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
activated
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 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
SimplyEarnStake.sol
- The admin can set the USDse contract address.
- The admin can set the signer address.
Note - This Audit report consists of a security analysis of the SimplyEarn Staking 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
The admin can lock claim
If the admin pauses the contract, users cannot claim rewards or unstake their funds due to the whenNotPaused modifier. This creates centralization risks, as the admin can indefinitely lock user funds, preventing withdrawals and causing frustration. Malicious admins could misuse this feature to freeze funds and exit the project. To mitigate this, implement multi-signature governance, allow emergency unstaking, and introduce timelocks to prevent indefinite pauses. Ensuring automatic unpausing after a set period and event notifications can improve transparency. Without proper safeguards, this function could lead to liquidity risks and loss of user trust.
medium Issues | 2 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
The admin can withdraw staked tokens.
The SimplyEarnStake contract has a centralization risk as the admin can withdraw all staked tokens using the withdrawToken function. This creates a trust issue, as users rely on the admin’s honesty. If the admin is malicious or compromised, they could drain all funds, leading to asset loss. Risks include rug pulls, lack of transparency, and smart contract exploits. To mitigate this, multi-signature wallets, withdrawal limits, timelocks, governance voting, and audits should be implemented. Without these protections, users have no control over their funds, making the contract vulnerable to fraud or mismanagement.
low Issues | 1 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.