Introduction
Respect all applicable local, national, and international laws when operating or engaging with a DeFi platform. Content or activity featuring, encouraging, offering, or soliciting illegal activity may be prohibited in your jurisdiction. We highly encourage Blockchain projects to opt for a formal audit at their earliest discretion. Not doing so could result in exploits, vulnerabilities and hacks. This article shall serve only for information purposes to the general public and will not constitute as investment, business, legal or tax advice. Always DYOR and invest in projects with sound security reviews. The author has no affiliations with the security companies covered in this article.
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Top Blockchain and DeFi Security Audit Companies
Top Blockchain Security Companies
Why DeFi is the Future
Blockchain Security Companies
Decentralized Finance has been making its debut as a technology that removes intermediaries and achieves transparency while giving power back to the people. DeFi manages to maintain its integrity by having all of its transactions recorded on a public ledger (i.e. the Blockchain) which can then be verified as POW (Proof Of Work). The financial breakthrough is equipped to fundamentally change the world economy by banking the unbanked and offering a lower cost of operating a business.
The Blockchain has renowned itself as a secure source of storing data, a medium of payment that is free from intermediaries and a place for building revolutionary applications known as dApps. The Blockchain boasts of greater security, automation, transparency, accessibility and traceability among other factors and hence has been debuted as a “game-changer.”
As a response to the Blockchain’s growing solution, several mainstream providers are now pondering over the prospects of making their mark within the industry. Hedge funds have started investing in Bitcoin and DeFi applications and are actively seeking to find a secure source of investment that outmatches returns awarded via traditional investment vehicles – currently sitting at an All-Time-Low.
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Hence, this has resulted in a greater reliance on DeFi leading to its exponential growth and data indicating that the Total Value Locked (TVL) on-chain currently amounts to a whopping $214 Billion+; to put that into perspective, DeFi is now worth more than some economies.
DeFi’s Challenges: Resolving Security Concerns
DeFi’s popularity has not come without its consequences. Several notable hacks and vulnerabilities have been exploited owing to sub-standard coding, glitches, bugs and bugs. The biggest heist in DeFi has been that of Polynetwork with hackers stealing over $610M in funds (though it was later returned). The root cause of the attack was due to the fact that the hacker was able to modify the contract to their advantage and this could have been negated via rigorous testing, audits and security reviews.
The following are prominent Security Audit Influencers that do exactly this and seek to resolve shortcomings via publishing public reports that are easy to comprehend for experts and novices alike. Make sure to consult what they have to say about the DeFi protocol in question before investing in them.
Blockchain Security Companies
Certik is perhaps renowned as the golden standard for Blockchain security reviews. The security firm utilizes top-notch formal verification technology in collaboration with some of the best cybersecurity experts to create end-to-end services. Its goal is to establish itself as the leading firm in the crypto ecosphere to conduct in-depth security audits.
Certik’s services have been utilized by some of the leading DeFi projects including BSC-based AMM, Pancakeswap and the leading lending and borrowing protocol by volume, Aave. Its vision is to make DeFi hacker-resistant by publishing transparent and honest reviews for various protocols. Cumulatively, it has reviewed 1,165 projects – currently worth $30 Billion, a staggering figure.
At the time of writing, the DeFi Market Capitalization is worth $153 Billion and hence Cetik’s dominance in the DeFi realm could be valued at 20%. This implies that for every $1 increment in DeFi’s Market Cap, 20c of it is reviewed by Certik alone!
Certik has established itself on a strong footing via a variety of methods. Namely, it has been keen to identify rug pulls (or scam projects) and has developed its own Blockchain – the Certik Chain. It leverages its blockchain and uses it as a mechanism for Formal Verification, in an attempt to further secure decentralized projects.
Certik is an official partner of Binance and its backers include prominent VCs including the likes of Binance Labs and DHVC that are spearheading Blockchain development by funding fundamentally strong startups. Moreover, Certik also has its own coin with a ticker of CTK – currently valued at a whopping $100M.
Protip: You can refer to Certik’s Community Alerts to stay up to date on the latest malicious attacks/glitches within DeFi and make decisions accordingly.
Rugdoc has perhaps gained prominence for reviewing farming/staking projects that have become popular throughout the DeFi realm. The inherent model of staking projects states that the project in question should not have access to the staked funds on their site and that the risks in this equation should be relatively none.
