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Quantix Security Labs

Quillon Vaults

ERC-4626 yield vaults with pluggable strategies.

Depositors pool a single ERC-20 asset into vaults that allocate capital across liquidity-provision and lending strategies. Share accounting follows ERC-4626; strategies are added through a timelocked governance process behind a UUPS proxy.

Ecosystem
ETHEthereum
Category
Yield
Languages
Solidity
Launched
Jun 2025
82.5AModerate risk

Grade A · Moderate risk

Sound posture; some improvements recommended.

+3.4 since Nov 2025 · +2.8 since Jul 2026

Quantix Protocol Research · as of 24 Oct 2026 · About this data

Risk Index

How the score is built

Six weighted components, each scored 0–100 where higher means less risk. Points are the component value multiplied by its weight; the gap is what the component costs against a perfect score.
ComponentWeightValuePointsGap
Code Security30%8425.2−4.8
Operational Security20%8016.0−4.0
Governance Risk15%7811.7−3.3
Economic Security15%8212.3−2.7
Infrastructure Resilience10%858.5−1.5
Transparency10%888.8−1.2
Quantix Risk Index100%82.5−17.5
CodeOperationalGovernanceEconomicInfrastructureTransparencyQuillon Vaults, Code: 84Quillon Vaults, Operational: 80Quillon Vaults, Governance: 78Quillon Vaults, Economic: 82Quillon Vaults, Infrastructure: 85Quillon Vaults, Transparency: 88
Risk Index components: Quillon Vaults Code 84, Operational 80, Governance 78, Economic 82, Infrastructure 85, Transparency 88
ComponentQuillon Vaults
Code84
Operational80
Governance78
Economic82
Infrastructure85
Transparency88

Grade scale

  1. AAA90–100
  2. AA85–89.9
  3. A80–84.9
  4. BBB75–79.9
  5. BB70–74.9
  6. B65–69.9
  7. CCC60–64.9
  8. CC55–59.9
  9. C50–54.9
  10. D0–49.9

Score history

12 monthly snapshots

Each point is the Risk Index computed from that month’s component values. Markers below the chart show the events that moved a component.
Quillon Vaults Quantix Risk Index by month
PeriodQuantix Risk Index
Nov ’2579.1
Dec ’2579.1
Jan ’2679.1
Feb ’2679.1
Mar ’2679.7
Apr ’2679.7
May ’2679.7
Jun ’2679.7
Jul ’2679.7
Aug ’2681.9
Sep ’2682.5
Oct ’2682.5

  1. 4 Sept 2026

    Governance

    Timelock floor enforced on-chain

    A 24-hour minimum delay now applies to every queued action.

    • Governance Risk+4

  2. 7 Aug 2026

    Research assessment

    Research assessment completed: Smart Contract Audit

    10 findings (1 critical, 2 high, 3 medium, 2 low, 2 informational). All critical and high findings addressed.

    Read the research assessment
    • Code Security+6
    • Transparency+4

  3. 12 Mar 2026

    Operations

    Monitoring rules deployed

    Alerts on fee recipient, strategy registry and timelock queue.

    • Operational Security+3

Risk factors

What keeps the score from being higher, most severe first.

  • MediumEconomic SecurityProfile analysis

    Valuation depends on AMM liquidity

    Strategy value uses a 30-minute TWAP. In thin pools the cost of sustaining a manipulated price over the window falls, so the guard is only as strong as pool depth.

  • MediumGovernance RiskProfile analysis

    Short upgrade delay relative to exit time

    Withdrawals from illiquid strategies queue for longer than the 24-hour timelock, so some depositors cannot exit before an upgrade executes.

  • LowCode SecurityProfile analysis

    Upgrade storage hygiene

    Without storage gaps or namespaced storage, adding variables to base contracts in a future upgrade can shift child storage.

  • LowCode SecurityFrom the research assessment

    1 lower-severity finding not fully resolved

    Medium, low or informational findings remain open or partially resolved in the research assessment.

Recommendations

Each recommendation raises one component to a target value. The score effect is recomputed with the Risk Index model, holding every other component fixed.

  • Code Security: 84 → 89

    Adopt ERC-7201 namespaced storage

    Migrate base contracts before the next upgrade and add a storage-layout diff to CI.

    +1.5

    → 84.0

  • Governance Risk: 78 → 86

    Raise the timelock floor to 48 hours

    Match the delay to the longest withdrawal-queue cycle so every depositor can exit before an upgrade.

    +1.2

    → 83.7

  • Economic Security: 82 → 87

    Circuit breaker on valuation deviation

    Pause deposits and redemptions when TWAP and spot diverge beyond a bound for consecutive blocks.

    +0.8

    → 83.3

Analysis

Contract, governance and operations

Contract analysis

Source
Verified
Upgradeability
UUPS proxy
Administrative control
4-of-7 multisig behind QuillonTimelock
Enforced delay
24 hours
External dependencies
AMM pool TWAP for strategy valuation; Lending markets used by strategies
  • PassSource verified. Vault, manager and strategies match published source.
  • CautionUpgrade path. UUPS implementation upgradeable after a 24-hour delay.
  • CautionTimelock floor. Minimum delay of 24 hours, below the 48 hours Quantix recommends.
  • PassPrice source. 30-minute TWAP with a spot-deviation guard.
  • CautionStorage layout. Base contracts use sequential storage without gaps.

Governance exposure

Moderate

Strategy additions and upgrades pass a 24-hour timelock controlled by a multisig; users can exit during the delay except from queued illiquid strategies.

Operational resilience

Strong

Two independent keeper sets run harvests; alerts cover fee-recipient, strategy and timelock changes.

Monitoring

Monitoring history

2 recorded security events for Quillon Vaults, most recent first.
Open in Security Monitoring
  1. 14 Nov 2025MediumPerformance fee raised from 10% to 12%Configuration Change · StrategyManagerResolved
  2. 12 Nov 2025LowStrategy upgrade queued with 48-hour delayGovernance · QuillonTimelockResolved

Research assessment

QX-TSA-2026-001Smart Contract AuditPublished

Vault core, strategy manager, LP strategy, withdrawal queue and timelock. 1,840 nSLOC of Solidity.

Review 27 Jul 2026 – 7 Aug 2026 · published 18 Aug 2026

Critical1
High2
Medium3
Low2
Informational2
  • 8 resolved
  • 1 partially resolved
  • 1 acknowledged
  • 0 open
Read the assessmentReport PDF

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Research

Relevant research

Publications on the risks that matter most for a yield protocol.

Architecture

System components

QuillonVault
ERC-4626 vault: deposits, withdrawals and share accounting
StrategyManager
Allocates capital, harvests yield and routes fees
AmmLpStrategy
Provides liquidity to an AMM pool and values the position
WithdrawalQueue
Queues withdrawals from illiquid strategies
QuillonTimelock
Delays parameter changes and upgrades

Turn risk factors into a remediation plan.

A research assessment traces each weakness to code, configuration or process, and verifies the fix before the score moves.

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