Audita blog - 6 May 2024
Top 6 Smart Contract Auditing Companies to Watch in 2024
The smart contract auditing space is becoming increasingly competitive. Users and devs alike are recognising secure blockchain operations as the most crucial requirement for our success with decentralization.
We're seeing more devs acquiring auditing skills and putting hours of work into the craft of detecting the smallest errors in smart contracts and, thus, keeping Web3 safe from hackers. From platforms like Code4rena and Immunefi, to solo auditors and small independent auditing teams, and even audit marketplaces such as Find Audit, the space is evolving and taking a more defined shape.
Total Value Locked for blockchains worldwide is also ever-increasing, currently $87.3 Billion at the time of writing. Hacks? Over $1 Billion of users’ money was stolen in 2023. Auditing firms strive to systematically decrease Web3 losses by differentiating their offerings and becoming increasingly vigilant.
In this article, we will look at the six smart contract audit companies to watch in 2024 and what makes them stand out.
What is a Smart Contract Audit?
Smart Contract Audits are structured code reviews, usually in a week to one month time period, where smart contract experts aim to find and mitigate vulnerabilities that could result in an exploit.
Web3 protocols rush to secure their smart contracts by commissioning independent code experts to research their code. History’s shown that the more fresh eyes there are on codebases, the less likely something potentially detrimental goes unnoticed.
Smart contract audits can be automated with tools, manual, or both. Some firms only check the code for vulnerabilities, others give advice on code quality and architecture, diving deep into protocol mechanisms and brainstorming ways to reduce unnecessary code and boost efficiency.
Gas optimization recommendations are extremely valuable as well, as they can increase the positive gap between costs and benefits for the protocol and its users. The more money spent for gas, the less funds there are for ecosystem participants.
Why is a Smart Contract Audit Important?
Smart contract audits bring confidence in the deployment of a new blockchain application. Writing code involves multiple layers of attention and creativity. Developers are occupied with the hard task to create and make history. Auditors are the ones who ensure their vision comes to life, protecting protocol vaults and mechanisms from costly exploits.
Web3 communities and investors alike are more likely to onboard a project if they know it has been thoroughly tested and researched for hidden attack vectors. Auditing fosters transparency, care, commitment and trust. Audits can minimize financial risk and losses, all the while strengthening your credibility in the crypto community.
Top 6 Smart Contract Audit Companies to Watch in 2024
Audita
Audita Security is a team of exceptionally talented auditors, who have been in the blockchain space for over a decade. Audita’s experts are very thorough, taking up each audit with diligent focus and attention to the details, until the codebase is clean, safe and efficient. Their mission is to future-proof Web3.
Audita was founded in early 2023. Some notable Audita clients are Botto DAO, NFPrompt, Cygnus, Flies on Base and Add3. The team keeps expanding its services, doing manual vulnerability research, and offering gas optimization, code quality and architecture advice. Enhancing the security of protocols goes hand in hand with clear communication and integrity, both core values of Audita.
Stack: EVM-based Security with Solidity and Rust, using Hardhat and Foundry, DEXs, borrowing/lending and more
Cyfrin
A team of recognised security researchers aiming to reduce the amount stolen from DeFi yearly. Cyfrin is committed to make Web3 more reliable, secure and accessible by providing quality smart contract audit reports.
Also founded in early 2023, the team has participated in numerous audits for protocols like LinkPool, Sudoswap, DropClaim, Stake.link and more.
Their offering comprises private smart contract audits, as well as a competitive platform CodeHawks, where auditors face each other striving to outperform the rest in the amount of vulnerabilities found.
Stack: EVM-based Security with Solidity and Vyper, tools like Foundry, Hardhat, Brownie, Apeworx, Truffle and more.
Shieldify
Joining around mid-2023, Shieldify takes its place among notable auditing collectives with an interesting offering. They have a subscription-based model - for a period of time they perform unlimited audits based on a client demand.
Their disruptive 6-layered security approach ensures sound results. Common practice in auditing firms is for each researcher to work independently, after which the final smart contract audit report is assembled by combining individual efforts - this way Shieldify provides a final ‘super-report’.
What is more, Shieldify utilizes the PPV approach (Pay Per Vulnerability). Additional safety nets and extra sets of eyes on the protocols significantly enhance security.
Stack: Solidity, Vyper, Rust, Go, Cairo and more
Ginger Security
Ginger Sec urges you to ‘get the security peace-of-mind you and your users deserve’. The team offers full stack protection - smart contracts, tokenomics, web2, and anti-phishing.
The company came about in late 2022 and has won the trust of Argent, NFTPort, Alienverse and more. With their ‘incentivized security’ offering, Ginger also charge per vulnerability, and stake 50% of that price at a vault on Hats Finance, which remains as a bug bounty for future issues found.
Stack: Smart contracts, Tokenomics, Web2, Anti-phishing and more
Hashlock
Based in Australia, Hashlock secures web3 businesses since mid-2022. They offer smart contract audits, industry research, pen testing, formal verifications and security insurance.
The Hashlock team stands out with a great initiative called trustedWeb3, where Hashlock partners with blockchain-focused software development companies and aims to promote and support blockchain security and dev providers. It acts as a central info hub for all things blockchain cyber security.
Stack: dApps, web3 KYC, Solidity, Rust, Bridges and more
Three Sigma Labs
Three Sigma Labs is a Lisbon-based blockchain security company, founded in 2022. The team offers three main services - code audits, economic modeling and blockchain engineering.
Three Sigma’s mission is to advance the adoption of blockchain technology and contribute towards the healthy development of the crypto/web3 space. They’ve been trusted by companies like Scroll, zkSync, Thena and Levana.
Just recently, their team partnered up with Immunefi to join forces in securing web3 clients - ‘We are well-positioned to redefine industry standards and create a safer, more resilient Web3’ writes Immunefi.
Stack: DeFi, TradFi, ZK mechanisms, Economic simulation and more
Conclusion
The smart contract auditing space is looking much different than a year ago, and entirely different from 4 years ago. Recognising the importance of top smart contract audit companies is crucial in ensuring the safety of your web3 business.
Each of the companies we looked at in this article bring their own flavor to the web3 security space and are excelling in their efforts to stay on top of the most recent developments.
We’ve seen over $300M of losses due to hacks in the first quarter of 2024 alone. Audits are no longer a choice, but a necessity. What’s done early carries much more value than what’s done late, especially in the lightning fast crypto landscape.
Looking to audit? Get in touch with experts today!
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Audita's Team
