Summary
The most critical subjects covered in our audit are the functional correctness of the implementation, the possible execution flows, and the safety of the funds. Security regarding all the aforementioned subjects is high.
The general subjects covered are gas efficiency, authorization, documentation, and testing. As the Gearbox protocol interacts with many different assets and protocols, thorough e2e testing of the migration of accounts with different configurations and assets would benefit the implementation. Currently, the testing is quite limited. Security regarding the rest of the aforementioned subjects is high.
In summary, we find that the codebase could provide a high level of security should all the issues be fixed and no further issues be uncovered during the fixes review.
It is important to note that security audits are time-boxed and cannot uncover all vulnerabilities. They complement but don't replace other vital measures to secure a project.
About Gearbox Migration Bot
Gearbox implements the migration bot, a module that facilitates the migration of liquidity by closing a credit account and opening another one.
“Gearbox is a generalized leverage protocol: it allows anyone to take leverage in a DeFi-native way and then use it across various DeFi protocols. You take leverage with Gearbox and then use it on other protocols you already love. For example, you can leverage trade on Uniswap, leverage farm on Yearn or Curve and Convex, make complex delta-neutral strategies involving options and derivatives, get Leverage-as-a-Service for your structured product doing complex positions, etc.
The protocol has two sides to it: passive liquidity providers who earn higher APY by providing liquidity; – and active traders, farmers, or even other protocols who can borrow those assets to trade or farm with x4+ leverage.”
ChainSecurity has been an invaluable partner for us since the initial version of Gearbox. Their team pays close attention to every detail, prioritizing quality over quantity by carefully selecting the best auditors. This ongoing collaboration has transformed them into true partners in our journey, helping us develop the protocol safely.
0xMikko, Inventor of Gearbox Protocol