On-chain security analysis — is it a scam or legit?
The L2TBTC contract is a standard ERC-20 token implementation utilizing the Transparent Proxy pattern.
Read the full analysisEach factor is an on-chain fact recorded at the time of this analysis. The score is computed from them by a deterministic function, so the same contract returns the same score for anyone who runs the audit. How scores are computed
Share held by contracts — treasury, vesting, bridge or staking — is discounted against share held by wallets when the score is computed: a contract cannot decide to sell the way an anonymous holder can, though it can still be drained or voted to sell. Effective concentration is the figure the risk score is actually calculated from.
Holder balances as recorded by the audit of Oct 25, 2026
The 15 remaining pairs hold $53.8K between them and are not listed. The risk score reads depth across every pair.
The LP tokens of the analysed pool are not locked or burned, so whoever holds them can withdraw that liquidity.
0x17c6…a3990xb115…19bf0x3fc8…6de10xe0b2…02060x8cf6…9cdfNo privileged address appears among these holders: the unlocked liquidity sits with independent providers, not with the deployer.
The mint(address,uint256) function allows addresses with the 'minter' role to create new tokens, which increases the total supply and dilutes the value of existing holdings.
Implement a hard cap on the total supply or transition the minting authority to a decentralized governance contract to prevent arbitrary supply increases.
Unresolved
The ten largest holders own 77.6% of supply. What remains: 3.6% in wallets, 74.0% in other contracts. 84,980 holders in total. For a verified reference asset the largest holders are custodians, exchanges and bridges; concentration is reported, not scored.
Watch the largest wallets that are not exchanges, pools or locks — those are the ones that can move the price.
Acknowledged
Listed on CoinGecko as tBTC (TBTC), market cap $333M. 84,980 holders. Verified by: CoinGecko.
Match the contract address against the project's official channels before trading.
Acknowledged
Liquidity $2.3M (DexScreener, all pools). 24h trading volume $3.1M (CoinGecko, all markets, daily snapshot). 24h trading volume $273K (DexScreener, all pools).
Size any position to the liquidity and daily volume shown — they set how much you can sell and at what price.
Acknowledged
A token representing another asset's units 1:1, backed by a wrapping contract, a custodian or a bridge. Scored as an established reference asset: its identity is verified, so the issuer's or protocol's controls (listed as findings) are real and are priced once as counterparty risk, and LP locks and holder concentration are not scored — its pools belong to market makers and its largest holders are exchanges, bridges and custody. Basis: CoinGecko category: Tokenized BTC. Tokenomics — Supply: mintable with no on-chain cap found. Control: a 6-of-9 multisig. Code: upgradeable proxy. Fees: no buy or sell tax. Market: $2.3M of DEX liquidity across 25 pools. Launch: 1153 days of market history.
The backing is the risk: check who holds the underlying asset and how redemption works.
Acknowledged
The L2TBTC contract is a standard ERC-20 token implementation utilizing the Transparent Proxy pattern. The protocol is managed by a 6-of-9 multisig, providing a high degree of operational security. The primary risk identified is the centralized minting authority, which allows privileged addresses to increase the total supply.
The architecture follows industry-standard OpenZeppelin upgradeable patterns, ensuring robust code structure. 7.1 Architecture is sound, utilizing a proxy-implementation separation. 7.2 Code Security is high, with standard ERC-20 functionality and safe math via Solidity 0.8.x. 7.3 Access Control is strictly enforced via multisig-governed roles for minting and pausing.
7.4 Economic risk is centered on the minting capability, which allows for supply dilution. 7.5 Governance is handled by a 6-of-9 multisig, which is a strong security measure against single-point-of-failure. 7.6 External dependencies are minimal and well-vetted.
7.7 Upgrades are managed through a Transparent Proxy pattern controlled by a Timelock, providing a 24-hour delay for administrative changes. 7.8 Operations are well-defined with clear roles for minters and guardians. The upgrade process is transparent and follows established best practices.
The protocol demonstrates strong security practices, particularly through the use of a multisig and a timelock for administrative actions.
We recommend maintaining the current multisig threshold and ensuring that the list of minters is audited regularly to prevent unauthorized supply expansion. For future iterations, consider implementing a decentralized governance mechanism or a hard cap on the total supply to further mitigate the risks associated with centralized minting authority.
Free for any token on the record. It links to this page and always shows the current score and the date it was checked.
Score changes are recorded as dated snapshots — history is append-only and cannot be edited.
The Base tBTC v2 (TBTC) contract on Base is 0x236aa50979d5f3de3bd1eeb40e81137f22ab794b. Compare it with the address the project itself publishes before trading: other contracts can carry the same name and ticker.
Quantum Audit's risk score for Base tBTC v2 is 47/100 (Medium risk) as of Oct 25, 2026, computed by a deterministic function from on-chain facts — Contract verified: Verified; Ownership: Retained; Mint: Mintable; Liquidity lock: Not locked; Upgradeability: Upgradeable; Honeypot: None found; Buy / sell tax: 0% / 0%. A score is a dated snapshot of those facts, not a guarantee; each one is listed on this page.
Liquidity lock: Not locked (as of Oct 25, 2026). Total DEX liquidity: $2.31M.
As of Oct 25, 2026, the 10 largest holders own 77.6% of the supply across 84,980 holders. The Holders section on this page shows who they are by holder type.
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