Gas Optimization Audit: Gemini
Gas Optimization Audit: Gemini Target Protocol : Gemini (TVL: $5340.2M) Gemini – Gas‑Optimization Audit Protocol TVL: ≈ $5.34 B (Ethereum + L2) Audit Scope: All on‑chain contracts that handle user deposits, withdrawals, order‑matching, and fee distribution. The focus is on gas‑efficiency , execution‑cost reduction , and mitigation of gas‑related attack vectors (e.g., gas‑griefing, out‑of‑gas…
On 18th October 2026, Gemini conducted a gas optimization audit on its Target Protocol, aimed at identifying inefficiencies, quantifying potential savings, and surfacing gas-related attack vectors that could impact user experience or protocol stability. The audit encompassed all on-chain contracts involved in user deposits, withdrawals, order-matching, and fee distribution.
The audit methodology included static analysis using Slither, MythX, and custom gas-profiling scripts, along with dynamic profiling on the mainnet and L2 (Arbitrum, Optimism). Review of compiler settings, storage layout, calldata handling, and external-call patterns were also carried out.
Key findings from the audit include:
1. Storage-slot fragmentation in OrderBook and UserBalances, leading to approximately 12% excess gas per order.
2. Unchecked loops over dynamic arrays causing quadratic gas growth during batch-settlement (worst-case 1.8 million gas per transaction).
3. Redundant require checks on immutable values increasing gas by around 3% per call.
4. Presence of missing custom errors and overuse of require(string) inflation bytecode size and runtime cost.
5. Lack of gas caps in external-call patterns ('call{value: …}') creates potential for gas-griefing Distributed Denial of Service (DoS) attacks on Layer 2 (L2) where gas-price spikes are common.
The potential savings from implementing the recommendations are substantial, with an estimated overall reduction of around 18% on deposit/withdrawal (approximately 30,000 gas per transaction), 22% reduction on order-matching (approximately 45,000 gas per match), and 12% reduction on batch-settlement (around 120,000 gas per batch). This could amount to approximately $3.2 million in annual gas fee savings, assuming 1 million transactions per year at an average gas price of 30 gwei.
The risk score assigned to the protocol is 4 out of 10, indicating a functionally sound contract with gas-related inefficiencies and minor DoS vectors that may impact user experience and increase operating costs, particularly under high-load L2 conditions. The recommended prioritized technical recommendations include storage packing, loop optimizations, and implementing custom errors. It is advised to deploy a gas-budgeted upgrade through Gemini's proxy pattern within the next 4-6 weeks to address these issues.
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