Solv Protocol - BTC Redemption

QuantstampCode version: not recorded (see the report)

Quantstamp reviewed Solv Protocol (Solv Protocol - BTC Redemption) on 15 Dec 2025: 5 findings, 0 critical; 2 marked fixed, 3 open.

No open critical findings
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Report hosted on certificate.quantstamp.com.

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Findings5

Statuses are the security firm’s own, from its report.

SeverityOpenAcknowledgedFixed
Critical000
High000
Medium000
Low302
LowFront-Runnable Admin Fee Update with No User Slippage ProtectionOpen

The `withdrawFeeRate` is an admin-controlled parameter that can be updated at any time and is applied immediately when users call the `withdrawBTCPlus()` function. Since users typically estimate their expected net `solvBTC` output off-chain before submitting a transaction, a fee update occurring shortly before execution may result in users receiving less value than anticipated. This creates a front-running-style risk where a legitimate admin fee update, applied between a user’s transaction submission and execution, may lead to reduced `solvBTC` output. Although the admin is assumed to operate in good faith, users who are unaware of recent parameter changes or rely on stale off-chain data have no on-chain protection against this behavior due to the absence of a minimum output check.

LowMaximum Single Withdraw Limits Can Be CircumventedOpen

This contract acts as a rate limited redeem mechanism, imposing both total limits per time period and limits for single withdrawal actions. However, a single user could submit multiple calls to `withdrawBTCPlus()` within a single transaction to exhaust the entire total limit, which can be retrieved from `remainingWithdrawAmount()`.

LowMissing Slippage Safeguard Against NAV DeviationOpen

The `withdrawBTCPlus()` function relies on `getValueByShares()`, which depends on the external NAV of `BTC+`. Since the NAV can legitimately increase or decrease over time, a deviation between transaction submission and execution may result in users receiving less solvBTC than expected, even without any malicious behavior.

Contracts in scope

No deployed address is recorded for this audit.

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Part of Solv Protocol’s security record

Solv Protocol
Audits6 audits by 3 firmsLast audit Dec 2025, by Quantstamp.
Critical findingsNo open critical findingsAcross 6 reports.
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Quantstamp

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