Rugdoc has hence been doing exactly this and exclaims, “trust no one but the code.” It has thus far conducted reviews for hundreds if not, thousands of projects, categorizing them into different risks subsections, namely: some risks, low risks, medium risks and high risks. Some risks imply that the project in question fulfils almost all of the security requirements for Rugdoc whereas a high risk equates to the latter.
Apart from reviewing projects, Rugdoc offers LP locking services, KYC as a service and educates the wider DeFi community on how to avoid potential honeypots and, offers improvised solutions to victims in the event that are they are realized. For example, it publishes an announcement when it considers that a project’s team has malicious intentions and offers emergency withdrawal services to facilitate ease to the project’s users.
Moreover, it publishes highly educational content on how to get into the midst of DeFi via its Wiki section. The abundance of various blockchains may arise difficulties in transitions and Rugdoc is your ultimate guide to get started in DeFi!
Blockchain Security Companies
Slowmist is China’s leading Blockchain-based security firm that is conducting security reviews. It offers a wide range of services – ranging from smart contract audits to comprehensive security audits and, much more.
Slowmist also cooperates with the top international security companies such as Cloudflare for purposes such as threat detections and threat defences. The firm boasts of providing an integrated security solution that is tailored to local conditions. It has also played a role in AML (Anti-Money-Laundering) by providing its analytics to exchanges around the world. Moreover, it has successfully identified end-wallets holding funds gained from malicious attacks and has worked to make DeFi safer.
The security firm has been keen to comment on prominent security exploits such as that of Polynetwork and CreamFinance. Details of reports include their root causes, summaries and how the hacker was able to execute their hacks, all of which are public and are broken down for the avid DeFi user.
In addition to the aforementioned, Slowmist also offers safe staking, vulnerability scanners and a powerful firewall project for EOS smart contracts, named FireWall.X. The complete list of its services is as follows.
Blockchain Security Companies
PeckShield is a blockchain security company that aims to elevate and make the Blockchain ecosystem more secure, vivid and safer for the benefit of the entire blockchain ecosystem. It does this by offering top-notch solutions including threat monitoring, emergency response services, consultancy and audits ranging from exchanges to digital wallets.
The company was founded by forward-looking, passionate entrepreneurs and veteran researchers, with a strong desire to improve the state-of-the-art security of large-scale systems. With a recent focus on blockchains, PeckShield publishes trending reports and provides services and products to identify hidden vulnerabilities.
It has gained prominence in recent years and several notable exchanges and Blockchain protocols have onboarded its services along with consulting Peckshield for tackling security-related measures.
Its audit reports are considered one of the most detailed and thorough in the industry. A typical audit compromises an introduction about the protocol, its concept, a breakdown of the function of each code integrated and security measures the protocol should implement to avoid security threats.
Other notable services offered include AML tracking that tracks the origin of funds obtained via malicious purposes and in doing so, highlights the real-world entities behind each transaction. Hence, it has been trusted by leading exchanges like Kucoin and Huobi – complying with AML laws involves monitoring the inflow and outflow of black assets and Peckshield specializes in this field. The following is an infographic of how it achieves this.
Blockchain Security Companies
Solidity Finance provides affordable yet intensive security audits for smart contracts. It conducts audits for almost any EVM-compatible Blockchain (e.g. ETH, BSC, Fantom, etc) and if you’re on the lookout for getting an audit report asap, then Solidity Finance is your best bet; it claims to deliver rushed audit reports for simpler projects in as little as 36 hours.
It offers KYC services through its partner firm, KYC Capital and if you’re looking to conduct an ICO on DxSale or Unicrypt Network then Solidity could get your audit report updated on the ICO page.
Thus far, its clients include the likes of Fantom-based Aave fork, Geist and has successfully completed 800+ solidity smart contract audits – these protocols boasts of an on-chain value of $10B.
The following is an infographic of its Smart Contract Audit Methodology adopted while reviewing protocols.
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Other Prominent Security Companies & Auditors
In the event that you’re still on the lookout for more security influencers, then other prominent ones are as follows:
In the event that you’re still on the lookout for more security influencers, then other prominent ones are as follows:
- Runtime Verification
- Paladin
- Least Authority
- PWC Switzerland (Formerly
- Chainsecurity)
- Hacken
Concluding Remarks
Blockchain Security Companies
The above list includes some of the most well-known Blockchain-based security firms within the ecosphere. If you run a blockchain-based project then make sure to consult the above list as the Cryptocurrency space highly values safety and reliability. Not doing so could have its consequences.
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Summary
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