In a big move for decentralized finance (DeFi) security, Ironblocks, a blockchain security platform, has created a new tool to stop hacks before they happen. The tool, called ‘Firewall,’ gives developers a free, open-source toolkit to make their smart contracts safer by watching for suspicious transactions.

“Once you get hacked, in most cases, you’re done,” Ironblocks CEO Or Dadosh told CoinDesk. “And this is what we’re trying to prevent.”

The DeFi sector often faces security breaches, with services like lending, trading, and staking being common targets. In April alone, blockchain security firm PeckShield reported losses of $60 million due to such hacks.

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• Ironblocks launches the ‘Firewall’ tool to prevent DeFi hacks before they happen.
• The free, open-source toolkit monitors smart contract transactions for suspicious activity.
• Early adopters include zkEVM chain Linea, AltLayer, and layer-2 network Kinto.

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Ironblocks Unveils ‘Firewall’ to Protect DeFi Protocols from Hacks

Ironblocks’ Firewall aims to stop these threats by working directly with the smart contracts that manage protocol transactions. Developers can pick different security rules to spot and stop bad transactions without stopping the whole application. “It doesn’t stop or pause the application; it just stops the specific transaction that may attack the application, just like in web2 firewalls,” Dadosh explained.

At its launch, the firewall service was already used by three big users: the zkEVM chain Linea, AltLayer, and the layer-2 network Kinto. Dadosh said more users are expected to use the service soon.

Even though the firewall service is free, it introduces Ironblocks’ other crypto security products, including the upcoming “Venn Security Network.” However, Dadosh was careful about sharing details about this future offering.

Since blockchain code is really tough to change, fixing problems quickly is tricky. But a firewall helps developers make updates or add new security rules easily, which keeps everything safe. These updates can be managed by special groups or tools.

Ironblocks wants to make DeFi safer by stopping hacks before they happen. They’re being smart and taking action to keep bad things from harming DeFi. “Once you get hacked, it’s usually game over,” said Dadosh. “We’re trying to stop that from happening.

Imagine if someone sneaky tried to take your digital money without you even noticing. That’s what some tricky hackers try to do in DeFi. But now, Ironblocks has a super cool tool called the ‘Firewall’ to stop them before they can do any harm! It’s like having a superhero protect your online money, ensuring the bad guys can’t get near it. So, when you use DeFi services like lending or trading, you can feel confident that your money is safe and sound.

Think of having a magical shield around your castle. This shield only lets in good folks and keeps the troublemakers out. Ironblocks’ Firewall is just like that, but for your online money. It watches over your smart contracts, like special money-handling instructions. If it sees anything suspicious, it acts fast and stops immediately without causing chaos. It’s like having a super smart guard that only lets in your friends and keeps the sneaky ones away. With the firewall, your money is always safe in the digital world!

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