One of the newly emerging financial sectors, DeFi, is facing an alarming increase of hacker attacks and scams. In the first half of 2021 alone, decentralized finance lost over $474 million to theft and fraud. Most importantly, without better security solutions, the investors may look elsewhere for more reliable financial ventures.Solidproof, a German-based auditing company, is on a mission to enhance the security of DeFi protocols. With manual and automatic audits, this up-and-coming firm should reduce the risk of fraud and money laundering.We took a closer look at how auditing takes place in DeFi to understand better the innovative Solidproof solutions.Why Is Auditing Critical for DeFi Protocols?Many companies rely on third-party auditors to check the accuracy of their records. Additionally, they may ask for independent audits to determine if their operational processes are up to date.In decentralized finance, auditing is necessary to determine if a DeFi protocol is secure. More than often, DeFi projects fall victim to hackers due to errors in their smart contract codes. So, through auditing, they identify and eliminate these vulnerabilities, thus increasing their safety.Auditing diminishes the risk of illicit use of a DeFi protocol. Additionally, it tells potential users that they can entrust a project with their assets. As long as the protocol receives a \u201csuccessful audit\u201d marker, they can safely invest in it.Solidproof Manual AuditOne of the best security solutions that DeFi projects can opt for is manual auditing. This process enables developers to correct some of the protocol errors. And, one of the most reliable manual audit services comes from Solidproof.The German company uses a professional team of audit experts to check the security of DeFi projects. Here is how it works:1. A client requests a quote for Solidproof to audit a blockchain project.2. The Solidproof auditors check the project for errors and\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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