The world of Web3 and blockchain technology holds immense potential for revolutionizing industries, from finance to supply chain management. However, despite many business leaders realizing the potential, one critical barrier stands in the way of widespread blockchain adoption: many businesses are hesitant to adopt because of valid security concerns, with billions of dollars in yearly losses for web3 cyber attacks. Despite the advancements in blockchain technology, the ecosystem remains vulnerable to various attack vectors and common hacks, which deter institutional and large-scale adoption.
Setting the Scene: Trends and Statistics
Rise of Decentralized Finance (DeFi): The total value locked (TVL) in DeFi protocols surpassed $200 billion in January 2024. Additionally, 38% of enterprises plan to partner with DeFi platforms to expand their service range, according to “7 Blockchain Trends and Market Statistics in 2025” by Vegavid. The rapid growth of DeFi further emphasizes the need for comprehensive security solutions to protect these valuable assets.
Increased Institutional Blockchain Adoption: Major institutions, including financial firms, corporations, and even governments, are exploring and integrating blockchain technology into their operations. In 2024, institutional investment in cryptocurrency markets reached a record-breaking $70 billion, marking a 30% increase from the previous year. Over 58% of hedge funds globally now hold digital assets, compared to just 36% in 2021, as reported in the “Cryptocurrency Adoption by Institutional Investors Statistics 2025” by Coin Law. This trend indicates growing confidence in blockchain technology, provided security concerns are adequately addressed.
Crypto Crime Astronomical: In 2024, funds stolen increased by approximately 21.07% year-over-year (YoY) to $2.2 billion, and the number of individual hacking incidents rose from 282 in 2023 to 303 in 2024, according to the Chainalysis 2025 Crypto Crime Report. This alarming trend underscores the urgent need for a fundamental change in our approach to blockchain security. Defenders have been losing this battle for many years, and the problem is not going away. We cannot continue with the old methodology; we must introduce robust, innovative security measures.
Lack of Security as a Barrier to Adoption: According to a Deloitte 2020 Blockchain Survey of financial service industry leaders, concerns about cyber security is the biggest (71%) obstacle to the acceptance of digital assets. This statistic highlights the critical role that security plays in the decision-making process for potential adopters.
Existing Attack Vectors and Common Hacks
Blockchain networks, while inherently secure due to their decentralized nature, are not immune to cyber threats. Two of the most prevalent attack vectors are:
- Smart contract vulnerabilities: Bugs and vulnerabilities in smart contract code can be exploited by attackers to siphon off funds or manipulate contract behavior.
- Attacks on wallets (including phishing): Users’ digital wallets are often targeted through phishing schemes to steal private keys or credentials, leading to unauthorized access to wallets and funds.
These attack vectors have led to numerous high-profile hacks and losses in the Web3 space, highlighting the urgent need for robust security measures.
The Current State of Web3 Security Solutions
Several Web3 startups have developed security solutions aimed at addressing specific vulnerabilities. However, these solutions are often limited to pre-deployment stages and lack the capability to provide comprehensive, real-time security for every transaction. This gap leaves blockchain networks exposed to ongoing threats and undermines user confidence.
Three Main Points Inhibiting Blockchain Adoption
- Limited Scope: Existing security solutions often cover only specific wallets and decentralized applications (dApps), not the entire blockchain network. This limited scope leaves significant portions of the network vulnerable to attacks.
- Limited to Pre-Deployment: Many security measures, such as smart contract audits, are conducted before deployment and are blind to evolving hacking techniques and contextual changes. This limitation means all you can do once a smart contract is deployed is hope for the best, with no way to actively monitor and protect post-deployment.
- Trust Deficit: In the face of frequent cyber attacks, the lack of reputable security vendors hinders adoption. Businesses and institutions are hesitant to adopt blockchain technology without the assurance of reliable and comprehensive security solutions from vendors they know and trust.
The Check Point and Cardano Partnership
Cardano, founded in 2017, is a blockchain platform known for its focus on sustainability, scalability, and transparency. As of publication, Cardano’s assets are worth approximately $27.83 billion. One of its standout initiatives is Project Catalyst, which empowers the community to propose, evaluate, and vote on value-added projects on Cardano with the goal of driving wider adoption. Recognizing the critical need for a holistic security solution, the Cardano ecosystem expressed overwhelming support for the initiative with Check Point and Project Catalyst provided the funding. Check Point and Cardano joined forces to develop and deliver the first comprehensive real-time security solution for blockchain. This partnership aims to leverage Check Point’s industry-leading cyber security expertise and Cardano’s robust blockchain infrastructure to create a secure environment for Web3 applications.
Check Point’s Role: Check Point will bring its advanced threat intelligence and monitoring capabilities to the Cardano network. This includes real-time detection and prevention systems that can protect against a wide range of cyber threats, from smart contract vulnerabilities to phishing attacks.
Cardano’s Contribution: Cardano, known for its focus on security and scalability, will integrate these security measures into its blockchain infrastructure. This will ensure that every transaction on the Cardano network is monitored by state-of-the-art security protocols.
Driving Widespread Blockchain Adoption
The collaboration between Check Point and Cardano is poised to drive widespread adoption of blockchain technology by addressing the most significant barrier to entry: security. By providing a comprehensive, real-time security solution, they aim to instill confidence in institutional players and large-scale enterprises, encouraging them to build and innovate on the Cardano network.
In conclusion, the partnership between Check Point and Cardano represents a significant step forward in the quest for a secure and resilient Web3 ecosystem. As they work together to develop and implement innovative security solutions, the future of blockchain technology looks brighter and more secure than ever.
Interested in learning more about Check Point Web3 Security and Cardano? Request a Demo
