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

On October 27, the Fantom Foundation introduced a collaboration with the safety and evaluation platform Dedaub with a purpose to bolster Fantom’s decentralized finance (defi) ecosystem. Dedaub’s monitoring system known as Watchdog will monitor sensible contracts on the Fantom blockchain for exploits and buggy code.

Fantom Looks to Curb Defi Exploits With Watchdog Monitoring System

The Fantom blockchain goals to guard its defi ecosystem with a brand new automated sensible contract surveillance system known as Watchdog, in accordance with a blog post printed on Thursday. Fantom is a layer one (L1) EVM-compatible blockchain that leverages an asynchronous byzantine fault tolerance (ABFT) consensus scheme.

“Smart contract vulnerabilities remain a pressing problem across the crypto industry,” the Fantom Foundation’s weblog put up explains. “In Q1 2022 alone, hackers stole $1.3 billion in cryptocurrencies; 97% of these exploits focused on defi products.”

The Fantom Foundation stated that the Dedaub-crafted Watchdog will scan for points 24/7 and monitor for greater than 80 varieties of exploits. It additionally contains details about proxy configurations, contract approvals, whole worth locked (TVL) knowledge, pool sizes, and “whether an address has special privileges.” “[Watchdog] periodically updates and improves with new attack vectors as new research emerges,” the Fantom Foundation detailed. The group behind the Fantom blockchain challenge added:

Defi tasks with a minimum of $10 million in TVL and chosen NFT-related tasks will routinely have their sensible contracts learn into the Watchdog system. Each challenge will obtain administrative entry to see a listing of vulnerabilities inside their sensible contracts at any time. Projects can manually question every sensible contract towards any exploit acknowledged by Watchdog.

Fantom’s native crypto asset fantom (FTM) is located within the no. 81 place, out of greater than 13,000 crypto market capitalizations listed immediately. Out of the $54.15 billion TVL in defi throughout all of the blockchains on October 28, Fantom is the tenth largest TVL with $497 million or 0.92% of the $54.15 billion combination. Fantom-based decentralized finance functions have been attacked prior to now as Grim Finance misplaced $30 million and Deus Finance and Spiritswap had been attacked as effectively.

What do you consider Fantom including the sensible contract safety system Watchdog? Let us know your ideas about this topic within the feedback part under.