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Ethereum Developers Launch Web3SOC to Standardize Security and Compliance in DeFi
- Ethereum developers have launched Web3SOC to standardize security and compliance in DeFi.
- Contributions from top teams like Uniswap Labs, Morpho, Maple Finance, Kiln, and Steakhouse Financial, along with cybersecurity firms Cantina and Secureum.
- Web3SOC offers a structured classification framework for Web3 applications to improve transparency, security, and collaborative governance.
- The goal is to provide financial institutions and DeFi projects with a shared methodology to assess security practices and ensure operational compliance.
- Web3SOC functions as a standardized reference for best practices in smart contract development, protocol risk mitigation, and governance processes.
- It could become a foundational layer for evaluating the readiness and reliability of decentralized applications, especially as traditional finance explores blockchain integration.
- The framework received contributions from institutional investors and stakeholders, underlining the need for security transparency in DeFi.
- Web3SOC aims to address the risks posed by exploits and governance issues in the DeFi sector, enhancing trust from users and institutions.
- The launch of Web3SOC signifies a move towards professionalizing DeFi infrastructure, making it more accessible and trustworthy for larger capital allocators and regulators.
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