., tiny programs that automate and execute an on-chain agreement, are the backbone of decentralized finance . This is why, eliminating any vulnerability via regular audits is vital to prevent attacks against and ensure seamless operation for related decentralized apps and Web3 as a whole.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.
Projects seeking to ensure the integrity of their codebase may leverage Hats Finance to launch permissionless and automated audit competitions. They can set up the competitions without pre-scheduling or legal work and define the scope, rules and potential rewards for auditors. Security researchers are then called out to scrutinize submitted codes with due diligence.
Hats Finance stands out as the sole auditing platform in the market that employs a pay-for-results model. A 20% payout fee occurs only if the audit provides value and detects a vulnerability. Such a model prevents the waste of resources and encourages audits for projects while incentivizing security researchers and ensuring a higher level of quality assurance in return.program as well.