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Maker FlapperUniV2

Security Audit

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Summary

MakerDAO implemented a new flapper contract. Rather than auctioning off the surplus DAI, it is now exchanged and added to an UniswapV2 pool.

The most critical subjects covered in our audit are functional correctness of the changed code and the impact of the change on the existing system.

It’s worth noting that, by design, this new flapper spends up to x2.2 times the amount of DAI the Vow expects it to spend. For more details please refer to the informational issue.

In summary, we find that the codebase provides a high level of security.

It is important to note that security audits are time-boxed and cannot uncover all vulnerabilities. They complement but don’t replace other vital measures to secure a project.

About Maker FlapperUniV2

MakerDAO implemented a new flapper contract. Rather than auctioning off the surplus DAI, it is now exchanged and added to an UniswapV2 pool.

“The Maker Protocol, also known as the Multi-Collateral Dai (MCD) system, allows users to generate Dai by leveraging collateral assets approved by “Maker Governance.” Maker Governance is the community organized and operated process of managing the various aspects of the Maker Protocol. Dai is a decentralized, unbiased, collateral-backed cryptocurrency soft-pegged to the US Dollar. Resistant to hyperinflation due to its low volatility, Dai offers economic freedom and opportunity to anyone, anywhere.”

Source: https://makerdao.com/en/whitepaper/