Manual Review

A thorough line-by-line review was conducted on the codebase to identify potential malfunctions and vulnerabilities in 0xPhase's balancer implementation.

As the project at hand implements a yield-balancing system, intricate care was put into ensuring that the flow of funds within the system conforms to the specifications and restrictions laid forth within the protocol's specification.

We validated that all state transitions of the system occur within sane criteria and that all rudimentary formulas within the system execute as expected. We pinpointed a potential capital inefficiency within the system which could have had minor ramifications to its overall operation.

Additionally, the system was investigated for any other commonly present attack vectors such as re-entrancy attacks, mathematical truncations, logical flaws and ERC / EIP standard inconsistencies. The documentation of the project was satisfactory to the extent it need be.

A total of 7 findings were identified over the course of the manual review of which 3 findings concerned the behaviour and security of the system. The non-security related findings, such as optimizations, are included in the separate Code Style chapter.

The finding table below enumerates all these security / behavioural findings:

ID	Severity	Addressed	Title
BAF-01M			Inefficient Deposit Flow
BIR-01M			Inexistent Sanitization of Performance Fee
BSF-01M			Inexistent Sanitization of Performance Fee