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With the rise of Decentralized Finance (DeFi), there is an increased need for security audits as it attracts the risk of hacking. Smart contract audits are either done manually or automatically. They look into smart contract codes to detect vulnerabilities and security issues for the project to be safe for public use. It's essentially the same as testing a bridge for the safety and security of its users before opening it to the public.
There are several reasons why you should hire an auditing firm. Here are some:
With the rising need came several auditing companies, all with a mission of ensuring smart contracts are safe. After thorough research, we have come up with the three best auditing companies for your smart contracts. But first, what are smart contracts?
A smart contract is a self-executing contract in which the developer writes the terms of the buyer-seller agreement into lines of code. The code and its agreements are distributed and decentralized across a blockchain network. Transactions are trackable and irreversible, and the code controls the execution.
Smart contracts do not need a central authority, legal system, or external enforcement mechanism. They enable trusted transactions and agreements to get carried out among anonymous parties.
CertiK is a blockchain security company. It has pioneered cutting-edge Formal Verification technology on smart contracts and blockchain networks. Yale University and Columbia University professors founded the company in 2018. Its primary mission is to secure the cyber world.
The team has conducted over 1,800 audits globally across well-known protocols, according to its website. Binance, OKEx, and Huobi are among the top crypto exchanges CertiK has secured. The Binance Accelerator Fund, for example, uses CertiK audits to ensure the top platforms it invests in are secure.
CertiK has also serviced over 100 top-tier blockchains and DeFi protocols. They include but are not limited to Binance, Tera, Bancor, Shapeshift, and Blockstack. CertiK has also audited the smart contracts of the Binance Smart Chain, among others.
Certik carries out a comprehensive security assessment of your smart contract and code. It then identifies vulnerabilities and comes up with recommendations. You can request a quote at CertiK.io, and once you have submitted it, the team will reach out for the audit to begin or start.
Chainsulting is a leading security audit firm that verifies smart contracts' security and code integrity. They are also offering consulting and software development, besides audits. As a blockchain consulting and development firm, the company began operations in 2017. It now offers the following services:
The company employs over 10 people at its headquarters in Germany and Australia. Chainsulting distinguishes itself from the competition by using a novel approach to auditing. The company performs world-class smart contract security audits that aid in discovering vulnerabilities. Its multi-step workflow aids in the prevention of DeFi hacking.
The firm conducts code audits for market-leading blockchains such as Algorand, Ethereum, Binance Smart Chain, and Solana. It helps them mitigate risk and instill trust and transparency. They also review and secure the smart contracts of DAI, 1Inch, POA Network, and Unicrypt, as well as a slew of other top DeFi and crypto projects.
Chainsulting secures $100 billion in user funds locked in multiple DeFi protocols. The team behind the leading audit firm relies on their extensive technical knowledge in the blockchain sector. It does this to deliver high-quality audit solutions tailored to the clients' changing business needs.
OpenZeppelin is an open-source platform for developing secure decentralized applications (dApps). The framework includes the tools needed to create and automate Web3 applications. Furthermore, businesses of any size can use OpenZeppelin's audit services to find the best practices in the industry.
Top companies such as Ethereum Foundation and Coinbase are OpenZeppelon's clients. Its mission is to protect the open economy by providing security, reliability, and risk management for Ethereum projects. It performs security audits on your behalf and implements security measures to ensure the safety of dApps. They provide a report containing best practices and recommendations to remove the system's weaknesses after identifying potential problems in the code.
The OpenZeppelin Defender
OpenZeppelin Defender is a web application developed by OpenZeppelin. It is a platform that secures and automates smart contract operations. Using Defender, you can collaborate with your team, define different workflows, interact with contracts, and conduct financial transactions. The Defender also provides a user-friendly UI for sending transactions and creating automated scripts.
Notably, OpenZeppelin has amassed a formidable library for developing smart contracts. It now powers over 3,000 public projects. The developers use Solidity's programming language to create modular and reusable contracts within its library, including ERC-20-related OpenZeppelin contracts.For the DeFi project's KYC checks, SOLIDProof will be looking to establish customers' identities and assess the nature of their activities. They will also check that the clients have legitimate sources of funds and assess any risks associated with them.
SolidProof is a German audit company that uses manual and automated tests to assess smart contracts and blockchain projects and check for any vulnerabilities. Once the process is complete, the company offers an audit report that classifies the vulnerabilities found and offers recommendations to remedy them.
For the DeFi project's KYC checks, Solidproof will be looking to establish customers' identities and assess the nature of their activities. They will also check that the clients have legitimate sources of funds and assess any risks associated with them.
Further, Solidproof carries out audit checks for entire DeFI projects. As a developer, you want the assurance that your project is doing well and that there are limited chances of a DeFi hack. Thus, Solidproof analyzes the project to find any vulnerabilities and examines your code before preparing an audit report.
One of the best things about SolidProof is that they work together with your development team to mitigate any risks highlighted in the audit report. Therefore, DeFi project developers can eliminate most of the risks surrounding their projects and establish trust among their clients, thanks to its personalized services.
Notably, Solidproof conducted over 500 smart contract audits and KYCs in less than a year.
The decentralized finance (DeFi) industry is rapidly expanding. In just 2021, DeFi has a market cap of over $100 billion. Recently, a string of high-profile DeFi hacks has prompted some to refer to the young sector as the "Wild West" of cryptocurrencies. This year has seen some of the most significant cryptocurrency thefts in history. There is a growing sophistication of heists on dozens of top DeFi protocols. Hence, it highlights the need for project backers to adopt higher security standards.
Currently, over 50 auditors have emerged in the DeFi space, attempting to instill trust and security. Certik, Chainsulting, and OpenZeppelin stand out from the crowd. Their unconventional approach aids smart contract protocols in gaining investors' confidence, propelling the nascent crypto space to greater heights. As DeFi keeps growing, we can expect more companies will start offering audit services.