Blockchain, cryptocurrencies, smart contracts, dApps, and DeFi, are some of the terms you must have noted frequently in technology. Compared to traditional technology, blockchain provides the advantage of decentralization and cryptographic security. Smart contracts are one of the best examples of automation for executing transactions completely trustless manner. The popularity of smart contracts has also led to the expansion of the crypto smart contract audit companies list with new players in the space. The applications of smart contracts in different use cases, such as DeFi and NFTs, show that you must be careful in creating and deploying smart contracts.
Therefore smart contract audit companies have emerged as a valuable option for identifying issues in smart contracts. In the following post, let us learn more about some of the top smart contract audit companies.
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Importance of Crypto Smart Contract Audits
Cryptocurrencies and DeFi have emerged as popular choices for earning high investment returns. At the same time, it is also important to wonder about the concerns of the security of smart contracts. Smart contracts can serve multiple use cases in crypto, from lending and borrowing assets to issuing new tokens.
Before you find out the top crypto smart contract audit companies, it is important to learn about their objectives. Smart contract audits are important because the average developer could miss out on certain aspects which can affect the contract’s functionality. Therefore, audit companies have to jump into the equation to ensure error-free smart contract creation and execution.
Smart contract audits are important for ensuring the elements of trust and security with the smart contract you have developed. The best crypto smart contract audit companies can help you find out the potential issues in the code of a smart contract. As a result, it can help identify the necessary steps required for addressing the flaws or bugs that could create security risks for user funds. Smart contract auditors can help in preventing large-scale damages due to vulnerabilities in smart contract logic.
Another significant factor underlying the selection of top smart contract auditing companies refers to the element of trust. Secure smart contracts can not only garner the confidence and trust of users but also of investors. New projects can capitalize on smart contract audit companies to establish trust of users in the project.
Audits by third-party providers can also help deploy major upgrades to production with security assurance. Another reason to find the most popular crypto smart contract audit companies would point to the facility of additional services. Some smart contract audit companies can also help you with other security services, such as vulnerability assessments, penetration testing, threat modeling, and bug bounty programs.
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Which Factors Should You Look for in Crypto Smart Contract Audit Companies?
The significance of smart contract audits shows why you must choose trusted crypto smart contract audit companies. However, knowing the essential factors for selecting a reliable option from numerous crypto smart contract audit companies is also important. Here are the most notable factors which can help you choose a crypto smart contract audit company for your project.
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Portfolio of Audit Projects
First, you must browse a crypto smart contract audit companies list and look for companies with portfolios. You cannot rely on a smart contract audit company that does not have a verified portfolio of their projects. It is important to check the projects or platforms the company has audited in the past.
You should check the size and popularity of the projects to evaluate the capabilities of the auditing company to take on projects of varying sizes. In addition, candidates must also verify whether the projects audited by the company have been subjected to exploits.
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Specialization in Audit Expertise
Most crypto smart contract audit companies will likely offer services for auditing Ethereum contracts. On the contrary, a few audits would have the skills for auditing projects on alt chains such as BNB, Solana, Avalanche, Fantom, and Polygon. The top crypto smart contract audit companies can help you understand that EVM-compatible blockchain networks have different architectures. For example, Rust, NEAR and Solana’s blockchains use a new programming language. Therefore, it is important to evaluate the audit expertise of a company before finalizing your choice.
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Methodology and Approach for Audits
The next factor you should look for in a crypto smart contract audit company points to the methodology and approaches for the audit. You must note that the approach and methodology followed by an audit firm can vary according to the project’s scope. The best crypto smart contract audit companies accept projects according to their expertise and agreement with clients. You need to look at the other factors, such as the quality of code and duration of the audit, in the approach followed for the audit.
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Quality of Audit Reports
The final addition among factors that can help you choose a smart contract audit company is the quality of audit reports. You can find a good smart contract auditing company only by checking the quality of details in the audit reports. Does the company provide a detailed description of the issues found in the audit?
Does the auditing company provide recommendations and remedial plans for addressing the issues? It is important to look for audit reports which cover all the technical details while following an easily understandable structure. You are less likely to make sense of the audit outcomes without access to high-quality audit reports.
