To support the decentralized financial (Defi) ecosystem of Fantom, the Fantom Foundation announced a partnership with the security and analytical platform Dedaub on October 27. The Watchdog monitoring system from the Dedaub is a part of this partnership. Hence, they will keep an eye out for bugs and exploits in the smart contracts running on the Fantom blockchain.
Fantom is collaborating with Deaub’s continuous smart auditing system and the Contract Library smart contract explorer.
Contract library was launched in the year 2018 and is an open-source blockchain explorer focused on contracts and is free to use. 2018. It provides a platform for disclosing vulnerabilities while continuously decompiling and analyzing all deployed contracts for human review. Contracts that will be introduced to the company network will immediately show up inside the contract library.
Whereas Watchdog is an automatic, ongoing auditing mechanism that will examine a subset of Fantom Network smart contracts. A human auditor reviews all highlighted warnings and escalates them if they are thought to be valid and high-value.
The CEO of Fantom Foundation said that
“We’re incredibly excited to bring a new level of safety and security to the ecosystem with Watchdog. Developers require access to cost-effective, efficient, and trustworthy smart contract auditing tools. Watchdog delivers just that, and will set a new standard for security.”
According to a blog post published on Thursday, the blockchain is attempting to safeguard its Defi environment. Along with a brand-new automatic smart contract monitoring system named Watchdog.
The blog post also mentioned that “Smart contract vulnerabilities remain a critical problem across the crypto sector.” “Only in the first half of 2022, hackers stole around $1.3 billion in cryptocurrencies, with 97% of these exploits targeting the Defi goods.”
How this Dedaub’s Watchdog will help?
Fantom explained that the Dedaub-built Watchdog would continuously check for problems and keep an eye out for more than 80 different sorts of exploits. Along with that, it will provide details on proxy settings, contract approvals, total value locked (TVL) data, pool sizes, and “whether an address has special privileges.” The Foundation further explained that “It will periodically upgrade and improve with new attack vectors as new research emerges.”
Those who are in charge of the Fantom blockchain project further stated
“Smart contracts for selected NFT-related projects and Defi projects with at least $10 million in TVL will be automatically read into the Watchdog system. A list of vulnerabilities in each project’s smart contracts will be available to administrators at all times. Projects can manually check every smart contract for any Watchdog-recognized exploit.”
What is Fantom?
Fantom is an asynchronous byzantine fault tolerance (ABFT) consensus-based layer one (L1) EVM-compatible blockchain. The company claims that the transactions cost around one cent and are confirmed in one second and they are perfect for real-world use cases and DeFi applications because of their speed, cheap transaction costs, and high throughput.
Out of more than 13,000 crypto market capitalizations, Fantom’s native cryptocurrency, fantom (FTM), is ranked 81st on the coinmarketcap. FTM is the tenth largest TVL out of the $54.15 billion TVL in Defi across all blockchains as of October 29 with $497 million, or 0.92% of the total. Grim Finance, Deus Finance, and Spiritswap were all targeted in the past, resulting in losses of $30 million for fantom-based decentralized finance applications.
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