Web3 security provider Blockaid has teamed up with 1inch Network to enhance security within its ecosystem. This collaboration aims to address and prevent fraudulent activities like phishing scams and hacks, crucial for the DeFi space.
On June 20, 1inch Network announced its partnership with Blockaid, emphasizing the integration of Blockaid’s security features, which simulate transactions before they are executed. This move is intended to bolster DeFi security significantly.
The announcement underscored the critical need for improved security in the DeFi sector, especially in light of the millions lost to malicious attacks in April 2024. Both companies believe that Blockaid’s advanced security measures can effectively combat the increasing fraud and cyber threats in the industry.
Integrating Real-Time Security Alerts
As part of this initiative, 1inch introduced the 1inch Shield, a security solution developed in collaboration with Blockaid. This tool is designed to detect and flag scam tokens, helping users avoid fraudulent transactions.
The integration of these features into the 1inch and broader DeFi ecosystem aims to provide real-time warnings about potential security risks. The system supports major blockchain networks, including Ethereum, Base, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche.
Ido Ben-Natan, Blockaid’s co-founder, highlighted the importance of this collaboration. He stated:
“By integrating our robust security solutions with the 1inch platform, we enhance the safety of digital assets, fostering trust and confidence among users in the DeFi space. Our joint efforts will pave the way for a more secure and accessible DeFi environment for everyone.”
The Shield application programming interface (API) will be gradually integrated into 1inch products. It is designed to be adaptable for any Web3 application, including decentralized applications (DApps), wallets, and exchanges.
Summary Review: The partnership between 1inch and Blockaid represents a significant step forward in securing the DeFi ecosystem. By leveraging Blockaid’s advanced security measures, 1inch aims to create a safer and more reliable environment for its users, enhancing overall trust in the DeFi space.
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