Shadow Architecture

Shadow is built on Ramses V3 Core, which is based on Uniswap V3, with several enhancements. These improvements include dynamic system and protocol fee mechanisms and x(3,3). Ramses V3 Core also introduces a new accounting system to track how much active liquidity each concentrated liquidity position provides.

Pool Segregation

Pools will ALWAYS remain immutable, and permissionless. There is no actor in the entire system that could modify liquidity in the pools unless explicitly approved to do on the contracts. The protocol, nor even the timelock, have the ability to modify the liquidity pools. This stands true for both Concentrated Liquidity (V3) and Legacy Liquidity (V2/Stableswap)

Access Control

AccessHub

There are 3 distinct access control roles in the AccessHub system.

• DEFAULT_ADMIN_ROLE, MULTISIG + TIMELOCK have this role initially, then only TIMELOCK
• PROTOCOL_OPERATOR, As the name states, this role is for protocol operators. The main functionality the protocol operator role has is surrounding Governance enabling/disabling. Protocol operators can call: killGauge , reviveGauge, governanceWhitelist, and other similar commands.
• SWAP_FEE_SETTER Also self-explanatory, this role sets swap fees on liquidity pairs. The protocol's dynamic fee algorithm utilizes this role for consistent value accrual. The function used is setSwapFees

Audits

Spearbit

Shadow Exchange Audit Report

Consensys Diligence

Ramses V3 CLMM Audit Report

Security Competition

Code4rena

Ramses V3 CLMM Contest Report

Additional Security Coverage

• Specialized Testing Review by 100Proof via C4rena
• Post-Competition CL Audit by Zenith Mitigation
• Private Development Review by yAudit
• Testing Review with Spearbit researchers