The International Testing Standard (TITS) for DeFi
Mission Statement
I believe that protocols need to be held to a higher standard of testing. Web3 protocols are decentralised, therefore there are no centralised authorities, and subsequently there is no regulatory pressure on the protocols to do quality checks on their protocols.
Is this an issue?
YES
Is this a big issue?
YES
Why?
Well, because, speaking strictly from an economic perspective, it makes much more sense for a protocol to use its time and developer resources on shipping a v2 of their protocol once the initial set of smart contracts are coded rather than spending it on testing their protocol. The protocols presently, try to, conviniently shift the burden of testing and quality assurance on the auditing firms and sometimes on insurance firms. However, Auditing + Insurance is still not enough to offer the level of peace of mind that people should have on software that handles their money.
Therefore, the development team, that is the most intimately familar with the code base, must make it a sacred duty of theirs (just like doctors take the Hippocratic Oath) to test their code to the best of knowledge and ability.