Project Background

Website Details

• Abracadabra.money is a Omnichain DeFi lending platform that works its magic by utilizing interest-bearing tokens as collateral to mint Magic Internet Money, a USD-Denominated stablecoin.
• It enables users to leverage interest-bearing tokens as collateral to mint the stablecoin MIM (Magic Internet Money). The platform supports various DeFi strategies and offers services like borrowing, staking, and farming to maximize yield.

Website: abracadabra.money

Code Details

This Solidity contract defines a Mintable and Burnable ERC20 token with owner and operator permissions.

• Components:

• • IMintableBurnable Interface: Defines burn and mint functions.
  • Owned Contract: Manages ownership with transfer capabilities.
  • ERC20 Contract: Implements ERC20 token functionalities and EIP-2612 permits.
  • OperatableV2 Contract: Manages operators who can mint and burn tokens.
  • MintableBurnableERC20 Contract: Combines the above contracts, allowing only operators to mint and burn tokens.

• Key Functions:

• • mint(address to, uint256 amount)`: Mints new tokens to a specified address.
  • burn(address from, uint256 amount)`: Burns tokens from a specified address.
  • setOperator(address operator, bool status)`: Sets an address as an operator.

Audit Summary

• We observed 3 low and 2 Informational issues in the smart contracts. but those are not critical.
• The security state of the reviewed smart contract, based on standard audit procedure scope, is “Secured”.

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.

Audit Report in PDF

Audit Report Flip book