Rating
Summary
This smart contract has been reviewed by George Stamp. This is an upgradable contract which can be modified at any time to change all the rules and possibly steal from investors. Make sure that you DYOR and understand what an upgradable contract is by reading this link
Excluding the upgradable nature of the contract, George Stamp has found no backdoor, no way to steal funds from the investors.
See their Github repository to consult the history of previous upgrades: https://github.com/jacktripperz/frostflakes_contract
Audit is up-to-date with FrostFlakesV12, implementation contract: https://bscscan.com/address/0x72c828615fb36b5d5e7271117d9b00105a8f5963
Audit is up-to-date with FrostFlakesV13, implementation contract: https://bscscan.com/address/0x4B321fEcE6F8773c27C0f56B6D7848e0360D6c1d
Contract Details
Chain: BNB Smart Chain.
Coin: BNB
Dapp Type: Yield farm / Miner.
Daily ROI: 2%.
30 hours rewards cutoff.
Referral bonus:
- 5% on first deposit,
- 5% on compounding.
Minimum deposit: 0.05 BNB
Maximum payout: 260 BNB
Maximum defrost freeze in bnb: 5 BNB
Maximum wallet tvl: 250 BNB
Not possible to deposit more when user TVL reaches 250 BNB.
Daily ROI increase depending on referred wallets:
- 0 to 4 referred wallets: 0% (2.0% daily ROI),
- 5 referred wallets: 5% (2.1% daily ROI),
- 10 referred wallets: 6% (2.12% daily ROI),
- 20 referred wallets: 7% (2.14% daily ROI),
- 40 referred wallets: 8% (2.16% daily ROI),
- 80 referred wallets: 9% (2.18% daily ROI),
- 160 referred wallets: 10% (2.2% daily ROI).
Backdoors
There are no backdoor methods that withdraw funds to a non investor wallet.
Owner Privileges
_authorizeUpgrade - enables new upgrades of the contract.
ownerDeposit - deposits funds into the contract without entering a position.
startNewSnowBattle - starts a snow battle.
toggleDepositBonus - toggles on/off additional deposit bonus.
toggleSnowBattle - toggles on/off snow battles.
Fees
Investors need to understand how/what FrostFlakes does with funds. On deposit, 50% of the investment is sent to the owners wallet in order for them to invest (manually) into the Pancakeswap Syrup pools, this is done on a trust system.
Deposit fee: 53% (modifiable by owner with an upgrade):
- 50 % pledged to the Liquidity Pool, the owner has a public spreadsheet used to prove that the funds indeed goes to the Liquidity Pool, see below.
- 3% to marketing.
Withdraw fee: 4.5% (modifiable by owner with an upgrade):
- 1.5% to marketing.
- 3% stays in the contract.
Airdrops: 3% (modifiable by owner with an upgrade) - in this case fees are frostflakes sold in the market and half frostflakes are burned.
The Liquidity Pool pledge can be found at this URL - https://docs.google.com/spreadsheets/u/1/d/1M-0BfNejDbK2HNqGOwDjXKs1PZk-6-KI4rR2SdVh3kY/htmlview
Complexity
This is a yield farm / miner smart contract, that is upgradable, which poses a massive centralization threat, however there is a few point to consider:
- the origin of funds of the deployer is Binance, which is likely KYC and thus adds a way back to the owner’s identity in the event of malicious activity,
- the owner / developer has a github repository and all upgrades to the contract are transparent,
- being upgradable means the project can evolve indefinitely which is a good long term prospective,
- the developer can implement timelocks to delay upgrades from being effective thus giving an exit strategy in the event of a malicious upgrade.
Besides this, this smart contract has a lot of complexity and funds management that may be used in a complex and large application.
-> Snow battles:
- this is a way to earn additional rewards, the application implementation might look like some sort of game,
- 3x multiplier if bought within the first 10 hours of the current cycle,
- 2x multiplier if bought within 10 to 20 first hours,
- 100 fighters per BNB (or 200, 300 as mentioned above),
- the participants with the highest amount of fighters will win a round (or cycle) and earn 7% of his own deposit into his locked balance (or ‘frozen’),
- on each victory, a random winner is designated to receive funds from a random participants going into its locked balance (or ‘frozen’),
- depositing to buy frost flakes makes the user enter in a snow battle.
-> Auto compound:
- 144 hours or 6 days rewards cutoff, maximum possible rewards / tvl also depends on that cutoff,
- disables deposits / freezes (triggers freeze or compound on activation),
- compound rewards are calculated by simulating with an algorithm an user compounding every day,
- can enable it at least 6 hours after the last freeze,
- pays 0.002 BNB fee, half of which stays in the contract if autocompound fee is enabled and user tvl is greater than 0.5 BNB.
-> Selling:
- possible once every 6 days OR 7 days if the user’s TVL is higher or equal to 260 BNB,
- requires compounding 6 times consecutively,
- can only sell for a value of 5 BNB maximum at once.
-> Other:
Referrals must have deposited at least once in order to be effective and receive rewards from that status.
First depositors receive additional referral bonuses if their referral is not the owner's wallet.
Airdrops are a way to send funds directly as frostflakes minus a fee.
Mass airdrop allows users to send funds to wallets it has referred to.
Random numbers are computed by using multiple data taken from the current block the transaction is on, which is a good way to generate random numbers by using non-deterministic data.
The owner can enable an additional 10% airdropped bonus to depositors.
Team Trust
The team has no past projects, but this project is old (May of 2022) and was and still is successful, with a large community. They are also partner of George Stamp. The team has willingly deployed an upgrade to improve decentralization of their contract even though they were not required to. Props to the team!
Other Risk
This is a yield farm application that relies on new funds being invested, if the contract reaches $0 then investors will not be paid out. Its specificity is to be a miner app, which is equivalent to a sub-token system to generate user interests, which is prone to inflation, the impact of prices in relation to liquidity etc.
This is an upgradable contract, and may be considered as a centralization threat. However the team has been faithful to the community since its beginning in May of 2022. Upgradable contracts depend on trust and the owner to behave.
DYOR.
