AppTreasury Contract - Rezerve Money

1. Summary

Rezerve Money engaged Halborn to conduct a security assessment of their AppTreasury contract beginning on June 11th, 2025 and ending on June 12th, 2025. The security assessment was scoped to the smart contract provided in the GitHub repository. Commit hash and further details can be found in the Scope section of this report.

AppTreasury is a fork of OlympusDAO’s treasury with improved logic and monetary policies. The contact was upgraded to a recent solidity version and modified to be used using proxies. Credit and debit functionalities were added to allow for features such as PSM and staking rewards to later on come into the picture.

2. Assessment Summary

Halborn was provided 2 days for the engagement and assigned one full-time security engineer to review the security of the smart contract in scope. The engineer is blockchain and smart contract security expert with advanced penetration testing and smart contract hacking skills, and deep knowledge of multiple blockchain protocols.

The purpose of the assessment is to:

• Identify potential security issues within the smart contract.

• Ensure that smart contract functionality operates as intended.

In summary, Halborn identified some improvements to reduce the likelihood and impact of risks, which were partially addressed by the Rezerve Money team. The main ones were the following: 

• In the disable() function, consider removing the _toDisable address from the tokens array to be consistent with the enabledTokens mapping.

• Make sure all inherited upgradable contracts are initialized.

• Either add support to fee-on-transfer tokens or document that fee-on-transfer tokens are not supported.

• Implement proper input validation in all functions.

• Consider adding a constructor and calling the _disableinitializers() method inside.

• Use the initializer modifier for the initial setup instead of reinitializer.

3. Test Approach and Methodology

Halborn performed a combination of manual and automated security testing to balance efficiency, timeliness, practicality, and accuracy in regard to the scope of this assessment. While manual testing is recommended to uncover flaws in logic, process, and implementation; automated testing techniques help enhance coverage of the code and can quickly identify items that do not follow the security best practices. The following phases and associated tools were used during the assessment:

• Research into architecture and purpose.

• Smart contract manual code review and walkthrough.

• Graphing out functionality and contract logic/connectivity/functions (solgraph).

• Manual assessment of use and safety for the critical Solidity variables and functions in scope to identify any arithmetic related vulnerability classes.

• Manual testing by custom scripts.

• Static Analysis of security for scoped contract, and imported functions (slither).