On-chain security analysis — is it a scam or legit?
BNB ChainThe PUFFER contract is an ERC-20 token implementing LayerZero's OFT standard, enabling cross-chain transfers.
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
How the supply is spread across holders could not be read — the indexer's holder list does not add up to the supply. The indexer lists 100.6% of the supply in its top 10, which cannot be right. Check the largest holders on a block explorer, which reads current balances.
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.
0xbb9c…60460x30f2…c0acsend, lzReceiveSimulate, and lzReceive functions. If this endpoint address were compromised or misused, an attacker could mint an arbitrary amount of new tokens, significantly increasing the total supply and diluting the value of existing token holders.CP-01The contract allows a specific privileged address, identified as the LayerZero endpoint, to create new PUFFER tokens. This capability is exposed through the send, lzReceiveSimulate, and lzReceive functions. If this endpoint address were compromised or misused, an attacker could mint an arbitrary amount of new tokens, significantly increasing the total supply and diluting the value of existing token holders.
Token holders should be aware that the LayerZero endpoint has the power to mint new tokens. It is crucial for the protocol team to ensure this endpoint address is extremely secure and that its operations are transparent. Consider implementing safeguards such as a hard cap on the total supply, a maximum minting limit per transaction, or requiring a governance vote for any minting operations to protect against potential dilution.
Unresolved
0.0% of the pool's LP is burned or time-locked. 100.0% is held, unlocked, by 2 address(es) other than the owner/deployer. One of them — a contract, 0xbb9c…6046 — holds 98.5% 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. This assessment covers the main pool, which holds 95% of the token's DEX liquidity; the other pools were not assessed.
Check the lock's end date and beneficiary on the locker's own page before relying on it.
Acknowledged
The holder list from the security indexer adds up to 100.6% of supply, so it does not describe real balances. That happens with rebasing and reflection tokens, whose balances change without transfers, and with contracts that report balances they do not hold. Concentration is unknown and priced as an unknown — neither a whale nor safe.
Check the largest holders on the block explorer, which reads current balances.
Acknowledged
Listed on CoinGecko as Puffer (PUFFER), market cap $27M, rank #704. 13,012 holders. Verified by: CoinGecko.
Match the contract address against the project's official channels before trading.
Acknowledged
Liquidity $623K (DexScreener, all pools). 24h trading volume $70.2M (CoinGecko, all markets, daily snapshot). 24h trading volume $2.6M (DexScreener, all pools). CoinGecko's record for this coin: all-time high $0.991 on 2024-12-07; the price is now 95.189% below it.
Size any position to the liquidity and daily volume shown — they set how much you can sell and at what price.
Acknowledged
A token whose main use is voting on a protocol's decisions (delegation and vote checkpoints in its code). The class itself adds no points; the contract and market facts decide the score. Basis: CoinGecko category: Liquid Restaking Governance Tokens. Tokenomics — Supply: mintable with no on-chain cap found. Control: a 3-of-6 multisig. Code: not upgradeable (no proxy). Fees: no buy or sell tax. Market: $623K of DEX liquidity across 8 pools. Launch: 523 days of market history.
Check how much of the voting supply insiders hold and what governance can change.
Acknowledged
The PUFFER contract is an ERC-20 token implementing LayerZero's OFT standard, enabling cross-chain transfers. The audit identified one medium-severity issue: a privileged address (the LayerZero endpoint) can mint new tokens, which could lead to token dilution. The contract is owned by a multisig, which controls various operational parameters.
The PUFFER contract is an ERC-20 token that integrates LayerZero's Omnichain Fungible Token (OFT) functionality, allowing for seamless cross-chain transfers. The contract correctly implements standard ERC-20 functions (7.1 Architecture). However, a technical vulnerability exists where the LayerZero endpoint address has the capability to mint new tokens via send, lzReceiveSimulate, and lzReceive functions (7.2 Code Security). The contract owner, a multisig, can configure various operational parameters such as msgInspector, enforcedOptions, preCrime, peer, and delegate settings, which are crucial for the OFT's operation.
The contract utilizes an Ownable pattern, with ownership retained by a multisig wallet, enhancing security for critical administrative functions (7.3 Access Control). The owner can manage various OFT-related configurations, including setting message inspectors and peer addresses, which are vital for cross-chain operations (7.8 Operations). However, the economic model presents a risk: the LayerZero endpoint has the ability to mint new tokens, which could lead to an uncontrolled increase in total supply and subsequent dilution of existing token holders (7.4 Economic). While the owner can transfer or renounce ownership, the minting capability remains a significant economic concern.
The PUFFER contract is not designed as an upgradeable proxy, meaning its logic cannot be altered post-deployment (7.7 Upgrades). This eliminates risks associated with upgradeability patterns, such as proxy implementation bugs or insecure upgrade paths. The immutability provides a fixed and predictable contract behavior, which can be a security advantage, though it means any discovered vulnerabilities would require a new deployment.
It is strongly recommended to review and restrict the token minting capabilities of the LayerZero endpoint.
If minting is essential for the protocol's design, implement strict controls such as a maximum mintable amount, a rate limit, or a governance-controlled minting process. Ensure the LayerZero endpoint address is highly secured, as compromise of this address would directly enable unauthorized token creation. Additionally, regularly review the multisig's operational procedures and ensure all administrative keys are securely managed.
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