A group of developers has just proposed the ERC-7512 standard, aimed at improving the security of smart contracts on the Ethereum blockchain through additional on-chain auditing.
The authors of the proposal include developers from Safe, Ackee Blockchain, OtterSec, ChainSecurity, OpenZeppelin and Hats Finance.
ERC-7512 will reportedly enable in-depth analysis of the results of a smart contract audit. Currently, the checks are performed by teams manually without verifying their authenticity online.
If implemented, the standard will also create a chain reputation system for reliable auditors of decentralized applications.
The need for a new standard arose due to losses in the DeFi sector due to exploits. Experts estimate the industry's losses in the first half of the year will exceed $600 million.