DeFi Security Risks
The most common security solution for Web3 smart contracts today, is a obviously the code Audit and website penetration test. Although code audits and review provide a high security standard and brand assurance, recently we have been witnessing some of drawbacks and blindspots, such as:
- 1.Timeframe - Auditing a smart contract often takes a few months to complete, by which time developers will probably have altered the code a few times. Small changes that were made after deployment subsequently expose smart contract vulnerabilities.
- 2.Price - Audits are very expensive and therefore considered cost-effective mainly for high velocity version changes.
- 3.Security - Smart contract audits can’t guarantee hack prevention as they are an off-chain solution.