Top 7 Crypto Smart Contract Audit Companies

Top 7 Crypto Smart Contract Audit Companies

Table of Contents

Unlike traditional finance, within the DeFi ecosystem, there are no centralized intermediaries ensuring transactions are validated and accounted for. Instead, DeFi utilizes a multitude of smart contracts, which create a trustless environment for its users.

What Are Smart Contracts?

So what are smart contracts, and how can an entire ecosystem run off them? Smart contracts are self-run lines of code that execute once predetermined conditions are met. Stored on blockchains, they are integral to the success of the crypto-sphere, specifically crucial in DeFi. 

As trust is a requirement, many smart contracts for prominent protocols are entirely open-source on Github, allowing users to individually inspect the code they are trusting. 

Why Are Audits Required?

Although they are open-source, the average layman simply cannot efficiently analyze, dissect and test the smart contract for potential bugs or exploits, which is where smart contract audit companies step in. 

An audit company will perform a deep dive into the security of each smart contract within a specific protocol, ensuring they are free from potential bugs and exploits. Smart contract audit companies are external auditors, providing credibility to the project in question, assuming they pass their checks. 

Remember, as smart contracts are often open-source, malicious actors with deep smart contract knowledge can attempt to exploit a bug or issue within the code to their own benefit. A TradFi equivalent to a server hack, projects get audited to show their users, as would a regular company, that their smart contracts are safe to use. 

Top 7 Smart Contract Audit Companies

Smart contract auditing is more than a simple security check, which we will find out from the companies below:

QuantStamp

Founded by Richard Ma and Steven Steward in 2017, the QuantStamp platform is focused on auditing smart contracts on the Ethereum blockchain for problems or potential bugs. Having secured over $200bn through their audits, QuantStamp is one of, if not the biggest, smart contract audit companies. 

Their impressive audit list includes Ethereum 2.0, Solana, Binance Smart Chain, and even OpenSea. They not only expose weaknesses within a system, but they also take strides to help solve the problem.

You can apply for your own QuantStamp audit here.

Trail Of Bits

With multiple areas of expertise, Trail Of Bits is not only a smart contract audit company. Their expertise in blockchain security creates re-assurance by analyzing smart contracts and answering questions such as:

  • Can anyone access my smart contract?
  • Are tokens safe within my smart contracts?
  • Are there exploitable bugs in our code?

Similar to QuantStamp, ToB goes beyond security assessments, creating marketing leading tools to fix any problems, with an expertise in the Solidity language and Ethereum Virtual Machine.

OpenZeppelin

Moving on, OpenZeppelin is another go-to company for smart contract security audits, helping some of the most significant projects such as Ethereum, Compound, Coinbase, and Brave.

Their expert team provides private security reports highlighting problems within the code partnered with actionable solutions to keep their smart contracts safe from malicious actors. A perfect test case is their audit on Brave (BAT) and their smart contracts, which you can find here.

The founder of Brave, Brendan Eich, was quoted saying: “I have a very high opinion of the OpenZeppelin team and their work.”

Consensys

Consensys is another highly sought-after smart contract audit company with over $25bn in secured assets from their smart contract audits. Their Ethereum audit service provides value to even the smallest startups, up to the largest protocols within the crypto-sphere. 

Already auditing over 100 different companies, Consensys helps scrutinize and test every line of code within your smart contracts, by manually double-checking code. Their APIs provide semi-automated continuous smart-contract verification while you write, trusted by the likes of Horizon and AAVE.

CertiK

Performing smart contract security audits for the likes of Sandbox and Terra, CertiK is another dominant smart contract audit company within the industry, boasting over 1,800 audits. Recommended by the likes of Binance and Huobi, CertiK has garnered such a reputation through their 5 step audit process. Systematically reviewing each line of smart contract code, CertiK inspects for any issues and suggests possible solutions.

Their core team of expert reviewers has audited some of the most prestigious projects in the crypto sphere, such as USDT and AAVE, pushing crypto forward as a reputable asset class.

Every successful audit is added to their public CertiK security leaderboard, creating a community-oriented audit company.

Least Authority

The penultimate smart contract audit company is Least Authority, helping the likes of Ethereum and Filecoin to improve their security. Their services stretch from penetration testing to source code edits, even helping build decentralized systems for projects.

Like most companies listed before, Least Authority goes further than simple issue identification. Instead, they are active in the troubleshooting phase, helping projects fix the identified problems. 

Although a lesser-known company compared to the market leaders mentioned before, Least Authorities expert team produces in-depth reports about each audit.

Runtime Verification

The last smart contract audit company is Runtime Verification, explicitly aimed toward Ethereum projects and ERC-20 tokens; they offer various security services to validate and audit different crypto projects. The entire logic behind their auditing originates from the K Semantic Framework.

For example, they offer both smart contract verification and ERC20 token verification for a complete top-to-bottom protocol audit. Token verifications ensure a project’s token fully complies with the ERC20 standard and functions correctly on the mainnet. 

However, you don’t have to take my word for it. Runtime Verification boasts many of the most prestigious crypto-projects as partners or customers, such as Algofi, Cosmos, Uniswap, the Web3 Foundation, and many more. 

Conclusion

While smart contract audits may appear dull, they are the key to making cryptocurrencies a trusted asset class amongst the broader populous while simultaneously maintaining a trusted and decentralized environment for the masses to use. Your favourite projects may not exist without such companies, as some of the worst smart contract exploits have been avoided through smart contract audits.

Tim Haldorsson

Tim Haldorsson

Tim first stepped into the crypto world in 2017 and has never looked back since. Now CEO of crypto and NFT marketing agency Lunar Strategy, he’s contributed to a number of respected crypto publications and is always into talking all things tech.

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