Phaver is building the gateway to web3 social by allowing anyone to access on-chain social graphs like Lens Protocol and CyberConnect. The mobile app allows anyone to sign up with familiar Web2 logins and without a crypto wallet, onboarding users to Web3 in a step-by-step way, connecting an on-chain Lens profile or showcasing their NFT collection.

After launching in May 2022 along with the Lens’s mainnet, Phaver saw a rapid growth. To date, their app has been downloaded more than 250,000 times and sees over 50,000 posts being made daily by their dedicated community. With the help of excellent developers and vibrant core team, Phaver offers a familiar feel and feature set that enables a soft landing in web3 social.

Phaver offers a very unique and gamified rewards mechanism, which aims to fairly reward content creators as well as the curators and moderators who are a vital part of the social ecosystem.

“Web3 is all about user ownership, and with ownership come a lot of rights, one of which is using your own data wherever you want,” said Phaver’s CEO & co-founder Joonatan Lintala after closing the seed round.

“Phaver’s mission is to connect the entire web3 by allowing users to bring in their own building blocks for their social graph, whether that means building credibility with a decentralized ID, finding community among holders of the same collectibles or building relationships across the entire internet with on-chain social layers like Lens. Users, who now own crucial pieces of the social network, also deserve their fair share of the pie and should be heard in important decisions.”

Phaver’s CFO & co-founder, Tomi Fyrqvist added that “We are thrilled to partner with this select group of value-adding investors and partners, building the ecosystem together with our incredible community”.

“The internet hasn’t been in such an exciting phase since the start of the century - and web3 technologies allow for the opportunity to build more meritocratic systems in the next-gen user-owned decentralized web, where the ownership of digital assets and online social life is redefined.”

“We are looking forward to this next wave, where pioneers like Lens and CyberConnect are igniting the transition with a social protocol layer, whilst the underlying infrastructure, such as Polygon, BNB Chain and Ethereum, ultimately secures them,” concluded Tomi.

A cryptocurrency wallet is an app or a physical wallet like a USB stick, that stores your wallet private keys, thus keeping your crypto safe and secure. These keys are strings of complicated letters and numbers allowing you to encrypt and decrypt whenever you’re making crypto transactions.

With the increasing usage of crypto wallets and cryptocurrency, the risks of hacks and bad actors stealing your funds are also increasing. Only in July this year, Crypto traders lost $303 million worth of digital assets in exploits and hacker attacks. Due to a rise in hacking attempts, crypto users should start taking extra safety precautions.

Diversify Your Assets

Don't put all your eggs in one basket and diversify your assets. Even an innocent mistake can cause a loss of thousands of dollars. Use multiple wallets for multiple services:

• Investments
• NFTs
• Savings
• DeFi
• Hot Wallet
• Cold Wallet

The more you diversify your assets, the lower your overall risk ratio becomes.

Always Scan Smart Contracts

Before interacting with any new smart contract, scan it to find its vulnerabilities. Many such tools are available which allow you to look deeply through a smart contract. One such tool is the Scanner by De.Fi.

It only takes a few minutes to check if the contract has a blacklist or it's missing liquidity, has transfer limits, high buy and sell fees or non open-course contracts. To do that, simple go to De.Fi ❯ Scanner ❯ Input the contract address ❯ See the result.

Use Multi-Signature Wallets

One of the best option to secure your assets is to use a cold hardware wallet like a Ledger. If you are a newbie or for some reason you can't afford a hardware wallet, then you can always use a smart contract multi-sig wallet like Safe.

Multi-sig wallets are growing in reputation as they allow you to add multiple signers. So whenever you try to do any transaction from your smart contract wallet, you will need the permission from your attached wallets to execute the transaction, thus adding an extra layer of security to protect your assets.

Limit Permissions

Granting maximum or unlimited permissions can leave you vulnerable to hacks. If you provide unlimited permission to any smart contract to use your assets, the people behind the smart contract can always rug pull or hackers can steal your assets. It's crucial to provide only the minimum necessary permissions to smart contracts.

Always input the amount manually instead of choosing maximum or default.

Revoke Permissions

Make the process of revoking permissions a part of your weekly or a monthly routine. Revoking permissions means you are restricting a smart contract from using your assets without your permission. Use great tools like Revoke.Cash or De.Fi to revoke permissions.

It costs some gas to revoke permissions but your security costs much more.

Remember, while DeFi presents many incredible financial opportunities, it also requires individual responsibility. Stay vigilant, do your due diligence, and enjoy the decentralized financial revolution securely.