Blockchain networks use API security data to mitigate Web3 threats

Singapore, March 28, 2024 – GoPlus Labs, a leading Web3 security infrastructure provider, released a groundbreaking report highlighting the growth, widespread use, and potential of Web3 user security data to help manage risk.

The report’s findings reveal a clear and growing demand for more advanced security tools that can effectively protect digital assets and verify the authenticity of non-fungible tokens (NFT) Monitor distributed application threats.

The report, “Uncharted Consensus: The Pervasive Use and Potential of User Security Data in Web3,” highlights the rapid adoption of GoPlus’ suite of APIs. This provides Web3 industry stakeholders with unparalleled insight into the health and vulnerabilities of various cryptocurrencies, NFTs, and decentralized applications. . At the same time, he also highlights the unique role GoPlus plays in addressing Web3’s most pressing security challenges.

GoPlus is a developer of a suite of APIs designed to address the multifaceted challenges of Web3 user security, enabling targeted data analysis across key aspects of the industry. Its modules include the Token Risk API and the NFT Risk API to assess the risks associated with various cryptocurrencies and non-fungible tokens. Malicious Address API to monitor and report malicious addresses. dApp Security API for real-time monitoring and threat detection in decentralized applications. Authorization API to check addresses for malicious authorization.

The report shows the growing demand for better Web3 security solutions, with GoPlus reporting rapid growth in usage of its Token Risk API starting in November 2023, with 2,000 calls per day. It was revealed that there were months when the number reached a peak of over 10,000. This suggests that the cryptocurrency industry is collectively moving towards pre-emptive risk identification and mitigation against the backdrop of evolving and intensifying security threats.

These increases are also reflected in similar usage spikes in GoPlus’ other API modules. For example, the company’s NFT API usage spiked between December 2022 and February 2023, then increased again several times between March and May 2023, and then stabilized. More stable growth followed. These usage trends reflect the increasing adoption of NFTs and the associated need for tools that can accurately assess the risks associated with digital assets.

Evolving threat landscape

A closer analysis of API usage data reveals a highly volatile presence of “high-risk” tokens, reflecting a threat landscape as volatile as the crypto industry itself. While the majority of these high-risk tokens were identified to be either “blacklisted” or “honeypots,” many other types of threats have been identified, and they can be exploited by hackers and fraudsters in the industry. We see an evolution in the tactics used by The report also found a sharp increase in threats related to NFTs, including privileged operations (writing and minting), limited authorization, self-destruct mechanisms, and unauthorized transfers.

The threat-related insights will help the Web3 Project increase awareness of these threats and the need to adopt more dynamic, robust and adaptive security strategies and countermeasures to address the evolving threat landscape. It shows the need for education and collaboration to find a better way. to alleviate them.

Key ecosystems and threats

The comprehensive study also highlighted different levels of user engagement. Security concerns across blockchainprovides a perspective on the unique challenges and risks faced by each ecosystem.

BNB Chain emerged as the most prominent user of GoPlus’ API, receiving over 92.7 million queries during the study period. This reflects Binance’s commendable achievements in fostering a large community united in their determination to identify and proactively mitigate security risks such as vulnerabilities and fraud in their tokens.

Ethereum is the second most popular chain powered by GoPlus, with users querying its API 84 million times, highlighting both the breadth of its user base and its wariness of vulnerabilities and fraud. Polygon, on the other hand, also stood out with around 9.8 million queries during the same period. This high level of adoption in the much smaller Polygon community shows the Polygon community’s focus on expanding his security solutions for the Web3 industry.

Other insights in the report include the top 10 token risks facing the crypto industry today. Further analysis revealed 10 tokens with characteristics that could be characterized as “particularly malicious,” including the top 10 NFT collections that could be perceived as risky. This is because it is closely related to phishing scams.

The importance of user security insights

The GoPlus report provides valuable insights into aspects such as user engagement, preferences, and the evolving nature of threats in Web3. This is essential information for stakeholders to make more informed decisions and reduce the risks they face.

Perhaps the most important finding is that this report highlights that Web3 security data can play a critical role in helping the industry address the evolving risk landscape. As the Web3 ecosystem grows and evolves, the need for comprehensive security data to help dApp developers protect their users will become increasingly important, while also educating users on how to protect themselves. .

About GoPlus Labs

go plus lab is revolutionizing Web3 security by providing a transparent user security network with permissionless security data. We leverage advanced AI to detect comprehensive threats and provide a user security module as a service for any blockchain.

In particular, the company’s security data infrastructure usage has increased significantly, with user security data usage increasing 5,000x from 2022 to date, and daily data API calls reaching 21 million. Masu.

Launched in March 2024, SecwareX quickly attracted a lot of attention and demonstrated a high degree of user trust. Within his first two weeks, he attracted over 400,000 users, including over 30,000 premium (paid) users, highlighting its immediate impact and user trust.

GoPlus strengthens Web3 user security through broad support for over 20 chains, collaborations with RaaS and Layer2 partners such as Altlayer, zkSync, and Manta, and the introduction of innovative products such as the “Secscan” security engine and Secware middleware. Masu. These advances are promoting a more open data and computing layer, moving towards gradual decentralization.

Goplus increases security for Web3 users and promotes decentralization by encouraging user participation with a token system. Goplus tokens serve as the necessary “gas fee” to strengthen the user’s security network and expand its utility. Additionally, it encourages users to become her SecWare service providers, data providers, and computing node providers. By contributing to the network, these participants can earn his Goplus tokens.

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