The massive amount of emerging blockchain-based ecosystems makes users hesitate before making a final choice. However, audited projects are worth attention more since they may boast impeccable security and workflow. So what should you know about the main risks and solutions of Avalanche smart contract audit?
The Need for Avalanche Smart Contract Audit
Avalanche is a smart contract written in one of the most popular languages – Solidity. This network allows the implementation of tools and smart contracts built on Ethereum but faster and lower price. Furthermore, since Solidity is compatible with Ethereum Virtual Machine, it is suitable for Avalanche smart contracts.
In 2022 the project losses on the Avalanche chain were over $75 million due to multiple exploits and exit swindling schemes. Hackers exploited vulnerabilities to Avax smart contracts. Avax has significant financial and reputation advantages in securing Avalanche smart contracts. Moreover, Avalanche is an Ethereum-proof blockchain. Avalanche has a smart contract platform built for centralized applications using Open Programming. The total value of the Avalanche blockchain: February 2020 – $200 million. November 2020 – 13 Billion. May 2022 – $5 B. The project size for Avalanche Blockchain is 478.
How does an Avalanche Smart Contract Audit Work
Smart contract audits presuppose checking for vulnerabilities and security risks that are relevant to business logic. Avalanche is one of the blockchain ecosystem’s quickest and most secure platforms. In addition, it allows application-specific blockchain building, spanning permissionless and permissioned deployments, launching decentralized applications, and much more.
Each audit company has a certain set of tools and protocols for audit conduction. But still, the events are quite similar and have the same aim. So, as a rule, there are the following steps in Avalanche smart contract audit:
- Sharing a source code of the projects with auditors who inspect the code and all the documentation quality.
- Receiving a quote is a stage where parties decide on the depth of audit, scope, and price.
- Vulnerabilities inspection is the most important step in the audit targeted at detecting vulnerabilities using manual and automated checks.
- Remediation suggestion is a report delivery stage. Auditors present a list of vulnerabilities according to the severity level.
- Completion of audits is eradicating vulnerabilities and bugs, according to auditors’ advice.
Some companies perform reaudits to ensure complete security. Speaking about Avalanche, several projects like Aventura Teknoloji A.S., Platypus Finance, Cesta Finance, Pera Fiance, and others have already passed the Hacken audit.
How to Select Avalanche Smart Contract Auditor?
Since Avalanche aims to deliver a scalable, strong, and secure foundation for DeFi applications, a regular smart contract security audit is an inevitable part of the future development and existence of the network. Selection of competent auditors able to ensure blockchain security is crucial. So, what should experts guarantee?
- Variety of vulnerabilities inspected;
- Detailed audit report with all the detected bugs and threats;
- Fuzzing provides an automatic way to detect implementation problems caused by malformed/semi Malformed Data Injection. It identifies applications that cause unexpected code behavior and assists security experts in identifying vulnerabilities.
- Post-refactor reaudits. The code must be reviewed if necessary. As soon as needed, auditors must offer reassessment.
- Security test cases. An extensive PoC of severity issues found in audits is provided, along with test case examples.
- Strict deadlines. Timely detection and elimination of threats are crucial, so expert auditors should ensure prompt audition.
Several audited projects and reviews can also help select expert auditors to provide comprehensive security assurance.
What Does Avalanche Security Audit Ensures?
Security issues of the Avalanche network may be ensured by the professional team of auditors who check all the possible vulnerabilities and eliminate them. So, owners and clients feel more protected after each successful audit. So, what are the guarantees and benefits of auditing?
- Project owners avoid costly errors that may put the project at risk.
- Code optimization will assist in a flawless project run.
- Trust increases in customers’ eyes, which will more likely rely on credible and verified networks.
- Security excellence may be achieved only after thorough checks of security professionals who consider code and documentation quality.
- Advice and recommendations on how to fix the bugs and eliminate vulnerabilities are given in a detailed report.
- Safeguarding your funds by eliminating all the possible threats that can arise due to undetected bugs may expose data for crypto frauds, but audits can prevent these.
In any case, certified audited companies are more competitive, demanded, and secured in the market than their rivals. Thus such projects are more attractive to potential clients and have fewer security loops.
Avalanche Security Vulnerabilities and Solutions
Smart contracts’ most widely spread vulnerabilities are external program validation failure, missed ownership checks, and signer checks. Professional security services are targeted various security threats by applying code revision and functional reviews.
- Code review: It may detect such issues as reentrancy, timestamp dependence, transaction-ordering dependence, ownership takeover, style guide violations, interface unsafety, repository and deployment consistency, and many other moments connected with coding.
- Functional reviews: Such checks may reveal vulnerabilities in functionality; business logic; manipulations of depositing, data consistency, and balance; authorization and access control; integrity of assets; kill-switch mechanism, and others.
Timely detection of these risks is crucial for large corporations and crypto owners to avoid data leakage, cyber-attacks, asset stealing, and other possible vulnerabilities due to unsecured coding and bugs. So, it is advisable to conduct regular audits to safeguard your crypto and data.
Conclusion
Since Avalanche is a respectable blockchain build network that creates public and private blockchains to satisfy any client’s needs, it is also considered to be faster. However, security issues must be on the first plan. No matter if you launch an Avalanche-based startup, an enterprise, or a big corporation auditing process must be on the list of must-have issues.
FAQ
Smart contract auditing services generally charge anywhere from $5K to $15,000 depending on the intricacy of the code; prices may be significantly lower for certain situations.
An Avalanche security audit is focused on the source code analysis for pre-determined conditions verification and ensuring in intended by developers’ workflow. An audit targets detecting any bugs and risks resulting in data or crypto threats.
It is a program that runs a certain set of pre-determined self-executing codes. As a rule, they control transactions’ execution that is irreversible and recorded on a decentralized ledger.