A smart contract review report is an essential document for evaluating the robustness and security of blockchain-based applications. These reports highlight vulnerabilities, recommend fixes, and provide developers with an assessment of potential risks.  Integrating findings from Smart Contract Review Reports into development practices is a vital step toward building robust and trustworthy blockchain solutions.

Discover the key components of Security Review Reports in this article, packed with actionable insights for effective interpretation and practical use. Featuring real-world examples from Cantina's industry-leading clients.

What to Expect from a Smart Contract Security Review Report

A comprehensive Smart Contract Security Review Report typically includes:

  • Introduction: Background information about the reviewing entity and disclaimers.
  • Risk Assessment: Classification of potential vulnerabilities by severity.
  • Findings: Detailed analysis of identified issues categorized by risk levels (e.g., critical, high, medium, low, informational).
  • Recommendations: Proposed solutions for fixing vulnerabilities.
  • Summary: A concise overview of identified issues and their resolution status.

Key Components of a Smart Contract Audit Report

1. Introduction and Disclaimer

  • Purpose: Explains the scope and limitations of the review.
  • Key Insight: The disclaimer emphasizes that the report reflects the security posture at a specific time and does not replace ongoing security practices.

2. Risk Assessment Framework

Severity
Description
Critical 🚨
Immediate fixes required; potential significant loss of assets.
High ⚠️
Urgent fixes; substantial harm possible.
Medium 🔶
Fixes recommended; conditional or limited losses.
Low 🔹
Fixes optional; minor or rare issues.
Informational ℹ️
Best practices and readability enhancements.
Gas Optimization ⛽
Suggestions for efficiency improvements.

3. Findings

Findings in a Smart Contract Review Report are categorized by severity and include:

  • Issue Description: Explanation of the vulnerability.
  • Context: Code references or specific scenarios.
  • Recommendations: Proposed fixes or mitigations.

4. Review Summary

Summarizes the total issues identified in each severity category and their resolution status.

How to Read Smart Contract Security Review Reports

  • Start with the Summary: Understand the overall security status quickly.
  • Focus on High and Critical Risks: Prioritize the most severe vulnerabilities.
  • Review Medium and Low Risks: These issues might still impact performance or user experience.
  • Consider Informational Findings: Learn best practices and optimize code readability.
  • Examine Recommendations: Identify actionable steps to address vulnerabilities.

Analysis of Smart Contract Review Reports: Cantina Examples

Report 1: Morpho Protocol Review

  • Overview: The Morpho Protocol review identified seven informational issues with no critical, high, or medium risks.
  • Key Insights:
    • Informational Issues: Suggestions to improve code structure (e.g., prefixing storage IDs) and enhance readability.
    • Resolved Findings: Issues were acknowledged or fixed through pull requests and commits.
  • Impact: This report underscores the importance of addressing informational findings to maintain robust code quality.
Security audit summary for Morpho's upgradeable token contract showing issue counts across risk levels: Critical, High, Medium, Low, and Informational

Report 2: RedStone Oracles Review

  • Overview: This review identified one medium-risk issue, four low-risk issues, and one gas optimization.
  • Key Insights:
    • Medium Risk: A signature library failed to revert on invalid signatures, potentially impacting security.
    • Low Risks: Issues included memory pointer concerns and datafeed thresholds.
    • Gas Optimization: Highlighted inefficiencies in operation ordering.

Impact: Prioritizing the medium-risk issue is crucial, while addressing low risks and gas optimizations improves efficiency and reliability.

Security audit dashboard showing risk categorization and issue counts across Critical, High, Medium, Low, Informational, and Gas Optimization levels.

Next Steps After Analyzing a Smart Contract Audit Report

1. Fix Identified Vulnerabilities

  • Address Critical and High-Risk Issues Immediately: These pose the greatest threat to contract security.
  • Develop a Timeline for Resolving Medium and Low-Risk Issues: While less urgent, they are still important.

2. Implement Recommendations

Follow the suggested changes to optimize and secure your smart contracts. Implementing recommendations from a Smart Contract Security Audit Report ensures long-term reliability.

3. Plan for Reassessments

Re-evaluate the code after implementing fixes to ensure no new vulnerabilities are introduced.

4. Enhance Security Practices

Adopt continuous security measures, including:

  • Penetration testing.
  • Regular code audits.
  • Integrating automated vulnerability scanners.

