# Maple Withdrawal Manager audit Three Sigma · Institutional lending · 16th November 2023 A private security review of Maple Finance (institutional lending), conducted with Three Sigma and completed on 16th November 2023 over 12 days. 0xSimao disclosed 7 findings: 3 low and 4 informational. ## What Maple Finance is Maple Finance runs institutional lending pools on Ethereum. Lenders deposit into ERC-4626-style pools, a pool delegate underwrites borrowers and deploys the capital into fixed-term and open-term loans, and first-loss cover staked by the delegate absorbs defaults ahead of lenders. Withdrawals are not a simple redeem: they queue in a withdrawal manager and settle against the liquidity the pool actually holds. ## Scope The Q4 2023 update reviewed by Three Sigma introduced the queue-based withdrawal manager alongside changes to the fixed-term loan factory: redemption requests joining a FIFO queue that the pool delegate processes against available liquidity, replacing the older cyclical withdrawal windows. ## Low severity findings - [Queue MapleWithdrawalManager may revert due to honest removeShares() or manual redeem calls](https://0xsimao.com/findings/maple-finance-ii-queue-withdrawal-shares-redeem) - [Unbounded loops in MapleWithdrawalManager may break in the future if the withdrawal windows are small](https://0xsimao.com/findings/maple-finance-ii-unbounded-loops-withdrawal-windows) - [Factory update for maple loans can be performed with the old factory](https://0xsimao.com/findings/maple-finance-ii-factory-loans-performed-old) ## Informational findings - [Allow lenders to set a minimum amount of asset they would take for their shares](https://0xsimao.com/findings/maple-finance-ii-lenders-minimum-they-shares) - [Gas savings](https://0xsimao.com/findings/maple-finance-ii-gas-savings) - [Operational Admin Suggestions](https://0xsimao.com/findings/maple-finance-ii-operational-admin-suggestions) - [Documentation inconsistencies](https://0xsimao.com/findings/maple-finance-ii-documentation-inconsistencies) ## The report [Download the report (PDF)](https://0xsimao.com/reports/2023-11-16-maple-finance-ii.pdf)