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How to Verify Timelock (BSC)

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A timelock is a contract implemented for the safety of users. The function of this contract is to delay modifications to MasterChef parameters by a certain amount of time. As an example: project xyz has launched with 2% withdrawal fees with 100% withdrawal fees possible, but is currently under a 24 hour timelock. If the developer attempted to change the withdrawal fee from 2% to 100% (in order to steal funds), they would first have to submit this change to the timelock, and would only be able to execute it 24 hours later. In this instance users would have 24 hours before withdrawal fees are set to 100% and are able to withdraw normally before the change is executed.

Verify Ownership #

  • Open up Rugdoc.io
  • and navigate to the project in mind
  • Click on ‘MasterChef’. This will take you to the MasterChef contract on BscScan
  • Once on BSCscan, navigate to ‘Contract’, then ‘Read Contract’
  • Under ‘Read Contract’, scroll down until you reach the ‘owner’ field and click the address listed
Read contract on network explorer including address
  • On this new page, navigate to ‘Contract’ again
  • Under the ‘Code’ tab, you will see the type of contract presented. If it is a Timelock contract, then the MasterChef is owned by a Timelock
Contract tab in explorer

Verify Delay Parameter #

  • Now that you have verified Timelock ownership, it is also recommended to find the Timelock delay. To do this, first navigate to ‘Read Contract’ on the Timelock page on BSCscan
  • Scroll down until you see a field called ‘delay’. This is the number you are looking for, given in seconds. To convert to hours, just divide by 3600. In this example (Pancakeswap’s Timelock), the delay is set to 21700 which is just over 6 hours
Delay parameter under read contract

Now you can verify the timelock ownership and delay parameter in order to check for potential rugs such as 100% withdrawal fees.

Updated on June 12, 2021
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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.

  • What do the risk ratings mean?

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.

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