Friend.tech, a decentralized social media platform operating on Base’s Ethereum layer-2 chain, has been a significant contributor to Base’s recent growth. Base is a secure, low-cost, builder-friendly Ethereum layer-2 chain designed by Coinbase to bring the next billion users on chain. It has become a favorite for DApp developers and early investors due to its outstanding performance and the innovative projects it attracts.
According to the latest data, the platform has surpassed one million daily active users and has a total value locked (TVL) exceeding $35 million. The platform allows users to buy “shares” of other users to chat with them, emphasizing the concept that “Your network is your net worth.”
However, this rapid growth has also attracted cybersecurity threats, notably phishing attacks. These social engineering tactics have been a significant concern in the Web3 sector, with losses already amounting to $650 million as of June 2023. High-profile individuals like Mark Cuban and Vitalik Buterin have also fallen victim to such attacks. To mitigate these risks, Friend.tech strongly recommends its users to employ hardware wallets for enhanced asset security.
In response to these security challenges, CoolWallet, a hardware wallet maker that natively supports the Base ecosystem, has initiated a Web3 Guardian competition. This campaign aims to raise awareness about its Web3 SmartScan feature, which proactively screens all Web3 transactions and flags any malicious behavior or smart contract vulnerabilities. The SmartScan feature is available on the CoolWallet App and offers an added layer of protection against phishing attempts.
To further promote Web3 asset protection, CoolWallet is launching a global competition with generous rewards for participating users. The competition aims to enhance user security awareness and encourage the use of SmartScan for safer transactions. This move is particularly timely, given the increasing number of phishing attacks targeting not just individual users but also high-profile personalities in the crypto space.
The Web3 Guardian competition is expected to draw significant attention, especially among Friend.tech users who are already concerned about asset security. The competition will not only offer rewards but also educate users on the importance of transaction screening, a feature that is often overlooked but crucial in the current landscape of frequent cyber attacks.
Image source: Shutterstock