Here are three of the most common and critical DeFi smart contract vulnerabilities, along with specific methods to detect them during an audit or development phase.
1. Reentrancy Vulnerability
Description:
Reentrancy occurs when a smart contract makes an external call to another contract (or itself) before updating its own state. An attacker can exploit this by calling the function again from within the external contract’s callback, bypassing the intended state checks. This is famously exploited in the original DAO hack.
Specific Detection Methods:
- Static Analysis Tools: Use tools like Slither or Mythril. Slither will flag functions that follow the CEI (Checks-Effects-Interactions) pattern violation. Look for warnings such as:
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unchecked-transfer: Sending ETH/token before updating balances. -
reentrancy: Functions that call external contracts while state variables are still modifiable. * **
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