More and more Web3 security services are coming to the market, offering various security and risk management solutions for protocols and users. Audit teams, Bug Bounty platforms, risk management tools, testing and analysis tools, and so much more – and while there can never be too many security tools, we wanted to create a small list that both projects and users can use when looking for the Web3 security services that are already available on the market.

Security auditors & auditing teams

Most think of security audit teams and individual auditors as prime examples of Web3 security services. Companies such as Trail of Bits, Quantstamp, and OpenZeppelin have performed hundreds of security audits for various Web3 apps and gained respect from the global blockchain community.

Most protocols undergo a security assessment before deploying the application or new feature to the mainnet – external auditing teams could find gaps in the protocol’s logic or tiny problems that developers missed or did not pay attention to. Auditors examine the code, evaluating it against different economic and technical attack vectors and determining whether the protocol’s logic is correct. For a set fee, some auditing teams also provide continuous audits, assessing code changes monthly and giving team reports on the code’s safety.

Bug Bounty Platforms

Bug bounty programs and platforms are next on our list. Custom bug bounties, grants, bug bounty platforms like Immunefi, and white hat hacking are all options for incentivized code testing and breaking. Bug bounties serve several functions:

• Engaging new developers. Bug bounty can also become a marketing tool to attract developers and testers to the protocol, engaging their interest in the project’s concept and leading them to contribute part-time or full-time.
• Getting the community involved. Who stated that bug bounties should be confined to smart contract testing? You may also create simpler assignments by asking the community to test the frontend or UX flow of the application. Fewer problems in the UI, more ideas from your actual users – the dev team’s dream.
• Stress-testing. An open-source code with public bug bounty might result in stress tests as more people (bad and good actors alike) know your protocol. And while good actors will simply test it, malicious parties might conduct a DDOS attack or attempt to exploit smart contracts and run with the funds. Nevertheless, bug bounty can assist you in identifying flaws early on and fixing errors before the protocol’s liquidity rises.

Risk Management Solutions

Last but not least, there are risk management tools and platforms. Economic attacks are becoming more complex and sophisticated, and not all projects can accommodate in-house risk management and finance teams in the early stages of development. That’s where risk management tools like Gauntlet, Apostro, and ChaosLabs come in. They can be used as continuous monitoring and risk assessment tools. By screening and analysing blockchain and market data, they help protect the protocol from volatile market conditions and economic attacks. All DeFi protocols should employ them as an extra protection measure – no matter the size or development stage.