• Analysts argue that smart contract audits on Solana are ineffective and risky for investors.
• Security auditing providers charge high fees compared to the market average.
• The lack of ongoing audits and accountability raises concerns about the system’s safety.
Smart Contract Audits for Solana
The Sleuth analyst J264G claims that smart contracts audits for Solana are ineffective and create dangers for investors who trust the system. Smart contract security audits are comprehensive reviews and evaluations of a smart contract’s code and functionalities in order to identify potential vulnerabilities, weaknesses, and security risks.
Security auditing providers generally charge between $5,000 and $15,000 per audit, but Solana’s case is more expensive at around $50,000-100,000. This high fee could scare off potential customers who can find other companies with more price-friendly solutions. As well as raising suspicions about a hidden profit-motivated agenda creating a bad experience for the customer.
Criticism of Auditors
The Sleuth analyst also criticizes the audit providers by stating that most audits do their job on a “one-off” basis instead of providing ongoing support over time. This means that crypto projects might change in scope or vision without getting reaudited which creates problems concerning its safety. Moreover, there is no accountability when clients fall victim to exploitation which further heightens worries about its reliability as an investment opportunity.
Hacks on Platform
J264G states in the article that you can’t always “trust the code” by bringing six examples of hacks that happened on the Solana platform collectively amounting to approximately $502 million in damages.
Decrease In Developers?
Furthermore, there has been a decrease in developers in the Solana ecosystem compared to 2022 raising questions about whether it is still reliable enough as an investment opportunity despite its flaws in terms of security auditing practices