Ethereum developers propose new smart contract audit standards

Ethereum developers propose new smart contract audit standards

Developers from top Web3 security firms collaborate on the proposal to make smart contract audit reports accessible on-chain.

Ethereum developers have proposed a new set of smart contract standards to help users look up smart contract audits for DeFi protocols.

Devs have been spiritedly debating ERC-7512 since it was first published on Sept. 5 by Richard Meissner, the co-founder of Safe, to the Ethereum Magicians forum. Developers also contributed to the proposal, including OtterSec, ChainSecurity, OpenZeppelin, Ackee Blockchain, and Hats Finance.

Developers are discussing the finer details of how to implement the standard, while the intent of the proposal has drawn widespread support from the community.

Although security audits are useful, Meissner said that they do not guarantee that a protocol's code is impenetrable.

The highly-anticipated launch of BANANA, a trading bot for Telegram, ended in tears hours after its deployment when a bug was discovered in the smart contract, even despite the team claiming its code underwent two audits.

The Twitter user punk9059 then ran BANANA's code through the popular AI chatbot, ChatGPT, which immediately identified the problem.