First-depositor / share-inflation guard
Pendle 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 #
LP market layer: first-depositor guard exists via MINIMUM_LIQUIDITY = 1000 LP tokens locked in MarketMathCore.sol at first deposit (Uniswap-V2 dead-shares pattern). SY wrapper layer: MINIMUM_LIQUIDITY is also added to protocol reserves to protect against front-running the initial deposit per MixBytes analysis. However, there are hundreds of individual SY wrapper contracts across 6+ chains and factory versions V3-V6. Full verification that every deployed SY wrapper uniformly implements this guard was not achievable from available evidence. Some older (V3) or long-tail SY wrappers may have weaker protection. Yellow due to coverage uncertainty — not due to a confirmed absent guard.
Sources #
- GitHubMarketMathCore.sol — First Depositor GuardMarketMathCore.sol: MINIMUM_LIQUIDITY = 10^3 (1000), lpToReserve = MINIMUM_LIQUIDITY when totalLp == 0retrieved 2026-04-29
- Pendle Protocol Profile §3 — DeploymentsProfile §3: hundreds of individual market contracts across chains; factory versions V3-V6 notedretrieved 2026-04-29
- MixBytes — Pendle Security AnalysisMixBytes: 'MINIMUM_LIQUIDITY amount added to protocol reserves to protect against front-running the initial deposit'retrieved 2026-04-29
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 →