Secure your DeFi smart contracts from malicious actors by getting your smart contract audited by the team of 0defect. Do not let hackers game your code, protect your code by obtaining an overall code checkup to help fix errors and vulnerabilities present in the code.
DeFi Smart Contract Audit Services
Potential Threats to DeFi Projects
- DeFi protocols are pretty complex, making them prone to errors and vulnerabilities. The protocols are always at risk of malicious actors trying to steal your funds.
- The project could even face a regulatory risk from some regulators as DeFi is pretty complex to understand.
- Decentralized Finance is also at risk of manipulation from a single source. The trouble is so high that it could even manipulate the market for profit-making.
Why is the DeFi Smart Contract Audit necessary?
An audit lends an extra pair of eyes to your smart contract code. It is necessary to consult a smart contract auditing firm to fix any issues in the code as:
- It helps secure assets worth millions before deploying the code on the mainnet.
- It helps to enhance the performance of smart contracts and safeguard against attacks.
- It helps to gain the trust of investors and a decent value in the market.
How does a DeFi Smart Contract Audit work?
02
Phase 2
The phase involves reviewing the code using automated tools for detecting any back doors, malicious actors, or coding flaws. The experts then test each function on unit test cases and a manual line-by-line review. Further, specific code threats are evaluated, such as race conditions, timestamp dependence, and gas requirements for optimizing the code.
DeFi scams are on the rise
- Grim Finance Hacked for $30 Million in Fantom Tokens
Grim Finance is built on the Fantom blockchain and utilizes Solidity as the smart contract language. The hacker manipulated the protocol through a re-entrancy attack (An exploit that allows someone to fake deposits into a vault while an initial transaction is performing).
- Cybercriminals steal $31 million from DeFi platform MonoX
MonoX is a new DeFi protocol using a single token design for liquidity pools. The root cause of the attack on the platform is that the swap contract did not work correctly. The hackers took advantage of the price update function and stole the funds.
- Hackers steal $120 million from DeFi protocol BadgerDAO
BadgerDAO confirmed that there was a phishing incident in December when a hacker injected a snippet from Cloudflare. The hacker(s) cleverly tricked the Badger engineers using a compromised API key to inject the malicious code that affected a subset of its customers.
Safeguard your DeFi Smart Contract from malicious actors with the smart contract audit services provided by 0defect.
NEED A CONSULTATION?
Frequently Asked Questions (FAQs)
What is the benefit of opting for a DeFi smart contract audit?
DeFi smart contract audit helps eliminate the vulnerabilities in the code, which could cost severe damage to the clients. It helps to instill confidence among the investors about the company’s reliability.
What are the various measures used by 0defect to audit the Smart Contract?
Our expert team does a comprehensive checkup of your smart contracts to ensure your funds are safe from potential attacks. 0defect follows a proper mechanism to protect your code from malignant actors.
What can you expect in a report generated after auditing the code?
The audit report consists of bugs and vulnerabilities in the smart contract code. The information may also have the gist about tools used by our experts and suggestions for your code.