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Eleven Finance


RugDoc Review

Not Eligible

Typically a project like this is outside the scope of what we review at RugDoc, but since so many people keep asking about the project, I figured I would put down my preliminary review of this project from back in early March 2021, as well as when I reviewed their leveraged yield farming contracts pre-release.

In early March 2021, I did a quick review through this project’s code base for hard rug risks.  The project was extremely disjointed and awkward to use then, but had high APR’s and low TVL (under $4 million then).  The vaults were a beefy fork, without a migrator.  Ability to add new pools / change weightage any time.  They added a block of code that Beefy didn’t have in theirs, where they didn’t init the delay and strat in the constructor.  Once they do, they cannot be used.  Also unlike beefy, where retire is called from the vault, this is called by the owner… so there’s no ability to upgrade the strategy.  Generally you’d want to be able to upgrade strats for a vault assuming a competent team, but with the prevalence of many vault exploits and malicious vaults in the last month or so, I don’t think it’s such a bad thing anymore.  This was not caught by the War on Rugs audit (yes the same War on Rugs that turned into a rugger) that Seven had.

Since that time, they’ve released a bunch of other products and partnerships and grew to over 9 figures in TVL.  They have a leveraged yield farming product called Bigfoot that has a ton of different custom code.  Looked to be primarily forked from Alpha Homura’s LYF protocol.  The risk is that similar to Alpha, the workers (Bigfoot) contract that they whitelist in the config can technically steal money from the bank.  But as for Alpha, since they’re a doxxed company — people trust them.  Same goes with Alpaca and most other leveraged yield farming products with proxies and other mechanisms that could technically hard rug your funds.  These are some of the most complex protocols in DeFi and so they really need multiple top tier audits to explore vulnerabilities from exploits.

Project has formed partnerships with other top tier projects like Wault and Nerve for deep integrations (for sending parked stablecoins to Nerve to earn yield).  During Pancakeswap V2 migration, they were one of the fastest vaults to upgrade all their vaults and strats to V2 to minimize downtime.  They ship out features very quickly — which is a huge plus but also carries with it the risk vector of more chances of things going wrong either via code or operationally.  Project currently only has a Solidity Finance audit and an audit from the previous rugger War on Rugs which is entirely insufficient for a project of its size.  It’s advised to use extreme caution when interacting with any super complex protocols like this in DeFi…


Updated on 8 September 2021

*Paid Advertisement. Not financial advice. RugDoc is not responsible for the projects showcased here. DYOR and ape safu.


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Our mission here at RugDoc is to screen for hard rug code that results in 100% theft of ALL underlying funds for ALL participants.

This is the ONE part of the due diligence process that most people cannot simply do on their own as it costs thousands of dollars to hire a senior solidity developer to look over a farm for safety.

A project coin with terrible code can go up in price, and a project with good code and a good team can also go down in price.

Do NOT use our ratings to refer to your likelihood in making money if you invest in the project. They are ONLY in reference to code safety.

Everything else beyond code safety is YOUR responsibility to go do research on. We just make sure the casino you’re betting in won’t rob you before you even get to place a bet.

Our reviews for projects are organized into a few colors.

🟢 Least Risk
These projects are the least likely to hard or soft rug. Usually reserved for cornerstone projects of an ecosystem where it makes no financial sense for them to rug in any manner as they make more money just being legit.

🔵 Low Risk
These projects are usually established projects in an ecosystem that have a track record of success or have KYC’d to us or other authoritative sources in the real world. As a result, it is extremely unlikely for them to soft rug or hard rug their projects. The projects can still fail and the token price can go down, but usually more as a result of natural market forces.

⚪️ Some Risk
This is the default rating for projects with unknown teams but have code that is unlikely to have hard rug risk. Since the team is unknown and doesn’t have a track record of success, it’s entirely possible that they may try to soft rug by dumping tokens, abandoning the project, etc. Even a last minute contract swap to a malicious contract is possible. The only thing that is unlikely is a complete hard rug as long as you are 100% sure you deposit into the contract we review.

🟠 Medium Risk
Similar to Some Risk, but the underlying code itself is custom enough or complex enough that it warrants an elevated risk rating that needs deeper research. Make sure you read every point presented to make sure you’re comfortable with that before entering. Still unlikely to hard rug, but more chances of custom code behaving incorrectly and causing other issues.

🔴 High Risk
Project contains code or practices that are HIGHLY LIKELY to lead to catastrophic losses as they are right now. Make sure you read the description carefully as we will always warn what these issues are. If you see the words Hard Rug anywhere in the review, STAY FAR AWAY!

⚫️ Not Eligible
We reserve the right to not review exceedingly complex projects that would require tens of thousands of dollars of senior security analyst man hours. Typically these are projects that deal with leverage, lending, options, derivatives, and anything that is overly complex and which requires tons of peer reviews and audits from top audit companies.


🟢 For owners who have made impactful changes and would like an update to their farm review:

1️⃣ Use #update at @RugDocChat with your description and proof of changes and it will be forwarded to our scanners.

2️⃣ This does not guarantee a change in your review.

3️⃣ Owners who have difficulty solving the issues can consider our Consultation Package – please contact @BaymaxCrypto on Telegram to discuss.