First-depositor / share-inflation guard
Frax Finance's assessment for RD-F-075 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
No explicit first-depositor guard confirmed for sfrxETH or Fraxlend fTokens. sfrxETH: inherits custom xERC4626 base (not OZ >=4.9 virtual offset); no documented seed deposit or dead-shares mechanism. sfrxETH is not currently empty (3,915 holders, ~41,190 sfrxETH supply — Etherscan 2026-05-17), reducing live inflation attack feasibility. Fraxlend fTokens: ERC-4626 based; no minimum seed deposit documented in Fraxlend docs or README; new isolated pairs deployed with zero initial supply are theoretically vulnerable to first-depositor manipulation until liquidity is seeded. Code4rena 2022-09 audit reviewed sfrxETH and is the best available review evidence; absence of a documented guard is a structural gap. Yellow: no confirmed guard mechanism; not empty in practice for sfrxETH, but new Fraxlend pairs may be exposed on first deposit.
Sources #
- URLKey Concepts | Frax FinanceFraxlend key concepts docs: fToken share calculation; no seed deposit or first-depositor protection describedretrieved 2026-05-17
- sfrxETH Contract — EtherscansfrxETH Etherscan: 3,915 holders; ~41,190 sfrxETH supply — not empty, reduces live riskretrieved 2026-05-17
- FraxFinance/frxETH-public: sfrxETH.solfrxETH-public sfrxETH.sol: xERC4626 import (not OZ 4.9); no dead shares or seed deposit visibleretrieved 2026-05-17
- Code4rena frxETH Audit Report 2022-09Code4rena frxETH 2022-09 audit: sfrxETH ERC-4626 share mechanics reviewed competitivelyretrieved 2026-05-17
Methodology #
Determine whether the vault has a first-depositor guard (seed deposit on deploy, virtual-share offset, or floor-check).
See the full factor methodology and distribution across all protocols →