Hats Finance, a platform focused on community-driven on-chain audit competitions and bug bounties, has joined the Cointelegraph Accelerator program. Smart contracts are crucial for DeFi, making regular audits essential to prevent attacks. However, only 44% of Web3 projects underwent audits in Q1 2024, posing security risks. Traditional audits are costly and time-consuming, often overlooking vulnerabilities. Hats Finance offers decentralized audit competitions, reducing time to patch vulnerabilities. It operates on a pay-for-results model, incentivizing auditors and ensuring quality assurance. The platform also provides bug bounty programs, rewarding submissions with project tokens. With $4 million in seed funding, Hats Finance plans to expand its competitions and engage more security researchers. By involving the community and streamlining the audit process, Hats Finance aims to enhance security for Web3 projects. Read more AI-generated news on: https://app.chaingpt.org/news
