Metera Protocol Smart Contract Audit

[GENERAL] Name and surname of main applicant

Carlos Ernesto

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Not Incorporated)

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

3

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

We intend to audit Metera Protocol´s code for launching into mainnet and provide confidence to the community that their funds are safe and are being managed in a non-custodial and decentralized way.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

Yes

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

The code will be audited by Sundae Labs or Anastasia Labs.

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] Please provide here more information on the open source status of your project outputs

Audit will be public and everyone will be able to check it.

[SOLUTION] Please describe your proposed solution

What is the Metera Protocol?

Metera Protocol is the decentralized finance (DeFi) asset management on the Cardano blockchain, that offers users fully decentralized control over their investment strategies through the creation and support of tokenized portfolios known as Metera Tokenized Portfolios (MTKs).

Metera Protocol empowers users to create, manage, and invest in custom strategies represented by MTKs. These tokenized portfolios serve as streamlined asset management tools, consolidating multiple assets into a single token for simplified investment and management.

Benefits of Metera Protocol:

• Simplicity: Streamlined asset management through tokenized portfolios simplifies the investment process for both Portfolio Managers and Investors.
• Efficiency: On-chain tracking of market trends enhance portfolio efficiency, maximizing returns while minimizing risk.
• Security: Non-custodial vaults and smart contract-based custody ensure the security and integrity of user funds, providing peace of mind to investors.

Code Audit:

The code will be audited by Sundae Labs or Anastasia Labs.

The scope to audit the code will be divided into three categories:

1. Formal Manual Review of Smart Contracts
2. Identifying security vulnerabilities and inefficiencies
3. Providing a detailed audit report with recommendations and fixes.

What we can expect to see in the audit:

• Comprehensive Code Review: Examination of smart contract code to identify security vulnerabilities, coding errors, and inefficiencies.
• Architecture Analysis: Evaluation of the smart contract architecture to ensure it is robust, scalable, and capable of handling intended use cases.
• Security Vulnerability Assessment: Identification of security flaws and weaknesses that could be exploited by malicious actors.
• Compliance Verification: Assessment of adherence to industry security standards and best practices.
• Performance Optimization Recommendations: Suggestions for improving the efficiency and functionality of your smart contracts.

Audit is needed in order for the protocol to provide users with:

Security: Any vulnerabilities or bugs in the code can be exploited by attackers, leading to theft or manipulation of funds. A thorough code audit helps identify and mitigate these security risks.

Trust: Users and investors need to trust the integrity and reliability of a crypto project before using or investing in it. A transparent and independently verified code audit instills confidence in the project's technology and its ability to function as intended.

Metera Protocol Platform

Metera Protocol offers a decentralized approach to asset management by guaranteeing user’s investments 100% by smart contracts. All user funds are safely stored in vaults which in turn are represented by a token, users can redeem their tokens easily through the platform in return of underlying assets of these vaults.

As a benchmark, the Index and ETFs industry is worth approximately $11,833.4 bn USD allowing both retail and institutional investors to diversify their invest and bring liquidity to the ecosystems and projects.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

Metera Protocol intends to manage funds for a wide range of retail and institutional clients on the Cardano Ecosystem in order to bring liquidity.

Smart contracts guarantee the safety and 100% of the underlying assets owned by the customers.

This audit will help understand users the risks involved with participating in our Protocol, so they can do their own research and make decisions on where they decide to invest their funds.

This audit will serve as a guarantee for user's funds and safety of their wallets.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Metera Protocol has worked alongside great devs teams such as Mlabs and TxPipeShop to deliver solutions for the Cardano Ecosystem. Most recently we’ve finished developing our product private test-net with *fund 11 capital: https://projectcatalyst.io/funds/11/cardano-use-cases-concept/metera-protocol-or-aiken-test-net-development

*Final milestone in progress. We have deliver the project before the proposed dates.

TxPipe Shop have delivered some of the biggest Dapps in the ecosystem and have been part of Catalyst since its inception. 

