Silo Finance
Last changed 2026-10-27 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 47 → 49. Problems weighed by who is responsible: concerns that are not fraud −16, incidents the subject suffered −3.2, problems around the subject, caused by others −0.8; legitimacy credit long-running +4; fact-check adjustments (−5) now shown as page reliability, not in the score. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -16 |
| Incidents it suffered (e.g. hacks) | -3.2 |
| Problems around it, caused by others | -0.8 |
| Long-running | +4 |
| Sum | 49 |
Score: 49/100 (kept between 0 and 100)
How scoring works →Summary
Silo Finance V1 is a non-custodial isolated lending protocol launched on Ethereum mainnet in August 2022, enabling permissionless markets for long-tail crypto assets by confining risk to individual lending pools (Silos). The protocol experienced two security incidents in 2023: a critical interest rate manipulation vulnerability discovered by a white-hat researcher (no user funds lost) and a white-hat drain of approximately $45,000 in SILO incentive tokens due to a separate contract flaw. The deployed production version of V1 diverges from the audited codebase, a risk the team has publicly acknowledged but not fully remediated through re-audit.
Connected Entities
7 entities · 60 linked investigations- ZachXBT→mentioned with→Ethereum(70%)
- Chainlink→mentioned with→Ethereum(65%)
- Silo V2→mentioned with→Silo Finance(80%)
- Silo V2→mentioned with→Arbitrum(75%)
- Silo V2→mentioned with→ZachXBT(70%)
- Silo V2→mentioned with→Ethereum(80%)
- Silo Finance→mentioned with→ZachXBT(70%)
- Silo Finance→mentioned with→Ethereum(80%)
- Silo Finance→mentioned with→Base(60%)
- Silo Finance→mentioned with→Arbitrum(70%)
- + 4 more
Timeline(18 events)
December 2021
SILO governance token launch; protocol begins minting 1 billion tokens over four years.
2022
Early community airdrop distributed to initial participants.
April 2022
SILO token reaches all-time high of approximately $1.05.
7 May 2022
Certora begins formal verification of Silo V1 protocol; process runs through July 15, 2022.
15 July 2022
Certora formal verification completes; five issues uncovered (two high, three medium) that ABDK and Quantstamp had missed.
August 2022
Silo V1 launches in beta on Ethereum mainnet with nine pools capped at 500 ETH each.
September 2022
Silo V1 full public launch on Ethereum mainnet.
February 2023
Silo V1 deployed on Arbitrum.
27 April 2023
White-hat researcher @kankodu reports critical interest rate manipulation vulnerability (IRMv1) via Immunefi; estimated $3 million at risk on Ethereum mainnet.
May 2023
New interest rate model (IRMv2) coded, tested, and deployed on Arbitrum markets, capping utilization at 100% and interest at 10,000% per year.
7 May 2023
Governance proposal executed on Ethereum to transfer control and apply IRMv2 fix to mainnet markets.
10 May 2023
Certora begins formal verification of IRMv2 fix.
24 May 2023
Certora confirms IRMv2 eliminates all identified exploit vectors; no user funds were lost.
6 June 2023
Silo Finance publishes public vulnerability disclosure detailing the IRMv1 flaw, attack mechanics, and remediation. Immunefi publishes bugfix review. Bounty of 100,000 USDC awarded to researcher.
21 July 2023
RAMSES protocol discovers vulnerability in Silo incentives contract allowing full drain of approximately $45,000 in SILO tokens. Immunefi closes bug report as out-of-scope. RAMSES performs white-hat drain to RAMSES Treasury.
22 July 2023
RAMSES contacts Silo team directly; drained funds returned in full. Both parties attribute communication failure to Immunefi triage process.
2024
Governance proposal to deprecate XAI stablecoin published, citing peg instability and pool imbalances.
2024
Silo Finance publishes 2024 roadmap announcing transition toward V2 architecture.
Decision Log
- slot 461963147 · hash 4eQ3yJPMxvXuhn1aVRqUNEk92gznr4gaXkyZqTv6Sj7a
- slot 457456697 · hash wCghCC5DhY7vnxtsR7KeH6bf6sWoJZRZB5bKYLvdoY7
- slot 425430297 · hash Cn5EHoHcYDkgXPbLuihorG5ekxWYtDSGtfitWJKousJs
- slot 425430293 · hash GCxngRLr3jnBy7zpiPREqLu4sZMo3E52sKrdLWxSbZKN
- slot 422984247 · hash 6uXrbpqCEtowhHKpRxeDszivijwsoFP8LmJPTHhZD3TJ
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 15 of 19 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:22 AM
last updated: 10/27/2026, 6:03:32 AM
8 viewsavoid.net — verified advice for a post-truth world