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RugDoc Review
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…
*Paid Advertisement. Not financial advice. RugDoc is not responsible for the projects showcased here. DYOR and ape safu.
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Disclaimer: This is done with our best knowledge and effort, nothing can be known for certain – always DYOR and risk management. This is NOT financial advice. Use the information presented here to inform your own decisions. Referral links may be included on any outbound link.