Fantom Network Launches Automated Smart Contract Audit System Watchdog to Monitor for Bugs

On October 27, the Fantom Foundation announced a collaboration with the information and investigation level Dedaub successful bid to bolster Fantom’s decentralized concern (defi) ecosystem. Dedaub’s monitoring strategy called Watchdog volition show astute contracts connected the Fantom blockchain for exploits and buggy code.

Fantom Looks to Curb Defi Exploits With Watchdog Monitoring System

The Fantom blockchain aims to support its defi ecosystem with a caller automated astute declaration surveillance strategy called Watchdog, according to a blog post published connected Thursday. Fantom is simply a furniture 1 (L1) EVM-compatible blockchain that leverages an asynchronous byzantine responsibility tolerance (ABFT) statement scheme.

“Smart declaration vulnerabilities stay a pressing occupation crossed the crypto industry,” the Fantom Foundation’s blog station explains. “In Q1 2022 alone, hackers stole $1.3 cardinal successful cryptocurrencies; 97% of these exploits focused connected defi products.”

The Fantom Foundation said that the Dedaub-crafted Watchdog volition scan for issues 24/7 and show for much than 80 types of exploits. It besides includes accusation astir proxy configurations, declaration approvals, full worth locked (TVL) data, excavation sizes, and “whether an code has peculiar privileges.” “[Watchdog] periodically updates and improves with caller onslaught vectors arsenic caller probe emerges,” the Fantom Foundation detailed. The radical down the Fantom blockchain task added:

Defi projects with astatine slightest $10 cardinal successful TVL and selected NFT-related projects volition automatically person their astute contracts work into the Watchdog system. Each task volition person administrative entree to spot a database of vulnerabilities wrong their astute contracts astatine immoderate time. Projects tin manually query each astute declaration against immoderate exploit recognized by Watchdog.

Fantom’s autochthonal crypto plus fantom (FTM) is situated successful the no. 81 position, retired of much than 13,000 crypto marketplace capitalizations listed today. Out of the $54.15 cardinal TVL successful defi crossed each the blockchains connected October 28, Fantom is the tenth largest TVL with $497 cardinal oregon 0.92% of the $54.15 cardinal aggregate. Fantom-based decentralized concern applications person been attacked successful the past arsenic Grim Finance mislaid $30 cardinal and Deus Finance and Spiritswap were attacked arsenic well.

What bash you deliberation astir Fantom adding the astute declaration information strategy Watchdog? Let america cognize your thoughts astir this taxable successful the comments conception below.

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