Apart from all these factors, you must also check other aspects such as flexibility of communication and pricing. You must look for a company that follows a competitive, transparent pricing model for smart contract audits. On top of it, you must also check how the auditing company communicates with its users about the audit process and its findings.
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Top Companies for Crypto Smart Contract Audits in 2023
As you can notice, choosing a smart contract audit company can be quite humongous. You must keep an eye on the importance of crypto smart contract audits. In addition, you must also check for the factors differentiating good crypto smart contract audit companies from the rest.
On top of it, new additions to the crypto smart contract audit companies list have created competition for industry leaders. How can you pick a reliable crypto smart contract audit company from the crowd? Here are some of the most promising crypto smart contract auditing companies you should follow in 2023.
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Certik
As one of the most popular crypto smart contract audit companies, Certik leverages cutting-edge innovation to support mission-critical applications. One of the significant highlights of Certik is that it has served more than 3700 Enterprise clients.
The service portfolio of Certik for smart contract audits includes penetration testing services, security audits, bug bounties, on-chain analytics, and KYC verification procedures. Another notable reason to choose Certik for your crypto smart contract audit is the effective result of the auditing company. It has safeguarded digital assets with a more than $364 billion valuation. Some of the notable clients of Certik include Polygon, Aave, BNB Smart Chain, Yearn, and Terra.
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Quantstamp
One of the biggest advantages of Quantstamp for smart contract audits is easy access to auditing experts. The team at Quantstamp includes security professionals and PhDs with years of experience at top tech companies such as Google, Apple, and Facebook.
The team of auditing experts can help you capitalize on the benefits of their experience in different blockchain systems. You can find the assurance of auditing for Ethereum 2.0, Cardano, OpenSea, Solana, and other protocols. The services of Quantstamp provide auditing for layer 1 blockchain networks, DeFi applications, and NFTs.
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OpenZeppelin
In addition, OpenZeppelin has also earned recognition for creating Solidity libraries, referred to as the OpenZeppelin Contracts. Developers can use the OpenZeppelin native SDK to integrate the Solidity libraries into selected crypto applications.
The crypto auditing company has registered its success in protecting over $10 billion in digital assets. On top of it, OpenZeppelin also takes price in a remarkable clientele, including top names in the crypto sector. The clients of OpenZeppelin include Ethereum Foundation, Aave, Coinbase, The Graph, and Compound.
In addition, the company has also earned recognition for introducing the concept of gamification in the smart contract audit process. On top of it, OpenZeppelin also offers free solutions such as ‘Defender’ for the automation of smart contract management and security.
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Hacken
The portfolio of Hacken includes more than 700 projects, thereby explaining the company’s breadth of expertise in auditing. Interestingly, the company has protected more than $100 billion worth of market capitalization spread across different protocols.
In addition, Hacken also delivers a broad range of security services to clients in the form of vulnerability assessments, bug bounty program management, and vulnerability evaluation. Another notable feature of Hacken is the revised auditing methodology for protection against flash loan attacks.
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Trail of Bits
Trail of Bits is the final addition to the crypto smart contract audit companies list. It was developed in 2012, and since then, it has become a big name in the cybersecurity industry. The reasons Trail of Bits became one of the most popular crypto smart contract audit companies would point to its clientele. Top names in the world of technology, such as Microsoft, Adobe, Reddit, and Stripe, use Trail of Bits for smart contract audits. The company offers three distinct services: security engineering, software assurance, and R&D.
You can find the most comprehensive smart contract audit services in the software assurance service category. The company has completed smart contract audits for industry giants such as Balancer and Yearn. Finance and other protocols. Another noticeable highlight of Trail of Bits is the development of tools for fixing smart contract vulnerabilities. In addition, Trail of Bits also serves as a valuable and comprehensive training resource for understanding the steps and processes in smart contract audits.
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Bottom Line
The outline of the different smart contract audit companies you should follow in 2023 shows their value advantages. You can notice that the five crypto smart contract audit companies listed in this discussion have served important clients. The value of smart contract audit companies has helped to ensure the security and functionality of crypto and blockchain applications.
As the demand for blockchain and web3 applications continues gaining momentum, learning about the ideal auditing companies is important. Considering the value locked in DeFi apps and crypto protocols, it is important to consider careful smart contract audits. Learn more about other popular crypto smart contract audit companies and make your final choice.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!
