CertiK, an authority in blockchain security, has stepped into the mentorship role for participants in the Cointelegraph Accelerator program.
Despite the current bear market in crypto, the Web3 ecosystem persists in its expansion. Consistent with the philosophy that “bear markets serve as ideal opportunities for builders”, developers continue to surge into the Web3 domain — a blockchain-rooted universe regulated by smart contracts. Data from the early part of 2023 reveals a climb in monthly active Web3 developers, with numbers crossing 23,300 in 2022.
As the Web3 developer community matures into a stable industry, the safety of technologies that bind this ecosystem together is increasingly crucial. Smart contracts, acting as the underpinning of the blockchain-based industry, are software that triggers an on-chain action when stipulated conditions are met.
Before rolling out a decentralized application (DApp), smart contract audits become instrumental in curbing security threats and financial risks. As Web3 and Decentralized Finance (DeFi) initiatives run on blockchain tech, vulnerabilities in smart contracts can pave the way for protocol hacks and exploits. With over $3 billion lost to hacks and frauds in 2022, the Web3 domain desperately needs enhanced security solutions.
To cater to this demand and provide top-tier security to budding Web3 startups, CertiK, a specialist in blockchain and smart contract security, has now joined the Cointelegraph Accelerator program as a security provider and guide.
As the favored security solutions provider for the Accelerator program, CertiK will conduct a thorough assessment of projects to ensure that Accelerator participants are equipped with the highest level of security promptly. A detailed smart contract audit is vital for Web3 startups as it certifies that their project’s foundation adheres to the topmost standards of security and transparency.
CertiK, being a veteran in blockchain security, will also play the role of a mentor to participating Web3 startups via a series of instructional workshops focusing on Web3 security, smart contract audits, and Know Your Customer (KYC) processes.
Apart from its audits, CertiK is recognized for its surveillance of the crypto ecosystem for attacks, rug pulls, and scams. CertiK’s security mavens release annual and quarterly reports on industry trends. In a recent report, CertiK conducted an in-depth analysis of the $103.7 million lost due to crypto exploits, scams, and hacks in April 2023. The study showed that an exploit of MEV trading bots represented the largest portion of crypto stolen in April.
Ronghui Gu, co-founder of CertiK, emphasized, “As we navigate towards a decentralized future, we acknowledge the criticality of security and transparency. Our aim is to elevate the standard of security and transparency throughout the Web3 world, and partnering with CoinTelegraph’s Accelerator Program provides a wonderful platform to engage with those pioneering the space.”
“Cointelegraph Accelerator, by partnering with CertiK, not only elevates project security but also fosters trust among investors and the wider crypto community.”
Initiated in 2023, the Cointelegraph Accelerator program is designed to propel the growth of innovative Web3 products. The program supports promising Web3 startups to reach their maximum potential by enhancing their exposure through Cointelegraph, a leading crypto and blockchain media entity since 2013. CertiK, bringing its expertise and experience in blockchain and smart contract security, will collaborate with Cointelegraph Accelerator to uplift the standards of security and transparency in the fast-paced Web3 arena.