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Bug bounty
A bug bounty is a reward a project offers to people who find and responsibly report security flaws in its code instead of exploiting them. For smart contracts, bounties are often scaled to the amount of money a flaw could put at risk.
What it means for you. A bug bounty means a project pays outsiders to look for flaws in the contracts holding your funds; it does not mean all flaws have been found. Check the bounty's scope: if the contracts you deposit into are outside it, or the reward is small next to the funds at risk, an attacker can gain more by exploiting a bug than by reporting it.
Source: ethereum.org: Smart contract security · checked 4 October 2026
Smart contract audit
A smart contract audit is a review of the code behind a crypto app or token by outside security reviewers, looking for bugs and design errors before or after it goes live. The result is usually a public report listing the problems found and whether they were fixed.
What it means for you. An audit is a review at one point in time, not a promise: Ethereum's own developer docs say audits do not catch every bug. Check the date, which version of the code was reviewed, and whether the issues listed were fixed. Code changed after the audit, or admin keys that can change the contract, sit outside what the audit covered.
Source: ethereum.org: Smart contract security · checked 4 October 2026