Fantom Network Launches Automated Smart Contract Audit System Watchdog to Monitor for Bugs – Defi Bitcoin News

On October 27, the Fantom Foundation announced a collaboration with the security and analysis platform Dedaub in order to bolster Fantom’s decentralized finance (defi) ecosystem. Dedaub’s monitoring system called Watchdog will monitor smart contracts on the Fantom blockchain for exploits and buggy code.

Fantom Uses Watchdog Monitoring System to Stop Defi Exploits

According to Thursday’s blog post, the Fantom blockchain wants to safeguard its defi ecosystem using a new automated smart-contract surveillance system called Watchdog. Fantom, a Layer 1 (L1) EVM compatible blockchain that uses an asynchronous Byzantine fault tolerance consensus scheme (ABFT), is a Layer One (L1) EVM-compatible Blockchain.

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

According to the Fantom Foundation, the Dedaub-designed Watchdog can scan 24/7 for potential issues and detect more than 80 exploits. It also includes information about proxy configurations, contract approvals, total value locked (TVL) data, 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. Fantom’s blockchain team added:

Smart contracts for Defi projects with at minimum $10 million in TVL, and select NFT-related projects, will be automatically scanned into the Watchdog software. Each project will have administrative access that allows them to view a complete list of any vulnerabilities in their smart contracts. Watchdog allows projects to manually check each smart contract for any vulnerabilities.

Fantom’s native crypto asset fantom (FTM) is situated in the no. Out of over 13,000 listed crypto market capitalizations, the 81 position is the most important. Fantom has $497 million, or 0.92% of $54.15 trillion aggregate. This is out of $54.15 Billion in TVLs across all blockchains. The past attacks on Fantom-based, decentralized finance apps have included Grim Finance losing $30 million, Deus Finance, Spiritswap being attacked and Spiritswap.

Fantom’s smart contract security system Watchdog: What are your thoughts? Please leave your comments below.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at Bitcoin.com News is Jamie Redman. Redman joined the cryptocurrency community in 2011 and has been an active member ever since. Since 2011, Redman has been an active member of the cryptocurrency community. Redman is a prolific writer for Bitcoin.com News, with over 6,000 articles on disruptive protocols.