Web3 has seen increasing security breaches in recent years. Hacks have resulted in losing billions of dollars worth of cryptocurrency, eroding trust in the technology and hindering its mainstream adoption. Despite this, many companies in the space have been slow to implement adequate security measures.
In 2022, cryptocurrency projects lost $3.8 billion due to hacks and cyberattacks, as per a report by Chainalysis. The report indicates that DeFi protocols accounted for 82.1% of all stolen cryptocurrencies. What can be done?
Smart contract monitoring is a great way to secure your assets because it gives you one of the best powers - time. Imagine how relieving it is to be informed about your contract to be exploited prior to it happening! You are offered a window of opportunity to take swift action and secure your funds.
Monitoring provides you with unified details about overseen contracts and their transactions, all on a single platform. Real-time triggering of alerts for every ill-natured transaction, state change, token transfer, drop in balance for any addresses is valuable information that can save millions of dollars if used in a timely manner.
Lossless Aegis
If you think that accessible monitoring tools do not exist in Web3, guess again. Aegis is a comprehensive security solution designed by Lossless specifically for Web3 companies and retail users. Its purpose is to identify potential vulnerabilities and prevent attacks from occurring before they can cause significant damage. You identify and respond to security threats quickly, minimizing the risk of being exploited.
The threat identification system offers a suite of advanced features which allow users to understand their transaction data better, identify and mitigate potential security risks, and streamline their security processes. Let’s take a closer look at some of the functionalities:
1. Monitoring
Users monitor their smart contracts without any integration using the Aegis platform. You create an account, pick a tier and add the addresses you wish to oversee. Suspicious transactions are flagged and assigned a critical, high, medium, or low severity level. Added contracts are also scanned by Aegis for vulnerabilities.
2. Instant Alerts
The monitoring system provides real-time alerts via email, SMS messages, Slack, and Telegram for quick warnings so that the contract owners could take action against malicious activities.
3. Custom Event Tracking
Aegis allows users to track specific events related to their smart contracts. Users can select events they want to monitor, for example, ownership changes, and receive notifications when transactions with those events occur.
4. Backtesting
Backtesting is a way to go back in time. It allows users to review past attacks and incidents associated with their smart contracts if there were any. By doing so, users can detect any previous security breaches or vulnerabilities they may have overlooked and take preemptive steps to mitigate potential risks.
Aegis is a response to the growing challenge of Web3 security. It empowers companies and retail users to proactively protect their contracts from potential flash loans, rug pulls, malicious smart contracts and much more - all on one platform.
Authored by Lossless.