The Ethereum Foundation is prioritizing the ecosystem's security needs by introducing a new program. Launched on Tuesday, this initiative addresses the high costs associated with smart contract security audits, a challenge that has hindered crypto development.
The 'Audit Subsidy Program' partners with top audit providers and ecosystem firms to increase access to professional security reviews for developers. With a $1 million subsidy, the program aims to reduce the financial barriers that have prevented many teams from conducting comprehensive audits, a crucial industry best practice.
This program is part of the foundation's Trillion Dollar Security Initiative, which focuses on enhancing Ethereum's security as it supports more complex applications and larger on-chain values. The program collaborates with partners like Nethermind, Chainlink Labs, and Areta, connecting developers with over 20 leading audit firms to streamline access to trusted security expertise.
The foundation also introduced the 'CROPS principles' framework, which stands for censorship resistance, open source, privacy, and security, to guide application development and evaluation across the Ethereum ecosystem. Developers can submit their projects for review, and selected teams will receive subsidies to apply directly to audit services via Areta's platform. The program is open to all Ethereum mainnet developers, regardless of size or stage. According to the foundation, 'the subsidy program makes audits accessible and enhances the Ethereum ecosystem.' More information: Ethereum Foundation releases a new mandate outlining its role and core principles