Audit Company
ChainSecurity
With a solid track record since 2017, ChainSecurity has been auditing smart contracts for blue-chip DeFi protocols, central banks, and Web3 projects.
DSA presents a unique series of reports on the smart contract and blockchain app auditor market. This report is published for the first time and is not affiliated with any specific vendor. The DSA expert team has performed an in-depth analysis of the blockchain security providers in the market. For that, a methodology was developed, and specific criteria were selected. The data provided in the report are actual for March 2023.
Contents
The main criteria for auditor review
1
Trustworthiness
At this point, we analyze the team, key players, as well as the experience of the company in the field.
2
Media Presence
In this paragraph, we analyze the social networks of the project, the engagement rate, and media publications.
3
Speed and service
In this paragraph, we analyze the speed of the audit as well as the speed of the team's response to the request.
4
Expertise
At this point, we analyze the company's experience with different networks, technological advancements, as well as additional services.
5
Price
In this paragraph, we analyze prices and additional services (We send the same sample contract to every auditor), sales, promo offers, bonuses, discounts, and legal transparency.
6
Quality
In this paragraph, we analyze audit quality, report analysis, and user experience.
Categories and sub-categories
6 categories are present in the review and each may be divided into sub-categories. Each category is evaluated to receive from 1 to 10 points. The same rule applies to each sub-category and the arithmetic mean value of the sub-categories will become a result of the main category. The main result will be calculated in the same manner.
Trustworthiness
- Team members' separate experiences in the field
- Current team’s experience in the field
- Company experience (years of service, date of the first audit)
Media Presence
- Social media (engagement rate, further – ER)
- Media publications
Speed
- Audit speed
- First response speed (from a real person)
- Follow-up response speed
Expertise
- What blockchains does the company audit (rare chains and language get an additional point)
- Technological advancements (developments, tools, automated tools)
- Services (KYC, Incident research, marketing)
Price
- Prices and additional services (We send the same sample contract to every auditor)
- Sales, promo offers, bonuses, discounts
- Legal transparency
Quality
- Audit quality, report analysis
- User experience
Detailed analysis
6 categories are present in the review and each may be divided into sub-categories. Each category is evaluated to receive from 1 to 10 points. Same rule applies to each sub-category and the arithmetic mean value of the sub-categories will become a result of the main category. The main result will be calculated in the same manner.
Trustworthiness
Average score 9,33/10
1
Team members' separate experiences in the field
There is no information about the company’s leadership team on the website or a LinkedIn profile link, however, the company is presented on LinkedIn. There are 4 people supposedly forming the leadership team, each one with 5-7 years of experience in their respective fields. It’s also notable that all 4 members of the team have experience working in PwC - a network of companies providing audits, consulting, and accounting services.
Anton Permenev - Founding partner & Senior Engineer
Dimitar Dimitrov - CRO (Chief Research Officer)
Matthias Egli - CTO Principal (Founding Partner)
Emilie Raffo - Founding partner & head of sales
Anton Permenev - Founding partner & Senior Engineer
Dimitar Dimitrov - CRO (Chief Research Officer)
Matthias Egli - CTO Principal (Founding Partner)
Emilie Raffo - Founding partner & head of sales
2
Current team’s experience in the field
There is a list of team members on the company’s website, and the information about them is confirmed on the LinkedIn page. There are two members with Ph.D. in relevant fields and the majority of the employees have 2-5 years of experience in their fields.
3
Company experience (years of service, date of the first audit)
According to the LinkedIn page, the company was launched in 2017. The first audit was published on April 16, 2021, according to the list on the website. In the following years, the company has audited over 80 projects with the majority being well-known successful startups such as Maker DAO, Polygon, Uniswap, AAVE, Compound, etc.
Media presence
Average score 7,5/10
1
Social Media
The company’s Twitter account doesn’t have a large number of followers, however, it has a high engagement rating in comparison with similar accounts. The account contains useful and educational information about digital security, as well as company news, audit reports, and partnership announcements.
2
Media publications
The company is mentioned briefly in articles dedicated to audited tokens or projects. More specific articles about the company as well as opinions by its team can be found as well in the media such as Forbes, CoinTelegraph, BeInCrypto, etc.
All data is actual at the time of compiling the report in March, 2023.
Twitter - 4,800 subscribers, ER 0,24%
Approximately the account receives:
7.6 likes per tweet
1.2 replies per tweet
2.9 retweets per tweet
Twitter - 4,800 subscribers, ER 0,24%
Approximately the account receives:
7.6 likes per tweet
1.2 replies per tweet
2.9 retweets per tweet
Speed
Average score 5,33/10
1
Audit Speed
An audit takes approximately 14 weekdays, which is quite long compared to what other similar companies have to offer.
2
First response speed
After leaving a request on the website, we were contacted by the manager within 1.5 days.
3
Follow-up response speed
After receiving the information about the project the manager delivered the response within 14 hours.
Expertise
Average score 3/10
1
What blockchains does the company audit
The company works with EVM blockchains, although it has experience with NEAR projects.
2
Technological advancements
None were located
3
Services
The company only offers audit services. However, they deliver high results in that particular one.
Prices and additional services
Average score 5,3/10
1
Audit prices, affordability
The price for the test audit is $90k. This is a high price which is affordable to a small number of projects.
2
Sales, promo offers, bonuses, discounts
No discounts were offered during the communication with the company representatives. In addition to an audit report, the company creates a tweet in its account and retweets the announcement from its client’s account.
3
Legal transparency
The company provides a legal contract. Payments can be sent via a bank transfer, an invoice, fiat, etc. on demand.
Quality
Average score 10/10
1
Audit quality, report analysis
- Issue description (thoroughness, code examples): YES
- Project description and contracts (what do they do): YES
- Conclusions (automatically generated vs written by specialists): YES
- Recommendations: NO
- Manual audits (a large number of automatically generated audits is a disadvantage): YES
The reports are very well prepared. The company does an in-depth analysis of every issue. There are descriptions of various complex attacks on contracts. The reports are certainly among the best ones we have researched. The job is done with a high level of professionalism.
2
User Experience
Quotes can be requested only through the form on the website. There is no option to contact a manager directly, which creates an inconvenience for potential clients who want to ask questions prior to making an order.
Final Score
Considering the results presented in every category, the following points have been assigned:
9,33/10 Trustworthiness
7,5/10 Media presence
5,33/10 Speed
3/10 Expertise
5,3/10 Prices and additional services
10/10 Quality
The Final Score:
6,74/10
6,74/10
This is the analytic report in a series of reports on the smart contract and blockchain apps auditor market. Presented to you by DSA, it’s guaranteed impartial and factual information on the most well-known, new, and obscure players.
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