Minterest Passes Fourth Zokyo Audit
Minterest has successfully undergone its fourth Zokyo audit (and 7th audit overall), a critical step in validating its new liquidation system.
Let’s examine the scoring process and the key findings from this latest Zokyo audit.
Protocol Updates
This audit concentrated on the Flasher.sol and Liquidation.sol smart contracts. The former is a new addition, enabling the protocol to execute liquidations via flash loans—a mechanism that allows borrowing and repaying within the same transaction.
To support this new feature, the Liquidation.sol contract received updates that ensure the liquidation logic aligns with the instantaneous loan settlement.
Zokyo’s Audit Approach and Scoring Process
Zokyo is a cybersecurity firm specialising in blockchain technology and smart contract auditing. They’ve tested code for hundreds of top-tier web3 protocols, including LayerZero, SushiSwap, 1inch, Polygon and Solana.
Having worked with Zokyo before and given its comprehensive auditing process and proven track record, Minterest decided to engage with them for a fourth audit.
Zokyo’s audit process is extensive, starting with automated scans for common vulnerabilities followed by an in-depth manual review to catch more complex issues. Their methodology also includes cross-comparison with industry leaders and testing against a wide variety of attack vectors.
They rank findings from critical, which could cause significant harm, to informational, which present no immediate risk. The final score reflects the contract’s security status, with a higher score indicating fewer risks.
Flasher.sol: Technical Breakdown
The Flasher.sol contract was the primary focus of Minterest’s latest audit, as this newly written code plays a key role in the protocol’s updated liquidation strategy.
Flasher.sol: This contract enables Minterest to utilise flash loans for liquidations. Flash loans allow for immediate borrowing and repayment within the same transaction block. Flasher.sol ensures liquidations are executed efficiently, with minimal market impact.
Audit Findings
- Scope of Review: The audit focused on the newly implemented Flasher.sol contract and the enhancements made to the Liquidation.sol contract, which are central to Minterest’s shift towards flash loan-based liquidations.
- Issues and Resolutions: Predominantly minor and informational issues were identified—related to code readability and event logging. These were quickly resolved by the Minterest team.
Security Insights
- Scorecard: Minterest’s updated contracts received a high-security score of 94/100, reflecting the absence of any critical vulnerabilities.
- Operational Security: The audit highlighted the necessity for dependable backend services and the secure handling of private keys.
Security as a Priority
Minterest’s consistent auditing strategy, with seven audits to date and prior Public Access, including those by Trail of Bits, Hacken, and PeckShield, demonstrates a commitment to maintaining the highest security standards.
With the most recent Zokyo audit scoring of 94/100 and a proactive stance on addressing findings, Minterest continues solidifying its position amongst the most reliable and trustworthy DeFi protocols.
Minterest Zokyo Smart Contract Audit: https://minterest.com/audit-report-zokyo-4/
08, November 2023
