Our last post mentioned the importance of smart contract auditing and how to choose a smart contract auditor.
In this side of the article, we are covering the cost of smart contract auditing, which is a major concern.
Smart contracts play a crucial role in facilitating financial transactions and carrying out essential functions within blockchain networks. Unlike other types of software, bug-free code is vital for smart contracts.
The following factors influence the cost of an audit:
Code volume: The amount of code has the most substantial impact on the audit’s cost and duration. Simple contracts can be examined within two days, constituting the most cost-effective option. However, as the system complexity increases, comprehensive checks are required to obtain a complete understanding, leading to higher costs and longer audit durations. Auditing decentralised systems and applications can take anywhere from two to four weeks.
Complexity: The type of contract also influences the cost and duration of the audit. Extended ERC20 contracts, with their advanced features, require extensive labour and time for verification. The more code and functions involved, the more challenging the audit becomes. Contracts that incorporate external files necessitate even more meticulous line-by-line examinations.
Blockchain platform: The cost of auditing an Ethereum smart contract, for example, depends on factors such as gas fees, storage fees, and contract execution processes. Similarly, the cost of auditing contracts on platforms like Tron, Solana, Polkadot, and others is contingent upon their specific functionalities and architectures.
Audit type: Audits can be either automated or manual.
Automated audits involve code scanning using automated tools, eliminating human errors.
Manual audits entail a meticulous line-by-line examination of the code to identify potential vulnerabilities and program errors. A comprehensive audit combines both automated and manual approaches.
Additionally, the reputation of the auditing company and the number of employees involved can also influence the cost.
How much does it cost to audit a simple smart contract?
The cost and timeframe for auditing a contract depend on its specific characteristics. As a general guideline, smart contract auditors typically charge between $5,000 and $15,000.
How much does it cost to audit a complex smart contract?
The complexity of a contract, including its code and conditions, directly impacts the cost of auditing. For large projects with extensive code and intricate contract logic, the audit cost exceeds $15,000 and even $30,000.
Conclusion
Smart contract auditing has become the standard practice for projects aiming to establish a high level of trust. A certificate from a reliable audit company attests to the security of a smart contract, enhancing its value in the eyes of investors. The cost of such an audit can range from several thousand to tens of thousands of dollars, depending on the contract’s size, complexity, and depth of the audit process.