Hats Finance, a community-focused audit platform that enables permissionless on-chain competitions and bug bounties has joined the Cointelegraph Accelerator program.
Cointelegraph has announced that Hats Finance, a community-focused platform enabling permissionless on-chain audit competitions and bug bounties, has joined the Cointelegraph Accelerator program.
Smart contracts, tiny programs that automate and execute an on-chain agreement, are the backbone of decentralized finance (DeFi). This is why, eliminating any vulnerability via regular audits is vital to prevent attacks against and ensure seamless operation for related decentralized apps (DApp) and Web3 as a whole.
However, reports show that during the first quarter of 2024, only 44% of Web3 projects went through smart contract audits. Avoiding audits may lead to major security risks, as evident in most hacked projects not having audits. And with smart contracts getting more complex due to new use cases such as real-world assets (RWAs) and modular wallets, the need for effective audits is higher than ever.