San Francisco, CA – Quantstamp, a global leader in Web3 security, is proud to introduce DeFi Protection, an innovative security solution designed to reimburse users in the unfortunate event of DeFi losses.
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Decentralized finance (DeFi) hacks are a persistent problem and a significant obstacle to mainstream adoption. According to Forbes, hackers have abused DeFi protocols nearly 500 times, causing losses of more than $6 billion since 2019. These incidents have taken their toll on DeFi users.
Quantstamp’s newly launched DeFi Protection service is poised to provide DeFi enthusiasts with peace of mind while protecting their assets.
DeFi Protection is a comprehensive security product that not only assesses the security of smart contracts and notifies users of potential threats, but also provides 24-hour support from security auditors. Most importantly, the service includes a warranty program that promises to reimburse DeFi Protection users for any losses due to gaps in Quantstamp’s security services.
To enroll in the program, users can simply choose the protocols they want to protect, specify the duration of protection and maximum refund amount, and make their payment in USDC.
At launch, DeFi Protection will include protocols such as Aave, Compound, Curve, Lido, and Uniswap, with plans to expand to additional protocols in the near future. This initiative is made possible through a partnership with Chainproof, a regulated primary insurer for smart contracts and risk reduction, and its insurance technology partner Tint.
Notably, the warranty program is regulated by the North Carolina Department of Insurance, making it the first program legally available to residents of the United States. Users must undergo KYC/AML verification through Quadrata, a web3-native solution, to confirm their US residency before they can subscribe.
Sebastian Banescu, head of insurance at Quantstamp, highlighted: “While smart contract audits provide an essential layer of security, they are only one aspect of the whole. Additional measures are needed to ensure the safety of user funds. This is exactly why we have DeFi Protection – to help users recover their losses.”
In addition to its core business of smart contract audits, Quantstamp remains committed to exploring innovative methods to improve the security of blockchain companies and their users.
To learn more about DeFi Protection, visit DeFi Protection.
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About Quantstempel
Quantstamp is a global leader in blockchain security, committed to securing the future of web3. Founded in 2017, the team has built vast expertise through numerous audits and collaborations with some of the top projects in the industry, including Maker, Compound, Polygon, Arbitrum, Sandbox and many others.
To date, Quantstamp has conducted more than 700 audits and protected digital assets worth more than $200 billion from cyber threats. In addition to offering a wide range of security services, Quantstamp supports the growth and sustainability of the web3 ecosystem through strategic investments and advisory roles.
For more information, visit our website at Quantstamp.com or follow us on Twitter @Quantstamp.