Enhancing Web3 Security and Removing Barriers to Code Auditing
FYEO is thrilled to announce the launch of Audit Cover, a groundbreaking solution developed through collaboration with Amulet Protocol. For the first time, web3 projects have access to coverage that mitigates the cost of smart contract audits. This innovative offering aims to address the critical need for security in the web3 space and eliminate barriers to performing security audits.
Traditionally, insurance providers have been hesitant to venture into the Web3 realm. However, Amulet and FYEO recognized the importance of insurance as a catalyst for advancing web3 to the next level of maturity. By bridging the gap between web3 cover and smart contract audits, we aim to foster a more secure and resilient web3 ecosystem.
With FYEO's impressive success rate of 99.8% in identifying vulnerabilities, the likelihood of needing reimbursement for audit costs is low. However, our coverage for audit payments is just the first step. Our ultimate goal is to release comprehensive coverage that extends to the total contract value in the event of any breach, tied to regular auditing. We firmly believe that regular security check-ups, rather than one-off audits, will become the norm, and this initiative incentivizes projects to adopt this proactive mindset.
Initially focusing on smart contracts and protocols (excluding L1s), we aspire to work with Amulet to expand coverage to encompass a broader scope in the future for projects who prioritize security.
Importantly, this coverage comes at no cost to the project. Additionally, all projects referencing this partnership gain access to exclusive 40% off code audit rates.
As Web3 systems grow in complexity and scale, the potential for errors increases exponentially. Web3 developers recognize the indispensability of rigorous auditing to ensure error-free operations in smart contracts. While auditing methodologies may vary based on specific factors, core principles remain constant. By following these principles, we can detect vulnerabilities early and concentrate efforts on more complex issues, reinforcing security measures.
For terms and conditions of our audit refund cover, please refer to this document.
Together, let's fortify the Web3 ecosystem and drive it towards a safer and more resilient future!