Despite the crypto bear market, the Web3 ecosystem continues to grow. True to the notion that “bear markets are good for builders,” developers continue to flock into the Web3 space — the blockchain-based universe governed by smart contracts. Reports from early 2023 show that the number of monthly active Web3 developers grew to over 23,300 in 2022.
As the Web3 developer community evolves into an established industry, the security of technologies that hold the ecosystem together are increasing in importance. The backbone of the blockchain-based industry is smart contracts — software that automatically executes an on-chain action when conditions are met.
Before deploying a decentralized application (DApp), smart contract audits play a crucial role in preventing security issues and financial risks. Since Web3 and decentralized finance (DeFi) projects run on blockchain technology, vulnerabilities in smart contracts can lead to hacks and exploits of protocols. With more than $3 billion lost to hacks and scams in 2022, Web3 is in need of better security solutions.
To provide industry-leading security for up-and-coming Web3 startups, blockchain and smart contract security expert CertiK has joined the Cryptox Accelerator program as a security provider and mentor.
As the Accelerator program’s preferred security solutions provider, CertiK will offer an assessment of projects to ensure that Accelerator participants receive the highest level of security in a timely manner. A comprehensive smart contract audit is crucial for Web3 startups, as it ensures the foundation of their project meets the highest standards of security and transparency.
As experts in blockchain security, CertiK will also act as a mentor to participating Web3 startups through a series of educational workshops about Web3 security, smart contract audits, and Know Your Customer (KYC) processes.
In addition to its audits, CertiK is also known for watching the crypto ecosystem for attacks, rugpulls and scams. CertiK’s security experts publish annual and quarterly reports on industry trends. In a recent report, CertiK took a deep dive into the $103.7 million that was lost due to crypto exploits, scams and hacks in April 2023. According to the research, an exploit of MEV trading bots took the biggest share of stolen crypto in April.
Top-five biggest exploits in volume across the crypto industry in April. Source: CertiK
“As we continue to drive toward a decentralized future, we understand that security and transparency are paramount,” Ronghui Gu, co-founder of CertiK said. “It’s our mission to raise the standard of security and transparency across the Web3 world, and this partnership with CoinTelegraph’s Accelerator Program is a great opportunity to work with those at the cutting edge of the space.”
“By teaming up with CertiK, Cryptox Accelerator is not only enhancing the security of projects but is also instilling confidence among investors and the broader crypto community.”
Launched in 2023, the Cryptox Accelerator program aims to boost the growth of innovative Web3 products. The program helps promising Web3 startups reach their full potential by increasing their exposure through Cryptox, a pioneering crypto and blockchain media organization since 2013. Bringing its knowledge and experience in blockchain and smart contract security, CertiK will work with Cryptox Accelerator to raise the standards of security and transparency in the rapidly evolving Web3 space.
