Manual Review

A thorough line-by-line review was conducted on the codebase to identify potential malfunctions and vulnerabilities in Ultra Yield's vault implementations.

As the project at hand implements an EIP-4626 vault 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 significant dilution vulnerability within the system which could have had moderate ramifications to all new depositors in the UltraVault system; for more information, kindly consult the relevant medium-severity exhibit of the contract within the report.

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 29 findings were identified over the course of the manual review of which 9 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
BCA-01M			Incompatibility of System with EIP-777 Assets
BCA-02M			Improper Accounting Error Drift
BCA-03M			Incorrect Event Emission
BCA-04M			Non-Standard Event Emission
UFR-01M			Inefficient Redemption Fulfilment Structure
UVT-01M			Insecure Integration of Parent Dependency
UVO-01M			Inefficient & Error-Prone Vesting System
UVR-01M			Inexistent Restriction of Decimals
VPM-01M			Potentially Incorrect Restriction of Price Movements