The Metera team posts regular weekly updates informing its community about challenges and 

Through trial and error we’ve identified limitations on our previous architecture and have opted to adopt a more straightforward approach towards our smart contracts in order to deliver a high quality and intuitive product to the whole Cardano Ecosystem. 

The approach feasibility under this proposal has been validated by various on-chain transactions posted during the long 1.5 years development process we’ve had.

The Metera team has made significant progress towards the development of this scope and is expected to finish earlier than expected.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

Discovery and Planning

A. Milestone Outputs:

• Identified scope of smart contract audit
• Project plan outlining tasks and exact timeline
• Resource allocation and team assignment

B. Acceptance Criteria:

• Scope of audit clearly defined and agreed upon
• Project plan approved
• Resources allocated and team members assigned roles

C. Evidence of Milestone Completion:

• Signed project scope document
• Approved project plan
• Confirmation of resource allocation and team assignments

Manual Review of the contract

A. Milestone Outputs:

• Detailed analysis of smart contract code
• Identification of vulnerabilities, if any
• Recommendations for code improvements or fixes

B. Acceptance Criteria:

• Smart contract code thoroughly reviewed line by line
• Vulnerabilities documented and categorized
• Clear recommendations provided for each identified issue

C. Evidence of Milestone Completion:

• Review report documenting findings
• List of identified vulnerabilities with severity ratings
• Recommendations document outlining suggested fixes or improvements

Report Generation

A. Milestone Outputs:

• Comprehensive audit report
• Summary of findings and recommendations
• Presentation materials for stakeholders, if applicable

B. Acceptance Criteria:

• Audit report covers all aspects of the contract review
• Findings summarized clearly with actionable recommendations
• Presentation materials prepared for stakeholder review, if required

C. Evidence of Milestone Completion:

• Completed audit report ready for distribution
• Stakeholder presentation materials finalized, if applicable
• Sign-off from stakeholders indicating acceptance of the report

Internal fixes based on recommendations

A. Milestone Outputs:

• Implemented fixes and improvements to the smart contract code
• Updated documentation reflecting changes made
• Test cases verifying the effectiveness of fixes

B. Acceptance Criteria:

• All recommendations from the audit report addressed
• Code changes implemented according to best practices
• Documentation updated to reflect modifications made

C. Evidence of Milestone Completion:

• Version-controlled code repository showing implemented changes
• Updated documentation reflecting modifications
• Test results demonstrating the effectiveness of fixes

[RESOURCES] Who is in the project team and what are their roles?

Metera Team:

Daniel Sampson: https://www.linkedin.com/in/daniel-sampson-26966a225/

CEO and CoFounder of Metera

Entrepreneur and innovator in the web3 ecosystem with a strong background in traditional asset management.

Experience in marketing, project management and investor relations. Full Stack developer in progress.

Carlos Ernesto: https://www.linkedin.com/in/ernesto-sampson/

COO and Founding Team Member of Metera Protocol. Business manager and strategist. With experience in the creation, development and administration of projects. Experience in planning, management, and daily operation of Fintech and Crypto projects.

Deep interest in new technologies and passionate about making things happen.

TxPipe.shops:

Txpipe.shops has provided a third party development T&M team to Metera Protocol for the past 6 months. In case of receiving funding through this proposal we will continue working alongside TxPipe Shops as our main development partner.

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

Discovery and Planning

Time: 2 weeks

Hours: 10

Rate: $730 ADA

Total: $7,300 ADA

Manual Review of the contract

Time: 6 weeks

Hours: 80

Rate: $730 ADA

Total: $58,400 ADA

Report Generation

Time: 1 week

Hours: 5

Rate: $730

Total: $3,650 ADA

Internal fixes based on recommendations

Time: 3 weeks

Hours: 120

Rate: $120 ADA

Total: $14,400 ADA

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

By having a fully audited smart contract, users and investors will feel secure that their funds will be managed in a non custodial manner and that will help bringing liquidity over to the Cardano Ecosystem.

Funding this project will help accelerate the inclusion of robust financial instruments needed for the broader adoption of the Cardano ecosystem in the rapidly growing DeFi ecosystem.