The DeFi sector in the early 2020s saw a surge in innovative incentive models like liquidity mining and airdrops, accompanied by a rise in security breaches. Hats Finance, a community-driven onchain audit platform, seized the opportunity to utilize these incentives for a decentralized and cost-effective Web3 security solution. Founder Oliver Hörr emphasized aligning incentives for all participants to foster collaboration. Hats Finance integrates bug bounties and audit competitions onchain, enhancing transparency and security. By enabling permissionless participation in audits, the platform broadens the talent pool and improves security reviews. The rewards-only payment model ensures customers only pay for successful submissions, reducing costs and enhancing value. Community involvement is pivotal in shaping Web3 security, and Hats Finance empowers users to contribute to a more secure ecosystem. The platform's future vision includes AI safety support and enhancing onchain security for smart wallets, aiming to decentralize the protocol and engage the community in shaping its evolution. Read more AI-generated news on: https://app.chaingpt.org/news