Enhancing Web3 Security and Removing Barriers to Auditing with Audit Cover
Amulet Protocol is thrilled to announce the launch of Audit Cover, a groundbreaking solution developed through collaboration with FYEO. For the first time, web3 projects have access to coverage that mitigates the cost of smart contract audits. This innovative offering aims to address the critical need for security in the web3 space and eliminate barriers to performing security audits.
Traditionally, cover providers have been hesitant to venture into the web3 realm. However, Amulet and FYEO recognized the importance of insurance as a catalyst for advancing web3 to the next level of maturity. By bridging the gap between web3 cover and smart contract audits, we aim to foster a more secure and resilient web3 ecosystem.
With FYEO’s impressive success rate of 99.8% in identifying vulnerabilities, the likelihood of needing reimbursement for audit costs is low. However, our coverage for audit payments is just the first step. Our ultimate goal is to release comprehensive coverage that extends to the total contract value in the event of any breach, tied to regular auditing. We firmly believe that regular security check-ups, rather than one-off audits, will become the norm, and this initiative incentivizes projects to adopt this proactive mindset.
Initially focusing on smart contracts and protocols (excluding L1s), we aspire to expand our coverage to encompass a broader scope in the future. Importantly, this coverage comes at no cost to the project. Additionally, all projects referencing this partnership gain access to exclusive 40% off code audit rates.
As web3 systems grow in complexity and scale, the potential for errors increases exponentially. Web3 developers recognize the indispensability of rigorous auditing to ensure error-free operations in smart contracts. While auditing methodologies may vary based on specific factors, core principles remain constant. By following these principles, we can detect vulnerabilities early and concentrate efforts on more complex issues, reinforcing security measures.
FYEO will handle the process for obtaining the Audit Cover from Amulet as part of their audit onboarding.
For terms and conditions of our audit refund cover, please refer to this document: https://docs.amulet.org/documentation/cover-products/audit-refund-cover
Together, let’s fortify the web3 ecosystem and drive it towards a safer and more resilient future!
We’ll also get together on an X Space to discuss this further on Wednesday 13th September at 3pm UTC (Don’t worry, we’ll announce this again separately soon!). Keep your eyes on Discord and X to set your reminders!
Does your project need an audit? Be the first to take advantage of this special coverage: https://www.fyeo.io/blockchain-security-audit