The Keel Formal bar
Three separate passes over the same codebase.
Two teams in parallel pressure the same scope at once. One team does expert manual review; the other spends billions of frontier-AI tokens. Under both, a full invariant suite keeps fuzzing, all three stack for the widest combined coverage.
Full-state fuzzing
Every reachable state, edge case, and regression
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Team A
Senior manual analysis
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Team B
Frontier AI — billions of tokens
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The codebase
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Coverage stacked together
Output is rewarded
Distinct coverage each team adds
Among the strongest in the field
Held as #1 in digital-asset security for five years.
Keel Formal's commitment to high quality audits, keeping up with industry best practices and alignment between the reviewors and the protocol has led to them being a highly valuable partner in improving security of the protocol
We have used a mix of review shops before. Some were painful. Keel Formal was a pleasure to work with.
10/10. They are among the strongest security minds in the space. This is how DeFi reviews should run.
The Keel Formal team's eye for detail is excellent. We sleep better knowing they went through every part of the codebase with care.
10/10. Keel Formal thoroughly reviewed our EVM implementation and found design flaws that AI agents barely catch.
A thorough review — that is the bar for bringing real-world assets onchain.
Keel Formal showed professionalism and care that stood above the rest. They caught issues our other reviewers missed.
A strong experience with the team. Their professionalism, pace, and quality of work stood out.
After many reviews over many years, no one comes close to Keel Formal's method, and the quality of the review stands apart.
Keel Formal was an outstanding partner on our review. Each finding came with real detail and practical fixes. Strongly recommended.
Even on a very tight timeline, Keel Formal was professional, fast, and thorough, and delivered strong work on time. The best team we have worked with.
When Cyfrin wants another review team, we pick Keel Formal.
Our experience with Keel Formal has been amazing. All security researchers on the team were exceptional at understanding all intricacies of the design and the team is well suited to audit any novel DeFi product that comes their way.
Our audit with Keel Formal far exceeded expectations in terms of the number of vulnerabilities they were able to find and the level of service that they provided.
Keel Formal has been an integral part of the growth of GMX and our ecosystem of protocols who also rely on them for audits. Having Keel Formal as a strategic partner has allowed us to move more quickly while keeping security as our highest priority.
We very much appreciate Keel Formal's approach to security and the entire review process. Keel Formal goes further than required to not only do manual reviews but also contributes to verification processes.
10/10. Fast, thorough, and cost-effective.
You did excellent work here, as usual — we appreciate the effort so far.
Keel Formal auditors conducted a remarkably thorough review. Their approach was well structured and we greatly appreciated the speed and professionalism of their feedback.
The Keel Formal team is incredibly knowledgeable, thorough, and mindful. They caught issues that required extensive knowledge of dependencies.
My team and I have worked with many auditors in the past, including generally considered top tier firms. I can confidently say that we have never felt as secure as when working with Keel Formal.
Keel Formal brought rigorous security to our Bounce Tech smart contracts, finding edge cases and guiding fixes with clear communication.
Keel Formal found a key bug earlier reviews had missed, even though it sat outside scope. That kind of extra care is rare.
Keel Formal's work helped us not only better secure our smart contracts, but also refine specs and assumptions of the system overall.
Extremely proficient. I feel like they care about their contribution on a personal level. They are on a mission to become the best auditors out there. They don't need much guidance and understand the codebase quickly.
As a security audit company, Keel Formal's approach to security and overall effectiveness is truly exceptional. Working with them has been a revelation – their auditors are among the best we've ever collaborated with.
Keel Formal has an sharp eye for detail and goes further than required to ensure that the code is watertight. They are able to assess super advanced Solidity inline-assembly with ease.
Keel Formal's thorough review process have left a strong impression on us. Their keen eye for detail and responsive support are qualities that shine through in every engagement.
Strong references. We compared public report findings with other reviewers on the same projects and Keel Formal had the stronger set.
We cannot recommend Keel Formal enough. The team is diligent, sharp, and a pleasure to work with.
We were impressed with Keel Formal's overall approach to security, focus on tests, attention to detail and streamlined review process. We enjoyed working with them.
It is clear Keel Formal is a team of strong professionals who care about the final outcome.
Strong team, strong work.
Keel Formal's pragmatic and business-focused approach to security ensures that every insight is not only technically sound but directly useful for real-world decision-making.
In our previous engagements, the Keel Formal team was extremely thorough. I also felt that the two-team approach would give a more in-depth coverage of our codebase.
Keel Formal has been an excellent security partner through multiple audits. Their combination of great security researchers and custom fuzz testing is an incredibly strong approach to security. Highly recommend.
Our highest-tier review
anguard
A security review built for onchain teams under unusually high cyber pressure.
01
Two teams in parallel
Two independent teams hit the same protocol at once, each with a different method, so coverage is wider.
02
Frontier-AI sweep
Billions of tokens of frontier-model search across the codebase.
03
Full-state fuzzing
Invariant and property fuzzing across the whole state space.
04
$100,000 contest
A funded public contest tied to the quality of the review.
05
$50,000 bounty match
A hosted bounty with a match of up to $50,000.
06
Web2 surface
Close the usual 2026 exploit paths, with half the package cost returned as web2 credits.
07
Post-launch change review
Change review is included, so work after the review stays covered.
byKeel Formal
What Keel Formal covers
Cover every surface that can put the protocol at risk.
01
See audits
02
See OpSec
03
See perimeter
04
See risk
05
Browse case studies
Audits & Pentests
In-depth protocol review, automated analysis, invariant fuzzing, manual research, and ship-ready fix support.
OpSec Audit
Key handling, access paths, team workflows, infrastructure exposure, and operational controls for teams that hold real value.
Perimeter Audit
Registrar and DNS control, a domain inventory, exposed services and hosts, and the delivery path people use to reach you.
Risk & Compliance
Independent technical risk review, control mapping, vendor diligence, and evidence ready for executives.
Case Studies
See how Keel Formal has stood with protocol teams through launches, upgrades, incidents, and production hardening.
Begin now