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Decoding Web3 Security: Insights from GoPlus Labs Report

Experts in the field of Web3 infrastructure, GoPlus Labs, have released a comprehensive report elucidating industry security practices. Titled “Unknown Consensus: The Extensive Use and Potential of User Security Data in Web3,” the report underscores the pivotal role of user data in mitigating security threats within the Web3 ecosystem. It clarifies the dual nature of threats and opportunities present in Web3, emphasizing the importance of API data in identifying emerging security issues.

Unlocking Insights with API Data

GoPlus Labs has developed a suite of APIs designed to analyze Web3 security, including modules for token risk and NFT risk. These APIs provide valuable insights into user behavior, capable of detecting and potentially mitigating newly emerging security threats. The exponential growth of Web3 users has led GoPlus to process millions of API calls daily, offering unparalleled visibility into the on-chain environment and facilitating the identification of new threats.

The report by GoPlus, based on its extensive data repository, highlights a significant surge in the use of the malicious address API. This metric skyrocketed from 10.5 million calls in January 2023 to over 30 million by July 2023. The report emphasizes the critical role of the malicious address API in identifying and flagging addresses associated with fraud and malicious activities. By leveraging this service, platforms can protect users from inadvertently interacting with malicious addresses, thereby reducing the risk of potential financial losses.

Evolving Security Threat Responses

With a substantial rise in security threats in the Web3 domain, proactive measures to reduce risks have correspondingly increased. Analysis of GoPlus’s approved security APIs from November 2022 to January 2024 shows a significant increase in the number of users revoking malicious token approvals to protect wallets from potential violations. The increased usage of APIs is associated with major security incidents in DeFi protocols, highlighting a growing awareness of the importance of digital hygiene among users.

Addressing the Perils of Decentralized Exchanges

A persistent challenge for on-chain traders is the associated risk of purchasing new tokens on decentralized exchanges. During seasons of heightened risk appetite for meme coins, scam tokens have surged, posing a significant threat to unsuspecting traders. GoPlus’s report underscores various nefarious behaviors observed in the Web3 space, including tokens at risk of being blacklisted or honeypots, indicating the complex situation of user security threats.

Adopting Dynamic Security Strategies

The report stresses the need for dynamic security methods capable of adapting to ever-changing threats and effectively mitigating them. It concludes with an outline of the top ten token risks, with mintable tokens allowing issuers to flood the market and devalue the token, taking the top spot. Additionally, tokens lacking open-source code and susceptible to malicious modifications are listed as the second most common security issue.

Fundamentally, GoPlus Labs’ report is a vital resource for exploring the complex domain of Web3 security, highlighting the necessity of leveraging user data and proactive security measures to maintain the integrity of the ecosystem.

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