The Unreasonable Effectiveness of Audit Contests
summary
Analyzes 154 audit contests run by Code Arena and finds audited code has zero in-scope hacks after months on mainnet, though 14 incidents are mostly out-of-scope front‑end or admin mistakes. Describes a hybrid product: a fixed-fee top auditor plus an open contest with a $50k contest pot inside a $75k service, enforced fix reviews, an ELO ranking to qualify top auditors, on‑chain claims with UMA escalation, insurer-backed $10M coverage and a flat 2% premium. Claims process and team/team-or-individual options are specified.
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chapters (9)
- 0:00Start
- 1:49What is an Audit Contest?
- 3:02Audit Contest Data
- 5:35Meebits
- 6:45Visor
- 8:55Problems with Audit Contests
- 10:21Problems with Legacy Audits
- 12:07Best of Both Worlds?
- 12:59Sherlock Next Generation Audits
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