Is Marina Protocol (BAY) Safe? Smart Contract Security Analysis

Security Findings

1 Med5 Info

Medium

Liquidity not locked

QA-LIQUIDITY0.0% of the pool's LP is burned or time-locked. 100.0% is held, unlocked, by 1 address(es) other than the owner/deployer. One of them — a wallet, 0x6a10…d2b1 — holds 100.0% and can remove that share at once; who controls it is not visible on-chain, so it is not treated as an independent provider. Some pools are concentrated-liquidity (V3/V4) positions; shares above are by position as GoPlus reports them.

Issue0.0% of the pool's LP is burned or time-locked. 100.0% is held, unlocked, by 1 address(es) other than the owner/deployer. One of them — a wallet, 0x6a10…d2b1 — holds 100.0% and can remove that share at once; who controls it is not visible on-chain, so it is not treated as an independent provider. Some pools are concentrated-liquidity (V3/V4) positions; shares above are by position as GoPlus reports them.

FixCheck the lock's end date and beneficiary on the locker's own page before relying on it.

StatusAcknowledged

Info

No issues identified in the reviewed source

I-01The verified source code was reviewed and no issue rising to Informational severity or above was identified. This is a statement about the code that was read, not a guarantee: the review covers the published source only. Fact-layer checks (mint capability, holder concentration) were applied separately and feed the risk score.

IssueThe verified source code was reviewed and no issue rising to Informational severity or above was identified. This is a statement about the code that was read, not a guarantee: the review covers the published source only. Fact-layer checks (mint capability, holder concentration) were applied separately and feed the risk score.

FixRe-check after any contract upgrade or ownership change, both of which can alter behaviour without changing this page.

StatusAcknowledged

Info

Who holds the supply

QA-HOLDERSThe ten largest holders own 97.0% of supply. What remains: 2.1% in wallets, 94.9% in other contracts. 53,644 holders in total.

IssueThe ten largest holders own 97.0% of supply. What remains: 2.1% in wallets, 94.9% in other contracts. 53,644 holders in total.

FixWatch the largest wallets that are not exchanges, pools or locks — those are the ones that can move the price.

StatusAcknowledged

Info

Listed, but not independently verified

QA-IDENTITYListed on CoinGecko as Marina Protocol (BAY), market cap $7M, rank #1438. 53,644 holders.

IssueListed on CoinGecko as Marina Protocol (BAY), market cap $7M, rank #1438. 53,644 holders.

FixMatch the contract address against the project's official channels before trading.

StatusAcknowledged

Info

The market for this token

QA-MARKETLiquidity $24K (DexScreener, all pools). 24h trading volume $865K (CoinGecko, all markets, daily snapshot). 24h trading volume $62K (DexScreener, all pools).

IssueLiquidity $24K (DexScreener, all pools). 24h trading volume $865K (CoinGecko, all markets, daily snapshot). 24h trading volume $62K (DexScreener, all pools).

FixSize any position to the liquidity and daily volume shown — they set how much you can sell and at what price.

StatusAcknowledged

Info

Asset class: Project token

QA-PROFILEA token issued by a project for use, governance or fundraising. Scored on its contract and market facts. The class itself adds no points; the contract and market facts decide the score. Basis: no class-specific evidence. Tokenomics — Supply: fixed — the contract has no mint function. Control: an owner that could not be resolved. Code: not upgradeable (no proxy). Fees: no buy or sell tax. Market: $24K of DEX liquidity across 3 pools. Launch: 341 days of market history.

IssueA token issued by a project for use, governance or fundraising. Scored on its contract and market facts. The class itself adds no points; the contract and market facts decide the score. Basis: no class-specific evidence. Tokenomics — Supply: fixed — the contract has no mint function. Control: an owner that could not be resolved. Code: not upgradeable (no proxy). Fees: no buy or sell tax. Market: $24K of DEX liquidity across 3 pools. Launch: 341 days of market history.

FixCheck the project's own documentation for what the token is used for; this report covers what the contract allows.

StatusAcknowledged

Category Ratings

TechnicalLow10/10

The BAYToken contract implements a standard ERC-20 token, providing basic functionalities like `transfer`, `transferFrom`, `approve`, `balanceOf`, and `totalSupply`. The absence of custom privileged functions or complex logic significantly reduces the attack surface (7.1 Architecture, 7.2 Code Security). All core ERC-20 functions are present and follow the standard, indicating robust foundational security. No specific technical vulnerabilities were identified during the analysis.

GovernanceMedium5/10

As a standard ERC-20 token, BAYToken does not incorporate complex governance mechanisms or unique economic models (7.5 Governance, 7.4 Economic). There are no special minting, burning, or fee-collection functions controlled by an owner or multi-sig. This design minimizes economic manipulation risks and central points of control. The token's value is primarily determined by external market forces and its utility within its ecosystem.

UpgradesLow9/10

The BAYToken contract is deployed as a standalone, non-upgradeable implementation (7.7 Upgrades). This design choice eliminates risks associated with proxy patterns, such as upgradeability bugs, storage collisions, or malicious upgrade paths. Once deployed, the contract's logic is immutable, providing predictability and reducing operational complexity.

Security Checklist

3/5 checks passed

Contract VerifiedPass

Ownership Renounced?

No Mint FunctionPass

Liquidity LockedFail

Not a ProxyPass

HoneypotNoneBuy Tax0.0%Sell Tax0.0%

Holder Composition

97.0% in top 10

2.1% in wallets94.9% in contracts

Effective Concentration40.1%

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.

Liquidity Depth

$23.9K across 3 pairs

UniswapUSDTanalysed$23.9K Pancakeswap v2USDT$8 Pancakeswap v2Beat$0

The risk score reads depth across every pair. The volume figure and the volume-to-liquidity ratio elsewhere on this page describe only the pair this audit analysed, so the two are not directly comparable.

LP Distribution

Top-1 Unlocked Holder100.0%

Top-3 Unlocked100.0%

Key Addresses

2 addresses

Deployer

0x26d0…0f94

Unlocked LP Held By

0x6a10…d2b1

No privileged address appears among these holders: the unlocked liquidity sits with independent providers, not with the deployer.

What Raised This Score

3 factors

Liquidity NOT locked (100% of the pool) — held by independent providers — market-depth risk
Liquidity < $50k ($23,947 across 3 pairs — thin market)
Top-10 concentration > 30% (97.0% total → 40.1% effective; 2.1% in EOAs, 94.9% in contracts)

Each 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

Not Signed In

Is Marina Protocol Safe?

Security Findings

Liquidity not locked

No issues identified in the reviewed source

Who holds the supply

Listed, but not independently verified

The market for this token

Asset class: Project token

Category Ratings

Security Checklist

Holder Composition

Liquidity Depth

LP Distribution

Key Addresses

What Raised This Score

Related Audits

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