Singapore, 28 March 2024 – GoPlus Labs, the leading Web3 security infrastructure provider, has unveiled a groundbreaking report that highlights the growing, widespread use and potential of Web3 user security data to aid in risk management.
The findings of the report reveal a clear and growing demand for more advanced security tools that can effectively safeguard digital assets, verify the authenticity of nonfungible tokens (NFTs) and monitor decentralized applications for threats.
The report, “Uncharted Consensus: The Widespread Use and Potential of User Security Data in Web3”, showcases the rapid adoption of GoPlus’s API suite, which provides Web3 industry stakeholders with unparalleled insights into the health and vulnerability of various cryptocurrencies, NFTs and decentralized applications. At the same time, it also underscores the unique role GoPlus plays in addressing Web3’s most pressing security challenges.
GoPlus is the developer of an API suite that’s designed to address the multifaceted challenges of Web3 user security, enabling targeted data analysis across key aspects of the industry. Its modules include a Token RIsk API and NFT Risk API that evaluate the risk associated with different cryptocurrencies and non-fungible tokens; a Malicious address API for monitoring and reporting malicious addresses; a dApp Security API for real-time monitoring and threat detection in decentralized applications; and an Approval API for checking malicious approval of an address.
The report shows there is rising demand for better Web3 security solutions, with GoPlus revealing that its Token Risk API saw a rapid increase in utilization from November 2023, with some months witnessing peaks of over 20 million calls per day. This suggests that the crypto industry is collectively shifting towards pre-emptive risk identification and mitigation, driven by the evolving and intensifying landscape of security threats.
These increases were mirrored by similar usage spikes in GoPlus’s other API modules. For instance, usage of its NFT API spiked between Dec. 2022 and Feb. 2023, and then several times again between March and May 2023, before stabilizing, followed by a sustained period of much steadier growth. These usage trends mirror the growing adoption of NFTs and the corresponding need for tools that can accurately assess the risks associated with these digital assets.
Evolving Threat Landscape
A closer analysis of the API usage data illustrated a significant fluctuation in the presence of “high-risk” tokens, reflecting a threat landscape that’s just as volatile as the crypto industry itself. The majority of these high-risk tokens were identified as being either “blacklisted” or “honeypots”, although many other kinds of threats were identified, illustrating the evolving tactics used by hackers and scammers in the industry. The report also found an exponential increase in threats associated with NFTs, such as privileged operations (burn and minting), restricted approvals, self-destruct mechanisms and unauthorized transfers.
The threat-related insights demonstrate the need for Web3 projects to employ more dynamic, robust and adaptable security strategies and countermeasures to deal with the evolving threat landscape, as well as the need for education and collaboration to increase awareness of these threats and find better ways to mitigate them.
Top Ecosystems & Threats
The comprehensive study also highlighted the differing levels of user engagement and security concerns across blockchains, providing perspective on the unique challenges and risks faced by each ecosystem.
BNB Chain emerged as the most prominent user of GoPlus’s APIs, being queried more than 92.7 million times during the research period. This reflects Binance’s laudable achievement in fostering a large community that’s united in its determination to identify and proactively mitigate security risks such as token vulnerabilities and scams.
Ethereum was the second-most popular chain to leverage GoPlus, with users querying its APIs 84 million times, highlighting both the extent of its user base and its vigilance against vulnerabilities and scams. Meanwhile, Polygon also stood out with almost 9.8 million queries during the period. This high level of adoption in the much smaller Polygon community illustrates the strong emphasis it places on scaling security solutions for the Web3 industry.
Other insights from the report include the top ten token risks faced by the crypto industry today, with further analysis uncovering ten tokens with characteristics that mark them out as being “particularly malicious”, and also the top ten NFT collections that could be perceived as risky, due to their close association with phishing scams.
The Importance Of User Security Insights
The GoPlus report provides valuable insights into aspects such as user engagement, preferences and the nature of the evolving threats in Web3, which can be essential for stakeholders to make more informed decisions and mitigate the risks they face.
Perhaps the most significant finding is that the report underlines the critical importance Web3 security data can play in helping the industry address the evolving risk landscape. As the Web3 ecosystem grows and evolves, the need for comprehensive security data will become all the more vital, helping dApp developers protect their users, while educating users on how to protect themselves.
About GoPlus Labs
GoPlus Labs is revolutionizing Web3 security by offering a transparent, User Security Network with permissionless security data. It provides a User Security Module as a Service to any blockchain, utilizing advanced AI for comprehensive threat detection.
Notably, its security data infrastructure has seen a massive usage increase, the user security data usage has grown 5000x from 2022 to now, with daily data API calls 21M.
SecwareX, launched in March 2024, quickly gained significant traction, showcasing high user trust. Within its first two weeks, it attracted over 400,000 users, including more than 30,000 premium (paid) users, highlighting its immediate impact and user trust.
GoPlus enhances Web3 user security through broad support for over 20 chains, collaboration with RaaS and Layer2 partners like Altlayer, zkSync, and Manta, and the introduction of innovative products like the “Secscan” security engine and Secware Middleware. These advancements facilitate a more open data and computing layer, moving towards gradual decentralization.
Goplus enhances Web3 user security and promotes decentralization by motivating user participation with its token system. The Goplus Token will act as a “gas fee,” necessary to reinforce the user security network and expand its utility. Moreover, it encourages users to become SecWare Service Providers, Data Providers, and Computing Node Providers. By contributing to the network, these participants can earn Goplus Tokens.