If you are an ETH project seeking to get an audit done before 2020 ends, it’s certainly very late in the game. Audit firms spoke with CoinDesk, stated they are already occupied with the DeFi or Decentralized Finance projects. As per Messari, the months-long backlog appears during a sharp decline across the $11B DeFi space, with the greatest number of tokens are down by 19% in the last 30 days.
Audit firm OpenZeppelin which has seen audits on DeFi staples such Augur and Compound stated that it seeing a great demand for audits and is booking users rush into Q1 2021. However, Marketing lead David Steinrueck told CoinDesk that they are getting a lot of requests from administration token clones of different quality. While, the technical writer at an audit firm, Quantstamp, Juliano Martinez, told CoinDesk through telegram message that due to the high volume of applicants, the firm is rejecting a number of projects.
Trail of Bits co-founder and CEO Dan Guido, then again, told CoinDesk in an email the company is running a typical 3-month “lead time” before another project can be audited. Trail of Bits likewise directed audits on three Ethereum 2.0 customers including Prysm, Lighthouse, and Nimbys in front of that project’s assumed late-pre-winter launch.
An absence of new projects rolling out isn’t the motivation behind why DeFi is entering a bear market, in any case. Guido stated Q4 has consistently been a bustling quarter for DeFi audit firms as institutional customers attempt to go through their outstanding money before the year’s end.
The partition between non-audited and audited projects got obvious over DeFi’s blast months commonly referred to as DeFi Summer as code imperfections in certain activities prompted contracts being exploited by hackers. Also, in some projects, such as money related experiment Yam. Finance straightforwardly displayed being unaudited.