Summary
The most critical subjects covered in our audit are functional correctness, frontrunning resistance, and integration with other contracts of the system.
Security regarding all the aforementioned subjects is high. Note that the Chief migration requires strong coordination and adherence to timelines to minimize the risk of governance attacks at different migration phases, see Migration Considerations for more details.
In summary, we find that the codebase provides a high level of security.
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 Sky Chief Migration smart contracts
Sky offers deployment and initialization libraries to migrate the existing MCD_ADM (the legacy Chief withMKR as governance token) to a new Chief that uses SKY as governance token.
Sky implements a rate converter (Conv) to facilitate the conversion between rates per second and yearly rates in basis points (BPS).
“The Sky Protocol (formely known as MakerDAO) is one of the largest dapps on the Ethereum blockchain. Designed by a disparate group of contributors, including developers within the MakerFoundation, its outside partners, and other persons and entities, it is the first decentralized finance (DeFi) application to see significant adoption.”
ChainSecurity has been an invaluable partner throughout almost two years of high-stakes product launches. We prize them for their proactivity, consistency & flexibility—we’re looking forward to continuing the partnership!
Deniz Yilmaz, Tech Lead at Sky