Solana Foundation, Immunefi and Trail of Bits launch web3 security standard: Rekt or not?
- Web3 projects have come forward with a test of critical security requirements to test protocols before interacting with them, to fight hacks.
- The Solana Foundation acknowledges that the state of web3 security is in need of improvement, therefore developing a baseline security standard.
- The test defines a minimum level of security expected from web3 projects and offers users an opportunity to evaluate the quality of a project before engaging with it.
The web3 ecosystem has suffered exploits in 2023, urging firms like The Solana Foundation, Immunefi and Trail of Bits to come forward with a set of questions to review security performance of projects.
The results would enable web3 users to identify the quality and security infrastructure of a project before interacting with it.
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The Rekt Test: Web3 giants promote baseline security standard
Immunefi, a bug bounty security platform, is working on the launch of “The Rekt Test.” The word Rekt is from crypto lingo refers to someone who has experienced a heavy financial loss due to a wrong trade or investment.
A group of industry giants have created a test that guides web3 projects through a set of questions designed to ensure they adhere to a minimum level of security performance, so its easier to evaluate the quality of a project before engaging with it.
The test covers system documentation and roles, key management and access control, incident response and crisis management, team and personnel security, code security and testing, external audits, among other things.
The Solana Foundation collaborated with Fireblocks and Ribbit Capital to develop this test alongside a group of web3 security experts.
Impact on web3 users
Web3 users can use the test’s results before entrusting projects with their funds in the ecosystem. According to Immunefi’s recent report, over $3.9 billion was lost to hacks and scams in web3 and a large volume of capital incentivizes attackers to exploit projects. The implementation of “The Rekt Test” is therefore likely to have a positive impact on web3 users.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
