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Onchain Economics
Infrastructure

Smart Contract Audit

A security review of smart contract code by specialists to identify vulnerabilities before deployment.

In-Depth Explanation

Audits examine code for bugs, logic errors, and attack vectors. Top audit firms (Trail of Bits, OpenZeppelin, Spearbit) are expensive but valuable—their stamp provides some security assurance. However, audits aren't guarantees: audited contracts still get hacked, and audit quality varies. Multiple audits, bug bounties, and formal verification provide layered security.

Related Terms

Smart Contract

Self-executing code deployed on a blockchain that automatically enforces agreement terms when conditions are met.

Exploit

An attack that takes advantage of a vulnerability in a smart contract or protocol to steal funds.

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Gas Fees

Transaction fees paid to validators/miners for executing operations on a blockchain.

Gwei

A denomination of Ether equal to one billionth of an ETH, commonly used to express gas prices.

Layer 2

L2

Scaling solutions built on top of a base blockchain (L1) that process transactions off-chain while inheriting L1 security.

Layer 1

L1

The base blockchain that provides security and consensus, such as Ethereum, Bitcoin, or Solana.

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