Sudipan & Arka have a Shared Mission : to Secure the Future of Finance 🏦

Dropping out of college isn’t an easy decision to make, especially when the college in question is the prestigious Indian Institute of Technology (IIT). But when you have an idea that can add massive value to DeFi and make it safer for everyone - you probably want to entertain the idea.

And that’s exactly what Sudipan and Arka, the techies building Chainrisk did. Young, ambitious and raring to go, they created Chainrisk - a behavioral and statistical impact analysis engine for Defi protocols.

📌 Check out this comprehensive report on economic risks in Web3 authored by the ChainRisk team : https://arxiv.org/abs/2402.15037?s=09 

When we met the founders, we quickly realized not only how big their vision was - but how critical it was for DeFi. Economic Risk is something that has matured in TradFi but is severely lacking in application in DeFi. Their product (Chainrisk Cloud) is cutting edge and has a clear advantage over competitors - it is up to 5x faster and 6x cheaper.

📌 Sidenote- as it happens, one of these competitors is leaving the AAVE ecosystem, here’s a step by step of why and how by Sudipan : https://twitter.com/SudipanSinha/status/1761728917210288526 

Symbiote x Chainrisk: The next step up in growth 🚀

The idea was there, and so was the product-market fit. But how do we grow to the next level? 🤔 

That is what we’ve been collaborating with Chainrisk on over the last few months in their Symbiote accelerator journey. We try to be a soundboard to guide them at every step based on our deep Web3 experience.

We’ve been working with the team closely on the nuts and bolts of things like how to build a company from scratch and scale it up. 🚀

We also have been helping them navigate the Web3 grant ecosystem waters and introducing them to synergistic VC partners. A sneak peek into our DMs (yes we are good with VC connections 😉) 👇️ 

With this tailored support, Chainrisk can confidently take rapid strides on their mission of making the future of finance a safer place for all.

We the Symbiote fam are glad to see these brilliant statisticians and hackathon aficionados evolve into founders who can go on to confidently build a $1bn unicorn!

Read on to know more about Chainrisk and their story 🍿 👇

The Chainrisk Story : How it all Started ✨

Early Exploration and UNSNARL 🌱

Right from school in 11th and 12th grade, Sudipan showcased a knack for hacking, securing a $7.5k bug bounty from Netflix in 2020. His journey led him to the world of Ethereum, where he engaged actively in its Discord community, delving into discussions on crypto encryption.

Upon entering college, Sudipan founded UNSNARL, a Web3 security services company, and extended his expertise to consult multiple alumni companies, setting the stage for his entrepreneurial journey.

A shared realization & the ETH India grant 💡

In August 2022, Sudipan crossed paths with Arka at the Solana Hacker House in Bangalore. Arka, having completed his Polygon fellowship, had been immersed in developing the "Pro NFT League," an innovative play-to-earn project centered around cricket knowledge.

As Sudipan and Arka engaged in deep discussions, they recognized the pressing security challenges within Web3, sparking the inception of a smart contract audit company. With a grant from ETHIndia, they swiftly completed around 20 audits and established a sustainable business model.

Evolution to DetectBox Marketplace…and a new insight 👏

Acknowledging the growing demand for audit services, Sudipan and Arka pivoted towards a marketplace model, culminating in the birth of "DetectBox." This platform facilitated the collaboration between security researchers and companies seeking audits, fostering scalability and efficiency.

DetectBox completed around 20 audits, and the duo published 2 blockchain security research reports in the meanwhile.

By April 2023, the team uncovered a critical insight: over 55% of DeFi protocol attacks stemmed from complex economic conditions rather than inherent smart contract flaws, reshaping their approach to security assessment. The idea of Chainrisk started taking shape…

Financial Uncertainties…& Antler Fellowship 💸

Facing financial uncertainty as funds were draining out, Sudipan and Arka entered the Antler India fellowship. They bagged it, securing a vital $10k grant that sustained their venture. Subsequently, they received pre-seed funding from Antler, prompting their decision to drop out of college and fully commit to their startup.

The Birth of Symbiote x Chainrisk 🤝

In December 2023, serendipity struck as Sudipan, Arka, and Nilotpal converged at an ETHIndia conference, laying the foundation for the collaborative journey of Symbiote x Chainrisk, marking a new chapter in their entrepreneurial odyssey.

As ChainRisk continues on their journey of completely transforming Web3 security as we know it, we at Symbiote are there to back them every step of the way.

About Symbiote

The Web3 ecosystem is plagued by funding gaps and a dearth of tailored support. Symbiote aims to be the antidote 💉 

Here are the key differentiators in Symbiote’s program.

• 12-week tailored program designed for individual project needs.

• Sprint-based model for high-paced, measured results.

• Focus on instilling confidence in startups to navigate the dynamic crypto market.

• Real-time project insights via cutting-edge analytical tools.

• Knowledge center providing detailed connections, past performance, and future plans.

• Access to an extensive ecosystem with 50+ Mentors, 450+ Partners, 150+ Investors and a fast growing 110k+ Global Community

👀 We just announced our first cohort, check it out below 👇️ 

👉️ Apply for the next cohort here.