Meter, a layer one blockchain with Freedom and Fairness as the first principle has teamed up with Hats Finance, a leading security-oriented protocol in the quest for improved security and user safety across both projects and decentralized finance. Meter is a highly decentralized, censorship resistant, yet blazing fast and MEV resistant Layer 1 blockchain.
Hats Deployment and our Long Term Commitment
The partnership kicked-off with the Hats deployment on the Meter chain, with the ability to support any project or token in the Meter ecosystem. While the initial deployment is undoubtedly exciting, the true value lies in our long term collaboration. Both teams are wholeheartedly committed to enhancing web3 security infrastructure and fortifying the underlying technology of their respective platforms.
Hats’ Unique Audit Competition:
The significance of auditing smart contracts before deployment cannot be overstated — it is a crucial step in ensuring the safety of projects, chains, and users. While it is now widely acknowledged that a single audit is not sufficient to instill full confidence in the code before launch, budget constraints often prevent most projects from executing supplementary audits. This gap is where Hats’ unique value proposition — the Audit Competition comes into play.
The “Pay for Results, Not for Efforts” Model:
Hats’ audit competitions operate on a simple yet powerful model: rewarding results, not efforts. This model ensures that projects only pay their allocated budget, based on the severity of vulnerabilities identified. It is also important to highlight that the Hats service fee is only applied on the payout amount, meaning projects get to host their audit competitions for free if no vulnerabilities are found.
Hats is the first on-chain security protocol that creates value that we all care about — learn more about the audit competition product.
Meter’s Security-First Approach: Matching Allocated Funds!
In collaboration with Hats, Meter also introduces the concept of matching allocated funds for projects willing to deploy on the Meter chain, an approach to incentivize all projects to meet the highest security standards and a safe deployment.
Funding will be implemented in two ways:
- Higher Matching: Projects that have undergone audits and participated in the Hats audit competition before launching onwill receive an optimal security grant matching.
- Lower Matching: Projects that have not been audited before deploying on Meter will receive a lower matching security grant to participate in an audit competition on Hats.
As we host security events to promote this matching program, Meter’s unique approach is just the beginning to create a safer ecosystem. We extend our gratitude to the Meter team for leading the change in prioritizing security and assisting us on our journey to create a more trustworthy and resilient ecosystem for broader adoption.