This is a complete review of the MemeCoinMafia smart contract whose code can be found at https://scan.mypinata.cloud/ipfs/bafybeidn64pd2u525lmoipjl4nh3ooa2imd7huionjsdepdsphl5slfowy/#/address/0x78a2809e8e2ef8e07429559f15703Ee20E885588?tab=contract.

Although the code is simple, I would advise anyone that is reading this document to also look at other reviews and analysis of the contract! Some issues or security concerns might not be covered here due to my lack of knowledge or understanding of the contract. Getting a second opinion is always a good thing to keep in mind! The code might still be changed/improved before it is deployed on main net.

Code Review

The MemeCoinMafia contract is a standard ERC20 token with additional burnable functionality, allowing users to irreversibly destroy (burn) tokens they own, reducing the total supply. The contract is also ownable, meaning it has an owner with special privileges. Upon deployment, all tokens are minted and assigned to the deployer of the contract.

• Inheritance:
• ERC20: @openzeppelin/contracts@4.8.1/token/ERC20/ERC20.sol – This is a standard contract that provides basic ERC20 tokens functionalities.
• ERC20Burnable: @openzeppelin/contracts@4.8.1/token/ERC20/extensions/ERC20Burnable.sol – This is an extension of ERC20 that adds functionality for token holders to destroy (burn) their tokens if they wish. This can be used to reduce the total supply of tokens.
• Ownable: @openzeppelin/contracts@4.8.1/access/Ownable.sol – This is a contract that provides basic management control functions. The contract has an owner with exclusive privileges.

These are well-known and widely used for smart contract development, which reduces the risk of common vulnerabilities and security concerns.

• The contract simply has a Constructor that initializes the contract with the name “Meme Coin Mafia” and symbol “M3M3”. It also mints the total supply (999,000,000,000 tokens) to the deployer, which is also the contract owner.

Although the contract has an owner, it does not have any special privileges other than receiving the total supply.

Conclusion & Security Concerns

This contract is for a basic ERC20 token with burning capabilities and nothing more. The owner received the total supply, so there is a rug risk if he kept the majority of the tokens.

No bugs or other risks were found, and the codes seems to function as intended.