Grove Vaults V2
ChainSecurity has been a close partner to Grove as we ship products and infrastructure used by some of the largest financial institutions and onchain protocols. We can consistently rely on them to enforce and improve upon the strict security standards that Grove and our partners demand.
About Grove Vaults V2
GroveLabs implements Grove Vaults V2, a tokenized vault (ERC-4626) where interest is distributed based on a manually set Vault Savings Rate (VSR) and whitelisted takers can draw on the vault’s funds to invest. Grove Vaults V2 is a fork of Spark Vaults V2, which we reviewed previously.
Audit Summary
The most critical subjects covered in our audit are functional correctness, asset solvency, and implementation integrity. Security regarding all the aforementioned subjects is high. Since takers can draw on the vault’s funds, readers should consider Asset Solvency and Circular Reinvesting.
The general subjects covered are operational considerations, code complexity and documentation. ERC-4626 preview functions may revert under low liquidity, which follows the standard’s interpretation but requires integrator awareness, see ERC 4626 Preview Functions Liquidity Check.
All issues uncovered are informational and have been acknowledged by GroveLabs. In summary, we find that the codebase provides a high level of security. We recommend carefully reviewing System Overview, Trust Model and System Considerations.
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.