What does Web3 mean for the investors? A safe bet or a bait?
Although DeFi is a subset of the Web3 spectrum, it reflects the biggest vulnerability within the ecosystem. As a result, Web3 entrepreneurs need to redirect their marketing budget to the development of the core system.
As seen throughout the year, vulnerabilities that allow hackers to drain vast amounts of assets result in impermanent losses for the investors and may cause an indirect collapse of related ecosystems.In addition to external hacks, bad actors within the system may dupe the project and its investors. Fail-safe mechanisms with watered-down access to employees are required to avoid internal attacks., Gabagool. One of Velodrome’s high-worth wallets was drained off $350,000.
One way to minimize the risks of an attack is to conduct bug bounty initiatives. Bug bounties attract whitehat hackers, who try to identify vulnerabilities from a hacker’s perspective. Developers are rewarded financially for finding and fixing valid bugs in the system. In addition, entrepreneurs must set up multisig wallets for storing funds and avoid centralized control over the wallets. Such measures, when implemented across the system, reflect a greater decentralization and insulation from orchestrated attacks.
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