Steps After Detecting High-Risk Vulnerabilities

1. Immediate Action

  • Pause Operations: If the contract is deployed, halt operations to minimize risk.
  • Notify Stakeholders: Communicate with users and collaborators about the issue.

2. Develop and Test a Fix

  • Implement the Recommended Patch: Thoroughly test in a staging environment.

3. Redeploy and Audit

  • Redeploy the Contract with Fixes: Conduct a follow-up audit to confirm resolution.
  • Update Documentation: Maintain transparency by updating users and developers on the actions taken.

Conclusion

Understanding and utilizing Smart Contract Security Review Reports is crucial for ensuring the safety and reliability of blockchain applications. By analyzing findings, prioritizing fixes, and implementing continuous security measures, developers can significantly reduce the risk of exploits and enhance user trust. Insights from Cantina reports highlight the value of thorough reviews and actionable recommendations in maintaining a secure blockchain ecosystem. Integrating findings from Smart Contract Review Reports into development practices is a vital step toward building robust and trustworthy blockchain solutions.

About Cantina

Cantina is a security marketplace incubated by Spearbit that gives protocols access to leading security service providers, high-signal crowdsourced security reviews called competitions, and dynamic price transparency across the security ecosystem. Spearbit offers its security services on Cantina as a provider.

Visit our website, and join us on X and YouTube!

Cantina, the one-stop shop for all Web3 security needs.

Frequently Asked Questions

What is a Smart Contract Security Review Report?

A Smart Contract Security Review Report is a detailed technical document produced after auditing a smart contract. It outlines vulnerabilities, their severity levels, recommended fixes, and a high-level summary of overall security posture at the time of review.

Why are security review reports essential in Web3?

Smart contracts often handle millions in assets. A single undetected flaw can lead to catastrophic losses. Security review reports help teams catch bugs before deployment, ensuring code reliability and maintaining user trust.

What are the key components of a smart contract audit report?

Typical elements include:

  • Introduction & Disclaimer: Scope, methodology, and limitations
  • Risk Assessment: Severity-based categorization of vulnerabilities
  • Detailed Findings: Issue descriptions, context, and recommended fixes
  • Summary Table: A snapshot of issues by severity and their resolution status

How are vulnerabilities classified in audit reports?

Cantina uses a standardized risk framework:

  • Critical: Asset-threatening bugs requiring immediate action
  • High: Severe issues with major impact if exploited
  • Medium: Fixes recommended to reduce systemic risk
  • Low: Minor bugs with limited consequences
  • Informational: Best practices, formatting, and clarity improvements
  • Gas Optimization: Suggestions to improve execution efficiency

How should developers use these reports?

Start with the summary, then prioritize Critical and High issues. Review Medium and Low items for potential long-term risk. Implement all actionable recommendations and schedule follow-up assessments after fixes.

What are some real-world examples of review findings?

In the Morpho Protocol review, Cantina found seven informational issues, prompting structural improvements. In the RedStone Oracles audit, one medium-risk issue and four low-risk ones were identified, including concerns around signature handling and memory pointers.

What happens after a vulnerability is discovered?

In the context of smart contract security reviews, vulnerabilities are usually identified before deployment, giving teams a valuable window to address issues safely. Once a finding is reported, teams should:

  • Review the vulnerability and proposed fix with the auditing team
  • Implement and test the patch in a staging or testnet environment
  • Request a retest or follow-up review to confirm the issue is resolved
  • Document the change internally and update any audit reports as needed
  • Prepare for deployment only once all critical issues are addressed

This pre-launch discovery process ensures that security risks are mitigated before code reaches production, reducing exposure and helping build user trust from day one.

How do Cantina reports help beyond fixing bugs?

These reports also teach developers best practices, highlight efficiency opportunities (like gas optimization), and offer transparency that boosts community trust. They're not just diagnostics—they're roadmaps for improvement.

Can review reports guarantee my code is safe?

No review can guarantee total security. However, thorough review reports drastically reduce risk by identifying the most likely paths for exploitation. When combined with ongoing security practices (like bug bounties and penetration testing), they form a powerful defense.

Why choose Cantina for smart contract security reviews?

Cantina connects you with top-tier researchers, provides real-time issue tracking, and delivers reports that are clear, actionable, and tailored to your protocol. Our platform powers security for leading Web3 protocols like Morpho, Optimism, and Sushi.