Dai Stablecoin Smart Contract Audit

Project Background

  • This Solidity code defines a contract named `Dai` which represents a stablecoin token. Let’s break down the code:
    • LibNote Contract: This contract provides a `note` modifier that logs events with specific data. It’s used to provide additional context for events emitted by other contracts.
    • Dai Contract:
      • Auth Management: It includes functions `rely` and `deny` for managing authorization of certain addresses.
      • ERC20 Data: Defines ERC20 standard data such as `name`, `symbol`, `decimals`, `totalSupply`, `balanceOf`, and `allowance`.
      • Events: Emits events for `Approval` and `Transfer`.
      • EIP712 Niceties: Precomputes a `DOMAIN_SEPARATOR` for EIP712 signatures.
      • Constructor: Initializes the contract with the deploying address as an authorized address.
      • Token Functions:
        • transfer: Transfers tokens from the sender to a specified address.
        • transferFrom: Transfers tokens from a specified address to another address, if allowed.
        • mint: Mints new tokens to a specified address, which increases the total supply.
        • burn: Burns tokens from a specified address, which decreases the total supply.
        • approve: Approves an address to spend tokens on behalf of another address.
      • Alias Functions: Provides aliases push, pull, and move for easier token transfer operations.
      • Permit Function: Implements the EIP2612 permit function for approvals via signature.
  • This contract represents a basic implementation of an ERC20 token with additional features such as permit approvals and authorization management. It also includes safety checks for arithmetic operations and authorization checks for certain functions.

Website: makerdao.com

Executive Audit Summary

  • According to the standard audit assessment, the Customer`s solidity smart contracts are “Secured”.  Also, these contracts contain owner control, which does not make them fully decentralized.
  • We used various tools like Slither, Solhint and Remix IDE. At the same time this finding is based on critical analysis of the manual audit.
  • We found 0 critical, 0 high, 0 medium,  0 low and 5 very low-level issues.

Audit Report in PDF


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