Today’s article covers a huge portion of the information that you need to be in the web3 space!
If you are a project seeking to protect your contracts, a security researcher looking to enhance the safety of the DeFi space, or a community participant interested in acquiring governance rights for a project, you have come to the right place!
Presenting You Hats Finance!
WHAT IS HATS FINANCE
Introducing Hats Finance - a platform that revolutionizes Web3 native security solutions in perfect alignment with the DeFi ethos. Leveraging the power of blockchain technology and community-driven security practices, they tend to deliver a comprehensive set of tools, including audit competitions, bug bounties, and skin-in-the-game audits. Their solutions are engineered to fortify protocol security, promote community engagement, and streamline the development lifecycle of Web3 projects.
Exciting right? Let’s know more
Hats is a decentralized platform for hosting bug bounties and audit competitions. It lets projects have full control, pay lower fees, and use a results-based payment system. This means projects only pay if new issues are found during the audit, and they can run these competitions even after previous audits without incurring costs if nothing new is discovered.
One big advantage is its on-chain submission system, which filters out spam and ensures only high-quality reports reach the teams. This focus on top-notch security assessments provides unmatched protection for projects.
Solutions at your fingertips 💡
WHAT IS $HAT ?
HAT — the native token of Hats Finance. It plays a crucial role in decision-making, optimizing incentives, earning yields through bug bounty farming, and incentivizing security researchers to enhance platform security.
WHAT ARE ITS FEATURES AND OFFERINGS?
1- Audit Competitions:
Host time-sensitive crowd-sourced audits that enable skilled security professionals to participate in competitive and efficient processes aimed at identifying vulnerabilities.
This platform allows high-quality professionals in the field of security to quickly and effectively contribute to the identification and resolution of security issues.
What’s the advantage?
Hosts quick and efficient crowd-sourced audits, allowing top security professionals to compete in identifying vulnerabilities.
2- Public Competition — FCFS Mechanism
This open competition welcomes all auditors, enabling widespread participation and enabling any auditor to review and submit vulnerabilities they discover. This approach ensures time is not wasted on redundant issues already submitted by others.
What’s the advantage?
Encourages broad participation from all auditors, speeding up the process as auditors focus on unreported issues — a win-win situation
3- Bug Bounties:
Their decentralized bug bounty platform is designed according to Web3 principles. It includes on-chain submission processes and a peer-to-peer architecture to safeguard the privacy of security researchers, eliminating the reliance on third-party support from the process.
What’s the advantage?
The decentralized and private nature of the platform is highly appealing to security researchers who prioritize their anonymity and seek to directly influence the security landscape without intermediaries. This enables a strong and proactive security community.
4- Decentralized Arbitration:
They provide an exceptional decentralized arbitration mechanism that effectively resolves disputes in audit competition and bug bounty submissions, ensuring a fair process and outcome for all parties involved.
What’s the advantage
Provides a trustworthy mechanism for resolving disputes, encouraging more security researchers to participate in audits and bounties knowing that any conflicts will be handled fairly, which helps maintain a cooperative and motivated community.
5- Continuous Audit:
This feature is designed for projects that need to audit new code or changes to existing code. It's especially helpful for projects that have already used Hats Finance's audit competitions. Here's why it's beneficial:
- Familiar Auditors:
Auditors who have previously worked on the project are already familiar with its code and structure. This familiarity allows them to quickly understand and assess the new changes.
- Efficiency:
Because auditors are only looking at the changes, rather than the entire codebase, the auditing process is faster.
- Cost-Effective:
The streamlined approach reduces the time and effort needed for the audit, which lowers costs.
- Continuous Security:
Despite the focus on efficiency, security remains a top priority, ensuring that new changes are thoroughly checked for vulnerabilities.
BIG NEWS 🔥
In 8 days, $HAT will be launched in Fjord Foundry LBP
Firstly look at its tokenomics:
WHAT IS AN LBP?
An LBP is a way to distribute tokens fairly and transparently. It helps determine the token's price by allowing people to buy or sell at any time without any restrictions.
HOW DOES LBP WORK?
- The community determines the value of the token i.e., HAT
- The token price starts high and decreases over time, but if many people buy, the price can stabilize or even increase.
- For $HAT, 4,000,000 tokens (4% of the total supply) will be available through the LBP.
The LBP will run from July 22nd, 15:00 UTC to July 25th, 15:00 UTC.
LFG ❤️🔥 $HAT
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