DeFi Security Risks
The most common security solution for Web3 smart contracts today is a smart contract code Audit. Although an audit may provide a high security standard, recently we have been witnessing some of the 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;
- 2.Price - Audits are very expensive and therefore only cost-effective for high velocity version changes;
- 3.Security - Smart contract audits can’t guarantee hacking prevention in cases when:
- Small changes that were made after deployment subsequently expose smart contract vulnerabilities
- Configuration changes expose further vulnerabilities
- A hacker targets the protocol with a novel attack
Last modified 3mo ago