The Cybersecurity Challenge in Web3 Products
Everyday users currently face significant cybersecurity risks when navigating web3 products. A single error can lead to a user's entire wallet being drained. The risks aren't isolated to just web3; they span both the #web2 and #web3 landscapes:
These threats have siphoned off hundreds of millions of dollars from the ecosystem. Even prominent protocols like Curve Finance, Cream Finance, and Badger DAO have not been immune, with their users often bearing the brunt of these attacks.
What's alarming is that several of these attacks could be easily averted. Yet, well-known wallets like #metamask haven't taken measures to shield their users.
Introducing #Derisk
To address these issues, we've launched #Derisk - an initiative to "derisk" DeFi for the everyday user. Our offering is a simple Chrome extension that works in tandem with #metamask. Its primary function is to scan for potential hacks, whether they stem from web2 or web3. Furthermore, Derisk provides users with a concise summary of the smart contract, highlighting any vulnerabilities or signs of potential rug pull schemes.
As Web3 continues to gain momentum and as more users join the fold, ensuring the credibility of this space becomes imperative. We can't afford to have users lose their entire investments.
We're contemplating launching this as a public utility to significantly bolster user safety in this domain. However, we acknowledge that there are gaps in the #design, #tech, and #business facets of our product.
If you're keen to contribute or offer feedback, please connect with our team:
Lastly, our code is #opensource, and we warmly welcome contributors. Check it out here.