Secure3

Secure3 is a Web3 security firm that operates a competitive audit contest platform to identify vulnerabilities in blockchain projects. Founded in 2022 by Vivek R and Yuan Xia, the company is headquartered in Silicon Valley and was incubated by Stanford's StartX accelerator. In July 2022, Secure3 raised $5 million in a seed funding round from investors including Mirana, GGV Capital, and Alumni Ventures.

The company's core service is its Audit Contest, a decentralized and performance-driven model where multiple auditors compete to find security flaws in a project's codebase before its public launch. This model is designed to engage significantly more auditors than traditional methods, increasing the diversity of expertise and the comprehensiveness of the security review. Auditors are rewarded based on performance, meaning payment is tied to the discovery of valid security issues, a structure intended to align incentives with the project's security needs. Secure3 serves Web3 projects of various types, including DeFi, Layer 1 and 2 protocols, dApps, and cross-chain bridges.

The business model involves taking a percentage of the contest's prize pool to fund platform operations, which include auditor vetting, submission grading, and managing the overall process. The company differentiates itself from traditional auditing firms by offering more affordable and flexible pricing and faster turnaround times, often starting audits within 24 hours. It also distinguishes its pre-launch audit contests from post-launch bug bounty programs by providing a focused, in-depth analysis with certified auditors matched to the project's specific needs.

Keywords: Web3 security, audit contest, smart contract audit, blockchain security, decentralized audit, vulnerability detection, bug bounty, DeFi security, code review, protocol security, dApp security, performance-based audit, security platform, crypto security, smart contract vulnerabilities, StartX, blockchain audit, security competition, cybersecurity, vulnerability assessment