If you’re an Ethereum project looking to get audits done before the close of 2020, it’s probably too late in the game.
Audit firms CoinDesk spoke with said they are swamped with decentralized finance (DeFi) projects. The months-long backlog comes amid a sharp pullback across the $11 billion DeFi market, with most tokens down 19% over the last 30 days, according to Messari.
Audit firm OpenZeppelin, which has overseen audits on DeFi staples such as Compound and Augur, said it is “seeing an overwhelming demand for audits” and is booking clients “well out into Q1 2021.”
“We’re seeing a lot of requests for governance token clones of varying quality,” OpenZeppelin Marketing Lead David Steinrueck told CoinDesk in an email.
Juliano Martinez, technical writer at audit firm Quantstamp, told CoinDesk in a Telegram message that the “high volume” of applicants has led to his company “rejecting lots of projects.”
The separation between audited projects