Magic Balancer Audit information
Magic Balancer is a DEFI platform that intends to give its users a wide range of features.
This contract has been preview by the great wizard, but not audit yet. As a result of the investigations contract written 100% based on OpenZeppelin Standard and its also tested on Goerli. Use at your own risk. We have verified that the code audited below is deployed at 0xF4f3d6A60765bF705B27716f50FccBa5F0eA0CA1 on mainnet.
Notes on the contract:
- The total supply is set to be 300,000 $MGB at deployment. No minting functions are present.
- All transactions are subject to a 1% tax. 1% of this tax on transactions is sent to a contract address and after rebalance sent to Liquidity pool.
- To discourage selling, 5% of all tokens sold on Uniswap are redistributed among participants in the project’s upcoming staking pool.
- Multiple accounts are set as feeless addresses which means all transfer of tokens by the owner is not subject to any fee. Some of the addresses exempt from the fee are Uniswapv2Router, PancakeswapRouter, MagicDistrubitor, and Presale address.
- It is important to note that the burn fee can not be set over 1% and the anti-dump fee can not be set above 10%.
- No token transfers are possible till the team activates token transfers. Once activated, transfers cannot be globally deactivated.
- Admins of the smart contract have the ability to blacklist users and prevent them from transferring tokens.
- The admin also has the ability to add any other address as an admin.
- Users need to hold between 200 and 10000 $MGB to call the rebalanceLiquidity function. When a user calls the function it in turn calls rebalance() where it swaps ETH in the contract on Uniswap for $MGB tokens (raising the price), then burns those tokens recieved.
- The function will also “rebalance” Uniswap liquidity by removing between 1% and 10% of liquidity provided.
- The function can only be called every 1 hours; and the caller of the function will get a 4% reward of the rebalance while the other 96% are sent directly to the burn address.
- Any ETH stored in the contract can only be used for these purposes; and cannot be withdrawn by the team.
- $MGB uses SafeMath libraries to prevent overflows. $MGB also follows the ERC20 standard within its contract.
- The contract uses the standard ERC20Governance Model users will be able to vote on proposals submitted by the team.
- No security issues from external attackers were identified.
Date: March 16th, 2021