Ondo (ondo) 
Crypto security startup Fireblocks has launched public access to its dApp Protection and Transactions Simulation tool to enhance on-chain safety when transferring assets.
With the introduction of spot Bitcoin (BTC) ETFs in U.S. markets and the surge in cryptocurrency prices leading up to this year, decentralized finance has seen a new wave of institutional investment and widespread adoption.
According to DefiLlama, users have deposited over $100 billion in decentralized protocols for the first time since May 2022, indicating a growing interest in crypto solutions and on-chain involvement.
Fireblocks has observed a 75% increase in institutional defi volume on its platform, reaching nearly $4.5 billion month-over-month. While this is a positive development for the crypto market, it also attracts malicious actors and poses a threat to the digital asset industry.
The crypto security provider referenced a CertiK study that revealed over $500 million in stolen crypto assets in the early months of this year. Traders are facing challenges in identifying potential risks due to the complexities of defi transactions.
Fireblocks has expanded its suite of on-chain security measures to safeguard users involved in blockchain activities. The company emphasizes the need for a proactive security approach in DeFi, enabling traders and operational teams to monitor malicious activities, detect high-risk threats, and assess the impact of a contract call before approving a transaction or engaging with a dApp.
According to Shahar Madar, Fireblocks‘ VP for Security and Trust Products, “A new proactive security approach for DeFi is required — one where traders and operations teams can automatically monitor malicious activity, identify high-risk threats across common attack vectors, and gain context into the impact of a contract call, all before approving a transaction or connecting with a dApp.”
Clients can access the dApp Protection and Transactions Simulation panel through Fireblocks‘ browser extension, MetaMask Institutional, and WalletConnect. The goal is to provide institutional customers with real-time threat detection tools to analyze smart contract calls and implement preventive measures.
A company spokesperson mentioned that during the beta phase, the security firm scanned transactions worth over $10 billion to fine-tune its systems geared towards preventing malicious contract interactions.
Fireblocks is committed to enhancing crypto security and protecting users from potential threats in the ever-evolving digital asset landscape.
