Steadefi
Steadefi
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Submission Details
Severity: medium
Valid

A depositor of the GMXVault can bypass paying the fee when the depositor deposit into the GMXVault.

0xmuxyz

Summary

The fee-minted in the form of shares (svTokens) would not be subtracted from the amount of shares (svTokens) to be minted to the GMXVault's depositor.

Due to that, a depositor of the GMXVault could receive the amount of the shares (svTokens), which the amount of the fee-minted in the form of the shares (svTokens) via the GMXDeposit#mintFee() was not subtracted.

This means that a depositor of the GMXVault can bypass paying the fee when the depositor deposit into the GMXVault.

Vulnerability Details

Within the GMXDeposit#deposit(), the GMXVault#mintFee() would be called to mint the fee in the form of the svTokens like this:
https://github.com/Cyfrin/2023-10-SteadeFi/blob/main/contracts/strategy/gmx/GMXDeposit.sol#L119

/**
* @notice @inheritdoc GMXVault
* @param self GMXTypes.Store
* @param isNative Boolean as to whether user is depositing native asset (e.g. ETH, AVAX, etc.)
*/
function deposit(
GMXTypes.Store storage self,
GMXTypes.DepositParams memory dp,
bool isNative
) external {
...
self.status = GMXTypes.Status.Deposit;
​
self.vault.mintFee(); ///<----------------------- @audit
...

Within the GMXVault#mintFee(), the amount (GMXReader.pendingFee(_store)) of the shares would be minted to the treasury (_store.treasury) in the form of the svTokens like this:
https://github.com/Cyfrin/2023-10-SteadeFi/blob/main/contracts/strategy/gmx/GMXVault.sol#L335

/**
* @notice Mint vault token shares as management fees to protocol treasury
*/
function mintFee() public {
_mint(_store.treasury, GMXReader.pendingFee(_store)); ///<------------ @audit
_store.lastFeeCollected = block.timestamp;
}

When callback of deposit, the the GMXDeposit#processDeposit() would be called via the GMXVault#deposit().

Within the GMXDeposit#processDeposit(), the amount (self.depositCache.sharesToUser) of shares (VaultTokens) would be minted to the GMXVault's depositor (self.depositCache.user) like this:
https://github.com/Cyfrin/2023-10-SteadeFi/blob/main/contracts/strategy/gmx/GMXDeposit.sol#L172

/**
* @notice @inheritdoc GMXVault
* @param self GMXTypes.Store
*/
function processDeposit(
GMXTypes.Store storage self
) external {
GMXChecks.beforeProcessDepositChecks(self);
​
// We transfer the core logic of this function to GMXProcessDeposit.processDeposit()
// to allow try/catch here to catch for any issues or any checks in afterDepositChecks() failing.
// If there are any issues, a DepositFailed event will be emitted and processDepositFailure()
// should be triggered to refund assets accordingly and reset the vault status to Open again.
try GMXProcessDeposit.processDeposit(self) {
// Mint shares to depositor
self.vault.mint(self.depositCache.user, self.depositCache.sharesToUser); ///<------------- @audit
...

Within the GMXDeposit#processDeposit() above, the amount of the fee-minted in the form of the shares (svTokens) via the GMXDeposit#mintFee() is supposed to be subtracted from the amount of the shares to be minted to the GMXVault's depositor via the GMXDeposit#processDeposit().

However, there is no logic to subtract the amount of the fee-minted in the form of the shares (svTokens) via the GMXDeposit#mintFee() from the amount of the shares to be minted to the GMXVault's depositor in the form of the shares (svTokens) via the GMXDeposit#processDeposit().

Impact

The depositor could receive the amount of the shares (svTokens), which the amount of the fee-minted in the form of the shares (svTokens) via the GMXDeposit#mintFee() was not subtracted.

This means that a depositor of the GMXVault can bypass paying the fee when the depositor deposit into the GMXVault.

Tools Used

  • Foundry

Recommendations

Within the GMXDeposit#processDeposit(), consider adding a logic to subtract the amount of the fee-minted in the form of the shares (svTokens) via the GMXDeposit#mintFee() from the amount of the shares to be minted to the GMXVault's depositor in the form of the shares (svTokens) via the GMXDeposit#processDeposit().

Updates

Lead Judging Commences

hans Auditor
almost 2 years ago
hans Lead Judge almost 2 years ago
Submission Judgement Published
Validated
Assigned finding tags:

Compounding effect on the fee

Impact: Medium Likelihood: High Interesting one.

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