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Friday, December 9, 2022
HomeCryptocurrencyWrapped Ether (WETH) Design Bugs Unveiled by Analyst

Wrapped Ether (WETH) Design Bugs Unveiled by Analyst

Contents

  • Analyst checked accuracy of complete WETH provide and its solvency: Outcomes
  • Is that this actually harmful for WETH customers?

In his Format Verification of Wrapped ETH (WETH) analysis, Stephen Tong verified two parameters essential for the tokenomical design of Wrapped Ether, an ERC-20 token that mirrors Ether (ETH) in DeFi functions.

Analyst checked accuracy of complete WETH provide and its solvency: Outcomes

In the present day, on Nov. 19, 2022, Tong revealed a assessment on two options of Wrapped Ethereum (WETH), a wise contract on the Ethereum (ETH) community designed to streamline ETH utilization in DeFi by “wrapping” it into an everyday ERC-20 asset.

He leveraged Constrained Horn Clause (CHC) devices to mannequin all attainable states of Wrapped Ethereum (ETH). Then, he checked whether or not the “complete provide” metric of WETH sensible contract really equals the variety of tokens minted. 

He additionally tried to confirm whether or not it was attainable to redeem ETH from WETH at any time; Tong known as this operate “solvency.”

Relating to the primary level, the analyst unveiled that the full provide is just not essentially equal to the quantity of tokens in existence:

Technically talking, the ERC-20 normal specifies that totalSupply() ought to equal the…”complete provide”. Which is kinda obscure, however one would assume that it might be the full tokens in existence

Through the selfdestruct operate, which terminates a contract or transfers of any contract funds to a specified tackle, customers would be capable to mint WETH tokens with out really sending ETH for wrapping, Tong concluded.

See also  Ripple Expands Fee Resolution to Company Clients Worldwide

Is that this actually harmful for WETH customers?

He additionally demonstrated that the depositor of Ethers (ETH) is not going to essentially be capable to withdraw their funds from sensible contracts at any time.

As such, he offered two hypothetical fashions to exhibit the absence of correlation between the WETH contract steadiness and the precise variety of tokens minted, in addition to the “solvency flaw” that would have an effect on the withdrawal course of.

Nevertheless, he careworn that each conditions are hypothetical and modeled just for the experiment. The bugs within the analysis are “minor” and “innocent.”

Since its launch in 2020, Zellic audited plenty of top-tier DeFi protocols, together with the likes of 1inch (1INCH), LayerZero and SushiSwap (SUSHI).

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