Shibnobi
Smart Contract Audit Report
Executive Summary
This report presents the outcomes of our collaborative engagement with the Shibnobi team, focusing on the comprehensive evaluation of the Shibnobi contract.
Our team conducted an initial security assessment from June 20th to June 21st, 2024. On July 1st, 2024 our team amended this report to include the token's mainnet address.
Shibnobi is a new ERC-20 token on Base that functions as an automatic liquidity-providing protocol.
Audit Scope
Name |
Source Code |
Visualized |
Shibnobi |
Name |
Address/Source Code |
Visualized |
Shibnobi |
Audit Findings
No findings were identified, though some centralized aspects are present.
System Overview
DEPLOYMENT AND TOKENOMICSThe total supply of the token is set to 69 billion $SHINJA [69,000,000,000] and is minted to the owner upon deployment. No mint functions are accessible beyond deployment. Any user can burn their own tokens to reduce the total supply at any time. Any user can burn tokens on behalf of another user up to their granted allowance.
TRANSFERSTrading must be enabled by the owner before transfers can take place on the platform. Once trading is enabled, it can never be disabled.
The contract enforces a maximum wallet amount when the restrict-whales functionality is enabled by the owner, which prevents a transfer from occurring if the recipient's token balance exceeds the limit number of tokens after the transfer occurs.
There is a Liquidity fee, Community fee, and Marketing fee on all transfers where neither the sender nor the recipient is excluded from fees. A separate fee structure can be set by the team to apply different fee percentages depending on whether the transaction is a buy, sell, or peer-to-peer transfer.
The tokens collected through fees are stored in the contract address. The tokens are swapped for ETH for the purpose of funding Uniswap liquidity and designated addresses when the following conditions are met:
- The automatic liquidity add functionality is enabled by the team.
- The threshold number of tokens in the contract address (determined by the owner) has been reached.
- The contract is not currently performing an automatic liquidity add.
- The caller is not initiating a buy transaction via Uniswap.
Liquidity adds are automatically performed by selling the tokens collected as fees, pairing the received ETH with the token, and adding it as liquidity to the ETH pair. The LP tokens received through this process are sent to the 0x..dead address.
The tokens collected through the Community Fee and Marketing fee are swapped for ETH and sent to the team's Community wallet and Marketing wallet respectively.
The contract complies with the ERC-20 standard.
OWNERSHIP CONTROLSThe owner can update the Liquidity fee, Community fee, and Marketing fee on buys, sells, and peer-to-peer transfers at any time. The total fee percentage combined for each fee structure cannot exceed 4%. The owner can exclude/include accounts from fees at any time.
The owner can set the maximum wallet amount to any value between 0.5% of the total supply and 3% of the total supply at any time. The owner can exclude/include accounts from the maximum wallet restriction at any time. The owner can enable/disable the maximum wallet restriction at any time.
The owner can enable/disable the automatic token-swapping functionality at any time. The owner can update the threshold number of tokens needed to trigger the automatic token-swapping functionality to any value at any time.
The owner can withdraw any tokens not collected through fees from the contract at any time. The owner can set the team's Community wallet and Marketing wallet to any addresses at any time. The owner can transfer ownership to any address at any time.
Vulnerability Analysis
| Vulnerability Category | Notes | Result |
|---|---|---|
| Arbitrary Jump/Storage Write | N/A | PASS |
| Centralization of Control | The owner can set the maximum wallet amount to any value between 0.5% of the total supply and 3% of the total supply at any time. | PASS |
| Compiler Issues | N/A | PASS |
| Delegate Call to Untrusted Contract | N/A | PASS |
| Dependence on Predictable Variables | N/A | PASS |
| Ether/Token Theft | N/A | PASS |
| Flash Loans | N/A | PASS |
| Front Running | N/A | PASS |
| Improper Events | N/A | PASS |
| Improper Authorization Scheme | N/A | PASS |
| Integer Over/Underflow | N/A | PASS |
| Logical Issues | N/A | PASS |
| Oracle Issues | N/A | PASS |
| Outdated Compiler Version | N/A | PASS |
| Race Conditions | N/A | PASS |
| Reentrancy | N/A | PASS |
| Signature Issues | N/A | PASS |
| Sybil Attack | N/A | PASS |
| Unbounded Loops | N/A | PASS |
| Unused Code | N/A | PASS |
| Overall Contract Safety | PASS |
About SourceHat
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Our firm is well-reputed in the community and is trusted as a top smart contract auditing company for the review of solidity code, no matter how complex. Our team of experienced solidity smart contract auditors performs audits for tokens, NFTs, crowdsales, marketplaces, gambling games, financial protocols, and more!
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What is a SourceHat Audit?
Typically, a smart contract audit is a comprehensive review process designed to discover logical errors, security vulnerabilities, and optimization opportunities within code. A SourceHat Audit takes this a step further by verifying economic logic to ensure the stability of smart contracts and highlighting privileged functionality to create a report that is easy to understand for developers and community members alike.
How Do I Interpret the Findings?
Each of our Findings will be labeled with a Severity level. We always recommend the team resolve High, Medium, and Low severity findings prior to deploying the code to the mainnet. Here is a breakdown on what each Severity level means for the project:
- High severity indicates that the issue puts a large number of users' funds at risk and has a high probability of exploitation, or the smart contract contains serious logical issues which can prevent the code from operating as intended.
- Medium severity issues are those which place at least some users' funds at risk and has a medium to high probability of exploitation.
- Low severity issues have a relatively minor risk association; these issues have a low probability of occurring or may have a minimal impact.
- Informational issues pose no immediate risk, but inform the project team of opportunities for gas optimizations and following smart contract security best practices.