July 24, 2024
Latest Cryptocurrency News

1inch Collaborates with Blockaid to Enhance DeFi Security

Decentralized finance (DeFi) platform 1inch announced a collaboration with Web3 security provider Blockaid to enhance security within its ecosystem. On June 20, 1inch revealed its goal of identifying and preventing fraudulent activities like phishing scams and hacks. This partnership aims to bolster security in the DeFi space, which has seen millions in crypto assets lost to malicious attacks in April 2024.

1inch Shield: A New Era of DeFi Security

The collaboration led to the introduction of the 1inch Shield, a security solution developed with Blockaid. This system detects and marks scam tokens, helping users avoid fraudulent transactions. Blockaid’s security features simulate transactions before execution, providing real-time warnings about potential security risks. This integration supports major blockchain networks like Ethereum, Base, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche.

Sergej Kunz, co-founder of 1inch, emphasized that the partnership aims to benefit the broader DeFi ecosystem. By launching its product and providing API access, 1inch allows other Web3 projects to integrate their solution without lengthy security vendor integrations or developing security measures from scratch.

A New Standard for Web3 Security

Furthermore, Ido Ben-Natan, Blockaid’s co-founder, stressed the importance of this partnership in securing the Web3 ecosystem. He stated that combining Blockaid’s strong security solutions with the 1inch platform improves digital asset safety and builds DeFi consumers’ confidence. This collaboration aims to protect Web3 users from various threats, including scams, malicious attacks, and compliance risks.

The Shield API will be gradually integrated into 1inch products and is adaptable for any Web3 application. This includes decentralized applications (DApps), wallets, and exchanges. By merging the strengths of leading providers, this partnership sets a new standard for Web3 security. Thus, paving the way for a more secure and accessible DeFi environment.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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