved
#2 low Issue
Missing events
It is recommended to emit all the critical parameter changes.