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:
- Identifying system flaws.
- They are highly professional and will ensure the safety of your funds.
- To validate your wallet address and check for typographical errors.
- Identifying any errors in the code and ensuring that the code is safe to use when transferring funds.
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?
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.
1. Hashlock
Hashlock is a renowned smart contract audit firm known for its excellent service. Their meticulous, robust audit reports show their deep understanding of blockchain technology and smart contracts. The company's proficient auditors provide comprehensive insights into your contract code’s security, functionality, and efficiency. They also offer remediation suggestions to fortify potential weak spots.
The team at Hashlock does an impressive job of deconstructing complex blockchain infrastructure and simplifying it for clients. They are prompt in their deliveries and communicate well, informing the client at every step.
Their wide array of services, including manual security audits, penetration testing, and blockchain security consulting, is top-notch and custom-tailored to each client's needs. With a high level of professional ethics, Hashlock is committed to maintaining privacy and confidentiality, a vital aspect of the blockchain space.
A notable attribute of Hashlock is its dedication to customer satisfaction. They understand the importance of security in the digital asset landscape and go above and beyond to ensure their clients are confident and secure in their contract infrastructure.
Overall, Hashlock smart contract audit company provides an excellent, comprehensive, and reliable auditing service to navigate the complex world of blockchain technology.
2. Cyfrin
Founded in 2023, Cyfrin is already bringing world-class smart contract security audits, tools, and education to hundreds of thousands of users and some of the biggest blockchain protocols.
With over $10B TVL audited, their team is home to some of the best smart contract security researchers, with professionals from backgrounds like Chainlink, Alchemy, Aragon, WorldCoin, Microsoft, and Google, offering security audits on Ethereum, Polygon, Arbitrum, Solana, BSC, and all the biggest chains.
Working with some of the world’s biggest protocols like Wormhole, Linkpool, and Farcaster, Cyfrin also powers some of the industry-leading security auditing tools like Cyfrin Aderyn, and Solodit, as well as Cyfrin CodeHawks. On this competitive audit platform, auditors compete to find bugs in codebases.
Working with some of the world’s biggest protocols like Wormhole, Linkpool, and Farcaster, Cyfrin also powers some of the industry-leading security auditing tools like Cyfrin Aderyn, and Solodit, as well as Cyfrin CodeHawks. On this competitive audit platform, auditors compete to find bugs in codebases.
3. Hacken
Hacken is a cybersecurity company that protects WEB 3.0 businesses from getting hacked and losing money and reputation. Hacken was founded in 2017 and since then the company has secured 900+ projects including cryptocurrencies, crypto exchanges, platforms, launchpads, etc. The main services provided by Hacken are smart contracts audits, pentests, and bug bounty programs.
Hacken is trusted by the biggest crypto exchanges such as FTX, KuCoin, OKX, Huobi, and Gate.io while the company’s network of partners includes CoinMarketCap, CoinGecko, VeChain, InsurAce.io, Solana Foundation, IoTex, Avalanche, Polkastarter, and >90 other reputable brands.
Hacken team has developed a transparent and detailed smart contract audit methodology. Before audit clients can view this document to be fully aware of the upcoming testing procedures and share their suggestions as well as possible concerns.
4. Certik
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.
5. Chainsulting
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:
- Distributed ledger technology (DLT) and digital assets consulting
- Audits of smart contracts
- Analysis of opportunities and security risks
- Development of blockchain technology and architecture for decentralized applications (dApps).
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.
6. OpenZeppelin
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.
7. SolidProof
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.
Wrapping Up
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.