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Solana and Ethereum smart contract audits, explained
What are smart contract audits, how do they work, and how do they benefit the crypto projects who get their code scrutinized? Let’s find out.
As you might expect, this depends on how complex a smart contract is.
According to Hacken, this can extend to $500,000 for larger projects where there are more lines of code — not least because of the additional engineering hours it’ll take.
The company argues these costs pale into comparison with the economic damage that a smart contract vulnerability can bring.
Hacken cites data showing that, in 2021, 80% of the incidents affecting decentralized applications related to smart contracts — with losses hitting $6.9 billion.
Breaking this down even further, and we can see that the average cost per project stands at $47 million. Somehow, $500,000 looks a lot less expensive now.
Overall, 60% of its clients have been based on Ethereum so far in 2022.
And here’s the difference it can make — after an audit, at least one critical bug was uncovered in 80% of projects. But Hacken says just 75% have fully acted on an audit report in the past — with the remainder ignoring the conclusions, or only taking a small number of recommendations into account. As a result, they had a lower security score.
