GoPlus Report Unveils How Utilization of API Security Data by Blockchain May Communities May Aid in Addressing Web3 Threats
In Brief
GoPlus Labs sheds light on how increasing Web3 user security data utilization assists in risk management strategies in the new report.
Web3 security infrastructure provider GoPlus Labs published a new report titled “Uncharted Consensus: The Widespread Use and Potential of User Security Data in Web3.” The report sheds light on how increasing Web3 user security data utilization assists in risk management strategies.
GoPlus Labs has developed an API suite of tools to address the challenges of Web3 user security, enabling targeted data analysis across critical aspects of the sector. Its modules include the Token Risk API, the non-fungible token (NFT) Risk API, the Malicious Address API, the Decentralized Application (dApp) Security API, and an Approval API for risk assessments in various domains. According to the company, its security data infrastructure usage has surged significantly, with a 5000x increase from 2022 to the present month, witnessing a daily average of 21 million data API calls, indicating that demand for enhanced security solutions within the Web3 ecosystem is growing.
Starting from November 2023, there has been a notable surge in GoPlus’s Token Risk API tool usage, with some months experiencing peaks of over 20 million calls per day, indicating a shift within the cryptocurrency sector towards proactive risk identification and mitigation. Similar usage spikes were observed across GoPlus’s NFT API module as its usage surged between December 2022 and February 2023, followed by multiple spikes between March and May 2023 before stabilizing. This pattern reflects the growing adoption of NFTs and the increased demand for risk assessment tools.
Upon closer examination of the API usage data, notable fluctuations were observed in the prevalence of “high-risk” tokens, reflecting a threat landscape that mirrors the volatility of the cryptocurrency sector itself. The majority of these high-risk tokens were categorized as either “blacklisted” or “honeypots.” However, various other types of threats were also identified, highlighting the evolving tactics employed by hackers and scammers within the industry.
Additionally, the report revealed an uptick in threats associated with NFTs, including operations such as burning and minting, restricted approvals, self-destruct mechanisms, and unauthorized transfers, highlighting the need for the Web3 projects to adopt more adaptable security strategies and countermeasures to navigate the threat landscape.
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Blockchain Usage Patterns and Security Concerns, BNB Chain Leads in API Queries
Among other findings, the study pointed out the varying degrees of user interaction and security apprehensions observed across different blockchains. BNB Chain emerged as the most frequent user of GoPlus’s APIs, with over 92.7 million queries recorded, highlighting cryptocurrency exchange Binance‘s efforts in nurturing a community dedicated to identifying and preemptively addressing security risks, including token vulnerabilities and fraudulent activities.
Meanwhile, the Ethereum blockchain ranked as the second most utilized platform employing the company’s tools, with users generating approximately 84 million API queries. Additionally, the Polygon blockchain garnered notable attention, with nearly 9.8 million queries recorded, indicating its community’s efforts to implement scalable security measures within the Web3 ecosystem despite its comparatively smaller size.
In addition to tracking user interactions across blockchains, the study examined and revealed the top ten token risks prevalent in the cryptocurrency sector, along with ten tokens exhibiting particularly malicious attributes. It also identified ten NFT collections that might be perceived as risky due to their susceptibility to phishing scams.
The complete report is available via the link: https://goplussecurity.medium.com/exploring-new-frontiers-the-impact-and-utility-of-user-security-data-in-web3-highlighted-by-asset-e4156e643eb1
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
