Assessment reports>Ionic Protocol
Ionic Protocol
May 19, 2022
Ionic Protocol
Findings Impact LevelCount
Prepared by
Chad McDonaldEngineer[email protected]
Katerina BelotskaiaEngineer[email protected]

Ionic Protocol is building a cross chain app that will be connecting EVM chains through Fuse pools.

Fuse is an open interest rate protocol built by Rari Capital that allows users to lend and borrow digital assets. The Fuse protocol enables anyone to instantly create and deploy their own isolated lending and borrowing pool with custom parameters such as provided assets, oracles, administration fees etc.

Executive Summary

Zellic conducted an audit for Ionic Protocol from April 26th to May 7th, 2022 on the scoped contracts and discovered 6 findings. The focus of the audit was the modified Fuse contracts along with oracle implementations, liquidation strategies for wrapped/deposited tokens and the custom ERC4626 strategies which wrap yield-bearing protocols as specified by the client. Fortunately, no critical issues were found. The audit uncovered 2 findings of medium impact, 2 of low impact and 2 informational. Additionally, Zellic recorded its notes and observations from the audit for Ionic Protocol’s benefit at the end of the document.

Our general overview of the code is that the codebase is still in active development and as such there are improvements in testing, documentation and readability that have yet to be implemented. Code documentation in particular could be expanded upon to make the developers intentions clear and reduce confusion for future auditors, developers and users.

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