ERC-7512, Is This New Standard for On-chain Audit Verification?

ERC-7512

The Ethereum developers are proposing a new standard called ERC-7512, which allows for auditing information of smart contracts directly on the blockchain.

The proposal was introduced by a group of Ethereum developers from projects including Safe, Ackee Blockchain, OtterSec, ChainSecurity, OpenZeppelin, and Hats Finance.

According to that, the goal of ERC-7512 is to ensure that verification details, such as the verifying entities and the findings of these entities, can be verified for their authenticity directly on the blockchain.

Up until now, audits have been presented manually by auditing service providers without on-chain verification of the information they provide. This has led to unexpected losses in projects that were “certified as audited” by an auditing party.

A real-world example is the case of the DEX Merlin on zkSync, which suffered a “rug pull” in April. Despite undergoing a thorough CertiK audit, this security entity still couldn’t guarantee misconduct from within the project. However, CertiK ultimately had to plan a $2 million compensation for the victims.

That’s why ERC-7512 is introduced to address the mentioned issue, allowing developers to have a more careful view of the contract audit, and users are also allowed to reference additional verification data to make investment decisions. If ERC-7512 is implemented, it will create a trustworthy system in the audit field.

It is currently unknown whether core Ethereum developers will adopt and implement ERC-7512 as a standard.

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