Feng, Ding;
Hitsch, Rupert;
Qin, Kaihua;
Gervais, Arthur;
Wattenhofer, Roger;
Yao, Yaxing;
Wang, Ye;
(2023)
DeFi Auditing: Mechanisms, Effectiveness, and User Perceptions.
In: Essex, Aleksander and Matsuo, Shin'ichiro and Kulyk, Oksana and Gudgeon, Lewis and Klages-Mundt, Ariah and Perez, Daniel and Werner, Sam and Bracciali, Andrea and Goodell, Geoff, (eds.)
Financial Cryptography and Data Security. FC 2023 International Workshops: FC 2023.
(pp. pp. 320-336).
Springer: Cham, Switzerland.
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Abstract
Decentralized Finance (DeFi), a blockchain-based financial ecosystem, suffers from smart contract vulnerabilities that led to a loss exceeding 3.24 billion USD by April 2022 [67]. To address this, blockchain firms audit DeFi applications, a process known as DeFi auditing. Our research aims to comprehend the mechanism and efficacy of DeFi auditing. We discovered its ability to detect vulnerabilities in smart contract logic and interactivity with other DeFi entities, but also noted its limitations in communication, transparency, remedial action implementation, and in preventing certain DeFi attacks. Moreover, our interview study delved into user perceptions of DeFi auditing, unmasking gaps in awareness, usage, and trust, and offering insights to address these issues.
| Type: | Proceedings paper |
|---|---|
| Title: | DeFi Auditing: Mechanisms, Effectiveness, and User Perceptions |
| Event: | International Conference on Financial Cryptography and Data Security: FC 2023 |
| ISBN-13: | 978-3-031-48805-4 |
| DOI: | 10.1007/978-3-031-48806-1_21 |
| Publisher version: | http://dx.doi.org/10.1007/978-3-031-48806-1_21 |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | Decentralized finance; auditing; blockchain |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Computer Science |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/10185000 |
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