As the crypto space notices a resurgence after a long winter, Web3 security is re-emerging as one of the top priorities for businesses and users looking forward to a longer bull market. However, a resurgent market has previously been marked by increased hacks, security concerns, and social engineering attacks. As the crypto industry heads into another bull market, decentralized applications (DApps) and their users need to be prepared for these security pitfalls.
In light of this, we look at some of the top startups and companies in the Web3 space that are helping DApps and companies mitigate these risks. The article focuses on top security companies from well-known audit firm CertiK to Salus, a holistic Web3 security company, GoPlus, a Binance-affiliated security company, and SlowMist, which has helped secure millions of dollars within the space.
The widespread notion that blockchain technology is inherently immune to security threats might be misleading, but several unique structural features of blockchain bolster its intrinsic security properties. While transparency, cryptography, decentralization, immutability, and consensus mechanisms play a role in securing a blockchain, most Web3 companies face an external threat as they offer solutions within the blockchain space.
But before we delve deeper into the top Web3 security startups and companies to look out for in 2024, it is important to learn about the fundamental reasons these companies exist. First, Web3 security companies help safeguard decentralized applications and blockchain-based companies against cyber threats such as hacking and other socially engineered attacks.
In addition, these companies offer a broad range of security services to the Web3 space, including smart contract audits, incident reports and responses, and security testing, ensuring the backend of companies remains secure and users’ assets safe. Finally, the companies are effective in providing data security solutions in different application designs.
With most blockchain networks visible to everyone on the network, leveraging the solutions by Web3 security companies could help mitigate risks from hackers, exploitation vulnerabilities, and compromise from bad actors on the network.
Let’s dive into some of the Web3 security startups and companies aiming to make the blockchain space safer, mitigating ecosystem vulnerabilities, attacks on smart contracts and protocols that operate on top of the blockchain, and attacks on popular infrastructure (like wallets) and users.
Launched in 2018, CertiK has grown into one of the largest smart contract audit and security firms in the blockchain space. The company is a pioneer in crypto audits using cutting-edge formal verification technology to audit blockchains and smart contracts. CertiK leverages different technologies such as artificial intelligence and machine learning, to monitor and protect blockchains, ensuring a secure backdrop for decentralized applications built on them.
The company has helped audit several top Web3 companies, exchanges, wallets, and DApps, including Binance, Huobi, Aave, BNB Chain, and Polygon. Since its inception, CertiK has served over 4,220 clients, audited and monitored 12,983 projects, and assessed $364 billion in market cap.
Salus is a blockchain security company that uses machine learning technology to make security services more efficient and accessible. The startup recently raised a seed funding round, led by Binance Labs to expand its smart contract auditing, vulnerability detection, and security consulting services.
Co-founded by former Binance employee Li Jiayi, Salus has grown into one of the leading Web3 security companies offering innovative security solutions to advance blockchain adoption and technological growth within the space. The company eases the verification of smart contracts’ business logic as effectively and seamlessly as possible and can automatically conduct a thorough examination of the smart contracts’ code and data repository.
Third on the list is GoPlus, a company working to provide a Web3 platform with an open, permissionless, user-driven security infrastructure. The platform is built on the security data infrastructure and security service platform, to make blockchain solutions and DApps more secure and safer.
The platform employs real-time dynamic detection tools and APIs to mitigate cyber security threats that encompass token security, malicious address detection, NFT security, signature data, DApp security info, and a holistic security ecosystem.
In December 2022, the company launched its second private funding round, led by Binance Labs, the incubation and innovation arm of Binance Exchange.
Created in 2018, SlowMist is a blockchain security firm that aims to make the blockchain ecosystem secure and safe for all participants. The platform has previously worked with hundreds of top blockchain companies and exchanges including Huobi, OKX, Binance, imToken, Crypto.com, Amber Group, Klaytn, EOS, 1inch, PancakeSwap, TUSD, and Alpaca Finance, etc.
The platform offers a wide range of Web3 security services such as security audits, threat information, defense deployment, security consultants, and other security-related services. SlowMist also offers AML (Anti-money laundering) software, Vulpush its Vulnerability monitoring platform, SlowMist Hacked for crypto hack archives, and FireWall.x, which provides smart contract firewalls among other Web3 security infrastructure.
The Web3 security space is still in its nascent stage with most of the companies mentioned above only clocking the five-year mark. As the crypto bull market fast approaches, the role of Web3 security companies will be more pronounced, with smart contract audits and real-time reporting of risks being a crucial step in maintaining the integrity of blockchains and associated DApps.
This post was last modified on Dec 22, 2023, 05:50 GMT 05:50