CertiK joins Cointelegraph Accelerator, providing security boost to Web3 startups.
Despite the downturn in the cryptocurrency market, the Web3 ecosystem is still expanding. Developers are continuing to flock to the Web3 space, which is a blockchain-based universe governed by smart contracts, and 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 is increasing in importance. Smart contracts are the backbone of the blockchain-based industry, as they are 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 Cointelegraph Accelerator program as a security provider and mentor.
- Raft’s stablecoin rises with traders adopting liquid staking Ether products.
- Proposed upgrade to improve security zkEVM ‘validium’.
- France’s Markets Regulator supports global crypto regulations for DeFi.
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.
The Cointelegraph Accelerator program, launched in 2023, aims to boost the growth of innovative Web3 products. The program helps promising Web3 startups reach their full potential by increasing their exposure through Cointelegraph, a pioneering crypto and blockchain media organization since 2013. Bringing its knowledge and experience in blockchain and smart contract security, CertiK will work with Cointelegraph Accelerator to raise the standards of security and transparency in the rapidly evolving Web3 space.