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Summary
The most critical subjects covered in our audit are asset solvency and front-running resistance. Security regarding all the aforementioned subjects is high.
The general subjects covered are gas efficiency, code complexity, and documentation. Security regarding all the aforementioned subjects is satisfactory, but can be improved, see Franchiser.subDelegateMany() Modifier Called in a Loop and Inaccurate NatSpec.
In summary, we find that the codebase provides a high level of security. No issues were identified that would pose a significant risk to the system.
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 Uniswap Franchiser smart contracts
Uniswap Foundation implements a Franchiser system, that allows multi-level delegation of UNI tokens' voting power.
"The Uniswap Foundation is dedicated to building a self-sustaining community that contributes to the future growth of the Uniswap Protocol. We have strategically designed our grants program to create a long-lasting ecosystem made up of developers, researchers, and governance contributors. We strive to create shared ownership for our entire community and work with them to define the future of DeFi’s most important protocol."