GoPlus Labs, a specialist in Web3 infrastructure, has released a comprehensive report shedding light on industry security practices. Titled “Uncharted Consensus: The Widespread 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 elucidates the dual nature of threats and opportunities present in Web3, emphasizing the significance of API data in discerning emerging security issues.
Unlocking Insights with API Data
GoPlus Labs has developed a suite of APIs designed to analyze Web3 security, including modules catering to Token Risk and NFT Risk. These APIs offer valuable insights into user behavior, enabling the detection and potential mitigation of emerging security threats. The exponential rise in Web3 users has led to millions of daily API calls processed by GoPlus, granting unparalleled visibility into the on-chain landscape and facilitating the identification of new threats.
Revealing Malicious Address Trends
Drawing from its extensive data repository, GoPlus’s report highlights a notable surge in malicious address API usage. This metric skyrocketed from 10.5 million calls in January 2023 to over 30 million by July 2023. The report underscores the pivotal role of the malicious address API in identifying and flagging addresses associated with fraudulent and malicious activities. By leveraging this service, platforms can safeguard users against unwittingly engaging with malicious addresses, thereby reducing the risk of potential financial loss.
Evolving Response to Security Threats
As the Web3 landscape witnesses a surge in security threats, there’s a corresponding uptick in proactive measures adopted to mitigate risks. Analysis of GoPlus’s Approval Security API from November 2022 to January 2024 reveals a significant rise in users revoking malicious token approvals to safeguard their wallets from potential breaches. Instances of heightened API usage correlate with major security incidents in DeFi protocols, underscoring the growing awareness among users regarding the importance of digital hygiene.
Navigating the Perils of Decentralized Exchanges
A persistent challenge for on-chain traders lies in the risks associated with purchasing new tokens on decentralized exchanges. During memecoin seasons, characterized by heightened risk appetite, scam tokens proliferate, posing substantial threats to unsuspecting traders. GoPlus’s report highlights various nefarious practices observed in the Web3 space, including tokens with risks such as being blacklisted or honeypots, indicative of a complex landscape of user security threats.
Adopting Dynamic Security Strategies
The report underscores the necessity for dynamic security approaches capable of adapting to evolving threats and mitigating them effectively. It concludes by outlining the top 10 token risks, with mintable tokens, enabling issuers to flood the market and devalue tokens, occupying the top spot. Additionally, tokens lacking open-source code, susceptible to malicious alterations, rank as the second most prevalent security concern.
In essence, GoPlus Labs’ report serves as a vital resource for navigating the intricate terrain of Web3 security, emphasizing the imperative of leveraging user data and adopting proactive security measures to safeguard the integrity of the ecosystem.