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PRESS RELEASE. The decentralized finance (DeFi) industry is growing exponentially, with a market cap of about $100 billion in 2021. Unfortunately, not everything is milk and honey in this sector. For instance, the last two years have seen hackers exploiting security loopholes in numerous DeFi protocols.
As of December 2021, 73 DeFi exploits led to protocols losing approximately $1.5 billion. This figure erodes investors’ trust in DeFi platforms and hampers the ecosystem’s growth.
A reliable solution to this systemic vulnerability could come from auditing smart contracts before their protocols go live. The auditing process can analyze the security of a token , or a liquidity pool, staking, or farming contracts, among others. Currently, over 50 auditors have surfaced in the DeFi space, trying to build confidence and security.
Chainsulting is among the high reputable DeFi and smart contract auditing companies. So far, the firm has audited several high-profile protocols, thus increasing the investors’ trust in them.
In this Chainsulting review, we look closer at its working methods and why you should consider its services.
About Chainsulting
Chainsulting is a leading security audit firm that verifies smart contract security and code integrity. The company started operating in 2017 as a blockchain consulting and development company. Today, it provides the following services:
- Consulting on distributed LEDGER technology (DLT) and digital assets
- Smart contract audits
- Opportunity and security risk analysis
- Blockchain development and architecture
- dApp development
The Company has over 50 employees located in the headquarters in Germany and Australia.
Chainsulting stands out from the competition through a unique approach to auditing. The company conducts world-class smart contract security audits that help to find vulnerabilities. Its multi-step workflow helps prevent DeFi hacking.
How Chainsulting’s Smart Contract Auditing Works?
The Chainsulting auditing process follows these routine steps:
- Code Review
The auditor reviews the specifications, sources, and instructions that the project submits to Chainsulting. This way, the auditors can understand the codebase size, scope, and functionality.
The next step is the manual review of the code, which involves reading the source code line-by-line. This practice helps identify potential vulnerabilities.
Lastly, auditors compare the source code to the project specifications, sources, and instructions. At this point, they can detect whether the code follows the developers’ intentions.
- Testing and Automated Analysis
This stage of the process consists of two smaller steps:
- Auditors conduct a test coverage analysis. This will determine whether the test cases cover the code. Also, it should determine the amount of exercised code when the test cases are run.
- Through symbolic execution, auditors determine whether the test cases cover the code and how much code is exercised when the test cases are run.
- Best Practice Review
The auditors review the codebase to enhance efficiency, effectiveness, clarity, maintainability, security, and control. This process occurs according to established industry and academic practices, recommendations, and research.
- Recommendations and Certification
Auditors issue a list of recommendations and a compliance certificate. The list includes specific, itemized, actionable advice to enable DeFi protocols to secure their codebase.
Chainsulting smart contract auditing includes:
- Automated Vulnerability Test (Mythril, Slither, Oyente, MythX, Solhint, HoneyBadger, Solidcheck by Chainsulting)
- Manual Security Testing (Line by line, SWC-Registry, Overflow, CVE, etc.)
- Gas Optimization
- Verify Claims, which represent up to 5 general functions of your contract
- Conventions Check
- Functions and logic testing
- Full Report & Recommendations
- Certificate of Compliance
Why DeFi Protocols Should Consider Smart Contract Audits?
DeFi protocols interact with blockchain networks via smart contracts. However, these contracts replace third parties in transactions like in a token sale or vesting contract and enable transaction transparency. Therefore, they must be as secure as possible.
Unfortunately, developing bug-free code is not always possible. On the contrary, developers may oversee coding loopholes accidentally. Often, this vulnerability can lead to colossal financial losses for the protocol.
The best solution for DeFi platform’s to overcome these issues is to allow professional auditors to inspect their smart contracts. This way, third-party experts can examine and identify potential bugs, design issues, and other vulnerabilities. Lastly, they can recommend fixes and better security measures.
Why Choose Chainsulting?
Chainsulting is a leading smart contract auditing company that takes pride in its experience, German technology, and high-security standards.
The company’s auditing approach is different from other auditing firms. Its expert auditors combine a comprehensive auditing process with professional reviews to increase the probability of a secure smart contract.
Lastly, after every audit, Chainsulting offers a security compliance certificate to enhance the investors’ trust in the DeFi platform and give your project another marketing boost. The company’s long record of efficiency makes it one of the most sought-after auditors in the industry.
Learn more about the Chainsulting here.
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