Paper 2023/1207
DeFi Auditing: Mechanisms, Effectiveness, and User Perceptions
Abstract
Decentralized Finance (DeFi), a blockchain-based financial ecosystem, suffers from smart contract vulnerabilities that led to a loss exceeding 3.24 billion USD by April 2022. To address this, blockchain firms audit DeFi applications, a process known as DeFi auditing. Our research aims to comprehend the mechanism and efficacy of DeFi auditing. We discovered its ability to detect vulnerabilities in smart contract logic and interactivity with other DeFi entities, but also noted its limitations in communication, transparency, remedial action implementation, and in preventing certain DeFi attacks. Moreover, our interview study delved into user perceptions of DeFi auditing, unmasking gaps in awareness, usage, and trust, and offering insights to address these issues.
Metadata
- Available format(s)
-
PDF
- Category
- Applications
- Publication info
- Preprint.
- Keywords
- Decentralized financeauditingblockchain
- Contact author(s)
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mc25944 @ um edu mo
hitsch rupert @ gmail com
kaihua qin @ imperial ac uk
a gervais @ ucl ac uk
wattenhofer @ ethz ch
yaxing @ vt edu
yewang ethz @ gmail com - History
- 2023-08-10: approved
- 2023-08-09: received
- See all versions
- Short URL
- https://ia.cr/2023/1207
- License
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CC BY
BibTeX
@misc{cryptoeprint:2023/1207,
author = {Ding Feng and Rupert Hitsch and Kaihua Qin and Arthur Gervais and Roger Wattenhofer and Yaxing Yao and Ye Wang},
title = {{DeFi} Auditing: Mechanisms, Effectiveness, and User Perceptions},
howpublished = {Cryptology {ePrint} Archive, Paper 2023/1207},
year = {2023},
url = {https://eprint.iacr.org/2023/1207}
}
