SmartState Annual Security Report 2024
As we reflect on the past year, it is clear that the landscape of smart contract security has undergone significant changes. This report summarizes our key findings and provides insights into the trends that have shaped the industry.
Key Findings:
- Rise in logical level vulnerabilities. The increasing popularity of AI code assistants has led to a 10% increase in logical vulnerabilities in smart contracts. The use of AI code assistants has streamlined the development process, but it has also introduced new risks as code assistants seem to fail in handling higher logical levels. Manual auditing is essential for detecting this type of issues and ensuring that crypto projects are secure.
- Security by design trend. Secure by design involves integrating security considerations into the development process from the outset. This approach can significantly reduce the risk of vulnerabilities and ensure the long-term security of a project. The trend towards secure by design projects has gained popularity in 2024, with several projects opting for SmartState blockchain security and secure development consultations.
- Increased popularity of Solana. Solana has emerged as one of the top blockchain networks by the number of projects we’ve audited, highlighting the significance of rigorous testing and verification processes.
- Simplicity does not mean security. Simplicity and automation of crypto development tools and services have not improved security. For example, Solana-based SPL tokens demonstrate that deployment simplicity can still leave a place for security concerns. Our research on top election Solana meme tokens for the US election 2024 highlights these concerns. We urge developers to prioritize security when designing their projects and not rely solely on simplicity or automation.
- Sniper bot attacks keep on the rise. Sniper bot attacks continue to pose a significant risk to liquidity and fund security. Our Antisniper solution provides an effective means of protection against these types of challenges.
- Increased security demand. We have successfully protected a significant increase of 30% more funds for our clients, utilizing advanced security measures such as Antisniper.
- Security as a long-term goal. In 2024 we have expanded our network to include over 20 new partners, including Conflux, TON and EYWA, the leading organizations in their respective fields. This shows the rise of the long-term approach to security.
Summary
As we look ahead to 2025, it is clear that the crypto industry will continue to evolve. Crypto and blockchain industries are growing alongside other technology sectors, with new trends and tools like AI assistants and user-friendly interfaces emerging.
However, these tools yet can’t replace human engineering and development skills, emphasizing the need for long-term security goals and paying attention to high-level security.
We can also see a demand for security development support and security by design solutions, that also may indicate development and business trends for sustainable and successful projects.
The trends we’ve identified in this report spot the importance of staying vigilant and adapting to new challenges. In response, we’re committed to raising our expertise and security resources, ensuring that our clients receive the highest level of security and protection. Our expertise in smart contract security has enabled us to provide valuable insights and solutions for our clients.
In the upcoming 2025 year we’ll continue to monitor industry trends and updates, refining our security solutions to meet the evolving needs of our clients. By doing so, we aim to stay ahead of the game and provide unparalleled value to our clients.
About SmartState
Launched in 2019 and incorporated in Dubai, SmartState is an independent Web3 security company providing top-notch external security audits and enterprise level blockchain security services.
We’ve built a professional team of skilled white-hat hackers, cyber security experts, analysts and developers. The SmartState team have extensive experience in ethical hacking and cyber security, blockchain & Web3 development, financial and economic sectors.
We’ve conducted security audits for >600 projects so far. None of code audited by SmartState had been hacked. Blockchains like TON, large projects like EYWA, 1inch, Conflux and CrossCurve & exchanges such as Binance and KuCoin rely on our experience.
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Disclaimer
An audit does not provide any warranties regarding the code security. We presume that a single audit cannot be considered totally sufficient and always recommend several independent audits and a public bug bounty program to ensure code security.
DYOR. This article does not constitute legal, financial or investment advice, and we are not responsible for any decisions based on our analysis or recommendations.
