Slingshot Finance contest
Findings & Analysis Report



About C4

Code 432n4 (C4) is an open organization consisting of security researchers, auditors, developers, and individuals with domain expertise in smart contracts.

A C4 code contest is an event in which community participants, referred to as Wardens, review, audit, or analyze smart contract logic in exchange for a bounty provided by sponsoring projects.

During the code contest outlined in this document, C4 conducted an analysis of Slingshot Finance smart contract system written in Solidity. The code contest took place between October 30—November 1 2021.


18 Wardens contributed reports to the Slingshot Finance code contest:

  1. WatchPug
  2. daejunpark
  3. gpersoon
  4. hickuphh3
  5. kenzo
  6. pmerkleplant
  7. pauliax
  8. ye0lde
  9. cmichel
  10. TomFrench
  11. csanuragjain
  12. pants
  13. onewayfunction
  14. zer0dot
  15. defsec
  16. 0x0x0x
  17. elprofesor
  18. gzeon

This contest was judged by Alberto Cuesta Cañada.

Final report assembled by itsmetechjay and CloudEllie.


The C4 analysis yielded an aggregated total of 14 unique vulnerabilities and 55 total findings. All of the issues presented here are linked back to their original finding.

Of these vulnerabilities, 0 received a risk rating in the category of HIGH severity, 2 received a risk rating in the category of MEDIUM severity, and 12 received a risk rating in the category of LOW severity.

C4 analysis also identified 17 non-critical recommendations and 24 gas optimizations.


The code under review can be found within the C4 Slingshot Finance contest repository, and is composed of 16 smart contracts written in the Solidity programming language and includes 649 lines of Solidity code and 0 lines of JavaScript.

Severity Criteria

C4 assesses the severity of disclosed vulnerabilities according to a methodology based on OWASP standards.

Vulnerabilities are divided into three primary risk categories: high, medium, and low.

High-level considerations for vulnerabilities span the following key areas when conducting assessments:

  • Malicious Input Handling
  • Escalation of privileges
  • Arithmetic
  • Gas use

Further information regarding the severity criteria referenced throughout the submission review process, please refer to the documentation provided on the C4 website.

Medium Risk Findings (2)

[M-01] initialBalance for native token is wrong

Submitted by WatchPug, also found by daejunpark, gpersoon, hickuphh3, kenzo, and pmerkleplant.

function executeTrades(
    address fromToken,
    address toToken,
    uint256 fromAmount,
    TradeFormat[] calldata trades,
    uint256 finalAmountMin,
    address depricated
) external nonReentrant payable {
    require(finalAmountMin > 0, "Slingshot: finalAmountMin cannot be zero");
    require(trades.length > 0, "Slingshot: trades cannot be empty");
    for(uint256 i = 0; i < trades.length; i++) {
        // Checks to make sure that module exists and is correct
        require(moduleRegistry.isModule(trades[i].moduleAddress), "Slingshot: not a module");

    uint256 initialBalance = _getTokenBalance(toToken);
    _transferFromOrWrap(fromToken, _msgSender(), fromAmount);


    uint finalBalance;
    if (toToken == nativeToken) {
        finalBalance = _getTokenBalance(address(wrappedNativeToken));
    } else {
        finalBalance = _getTokenBalance(toToken);
    uint finalOutputAmount = finalBalance - initialBalance;

function _getTokenBalance(address token) internal view returns (uint256) {
    if (token == nativeToken) {
        return address(executioner).balance;
    } else {
        return IERC20(token).balanceOf(address(executioner));

When users swap to native token (ETH), the initialBalance should use the balance of wrappedNativeToken instead of native token balance, because finalBalance is the balance of wrappedNativeToken.

In the current implementation, when the toToken is the native token, initialBalance will be the ether balance of executioner contract. Therefore, when the ether balance of executioner is not 0, finalOutputAmount will be wrong.

The attacker can transfer a certain amount of ETH to the executioner contract and malfunction the protocol. Causing fund loss to users because finalOutputAmount is lower than the actual swapped amount, or DoS due to finalAmountMin cant be met.

Proof of Concept


  • The attacker send 0.25 ETH to the executioner contract;
  • The price of ETH in USDC is: 4000
  • Alice swaps 5000 USDC to 1.25 ETH with finalAmountMin set to 1 ETH;
  • Alice will get 1 ETH out and lose 0.25 ETH;
  • Bob swaps 1000 USDC to 0.25 ETH with finalAmountMin set to 1 wei;
  • Bob’s transaction fails due to finalAmountMin cant being met.


Consider updating _getTokenBalance() and return IERC20(wrappedNativeToken).balanceOf(address(executioner)); when token == nativeToken.

tommyz7 (Slingshot) disagreed with severity:

“Alice swaps 5000 USDC to 1.25 ETH with finalAmountMin set to 1 ETH;” this assumption is wrong because it’s based on huge slippage assumption. There is no way a Slingshot transaction accepts 20% slippage so funds loss scenario is incorrect.

duplicate of #18, medium risk since no user funds are at risk.

[M-02] Trades where toToken is feeOnTransferToken might send user less tokens than finalAmountMin

Submitted by kenzo.

Slingshot’s executeTrades checks that the trade result amount (to be sent to the user) is bigger than finalAmountMin, and after that sends the user the amount. But if the token charges fee on transfer, the final transfer to the user will decrease the amount the user is getting, maybe below finalAmountMin.

Proof of Concept

Slingshot requires finalOutputAmount >= finalAmountMin before sending the funds to the user: So if the token charges fees on transfer, the user will get less tokens than finalOutputAmount . The check of finalOutputAmount against finalAmountMin is premature.

Tools Used

Manual analysis

Recommended Mitigation Steps

Save the user’s (not Executioner’s) toToken balance in the beginning of executeTrades after _transferFromOrWrap(fromToken, _msgSender(), fromAmount), and also in the very end, after executioner.sendFunds(toToken, _msgSender(), finalOutputAmount) has been called. The subtraction of user’s initial balance from ending balance should be bigger than finalAmountMin.

tommyz7 (Slingshot) disagreed with severity:

Slingshot concern is to execute the trade as promised and make sure we are sending to the user what has been promised in trade estimation. If the token adds additional taxation on transfer, it is on the user side and users understand and accept this. We have seen this play out on production for the previous version of the contracts and we decided not to make that check. It seems the most practical decision.

Personally, I think this is non-critical.

alcueca (judge) commented:

The severity for the issue is right. The sponsor should add documentation to the fact that some tokens might not conform to common expectations.

Low Risk Findings (12)

Non-Critical Findings (17)

Gas Optimizations (24)


C4 is an open organization governed by participants in the community.

C4 Contests incentivize the discovery of exploits, vulnerabilities, and bugs in smart contracts. Security researchers are rewarded at an increasing rate for finding higher-risk issues. Contest submissions are judged by a knowledgeable security researcher and solidity developer and disclosed to sponsoring developers. C4 does not conduct formal verification regarding the provided code but instead provides final verification.

C4 does not provide any guarantee or warranty regarding the security of this project. All smart contract software should be used at the sole risk and responsibility of users.