Risk Assessment: Flying Tulip FT Lend (#234)#237
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Risk assessment of Flying Tulip's FT Lend (ftDNMM) lending market on Ethereum, verified onchain at block 25264957 (Jun 7, 2026). Verdict: High Risk 5.0/5.0 — gated by the absence of any public/dedicated audit of the in-scope lending engine and ftUSD contracts. Residual weighted category subtotal is ~3.5 (Elevated) if that gate is cleared. Key onchain findings: single 3/5 Gnosis Safe root of trust with no timelock (owns/upgrades all UUPS proxies, ftUSD master-minter/blacklister, oracle price override); ~$2.7M lending TVL with ~59% concentration in one WBTC depositor; ~3.5 months in production. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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…ort/flying-tulip-234
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Closes #234.
Risk assessment of Flying Tulip — FT Lend (ftDNMM) lending market on Ethereum. Report:
reports/report/flying-tulip.md. All onchain values verified withcast+ Etherscan at block 25264957 (Jun 7, 2026).Verdict
High Risk — 5.0/5.0, gated by the "No audit" critical gate: the in-scope lending engine (
PositionsManager,ConfigRegistry, IRMs, RFQ engines) andftUSDhave no public/dedicated audit. Residual weighted category subtotal is ≈3.5 (Elevated) if that gate is later cleared.Key findings (onchain-verified)
0x1118…70Cb): owns/upgrades every UUPS proxy, is ftUSD owner+masterMinter+pauser+blacklister, and can override oracle prices (setLastGoodPrice). Guardian is a 3-of-4 Safe sharing the same signers.Category scores
Draft for team review — see the report's Risk Score Assessment for the gate-vs-weighted-score discussion.
🤖 Generated with Claude Code