Ethereum developers to offer smart contract audits

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Ethereum developers to offer smart contract audits

Developers from leading Web3 security firms are collaborating on the proposal to make smart contract audit reports accessible on-chain.

A new smart contract standard has been proposed by Ethereum developers to help users look up smart contract audits for DeFi protocols.

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

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

While security audits are useful, they do not guarantee the code of a protocol's code is impenetrable, Meissner said.

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

Twitter user punk9059, however, ran BANANA's code through the popular AI chatbot, ChatGPT, which quickly identified the problem.