DeFi
1inch partners with Blockaid – ThePaypers
Decentralized finance (DeFi) platform 1 inch announced a collaboration with security provider Web3 Help blocking improve security measures within its ecosystem.
1inch Network announced its goal to identify and prevent fraudulent activities such as scams and phishing hacks. In an announcement, the DeFi platform highlighted that Blockaid’s security features, which simulate transactions before execution, will play an important role in improving DeFi security.
The announcement highlighted the urgent need to improve security in the DeFi sector. Citing the millions of crypto assets lost to malicious attacks in April 2024, the two companies claimed that Blockaid’s security measures could help counter the growing wave of fraud and cyber threats.
Added real-time security alerts
1inch presented the 1inch Shield, a security solution developed in collaboration with Blockaid. This system detects and marks fraudulent tokens, helping users avoid fraudulent transactions. Integrating these features into the 1inch and broader DeFi ecosystem would provide real-time warnings about potential security risks. It supports major blockchain networks including Ethereum, Base, BNB Chain, Polygon, Arbitrum, Optimism and Avalanche.
Blockaid officials emphasized the importance of this collaboration, saying the partnership with 1inch is a crucial step in securing the Web3 ecosystem.
As per the announcement, the Shield application programming interface (API), which will gradually be integrated into 1inch products, is designed to be adaptable to any Web3 application, including decentralized applications (DApps), wallets and exchanges.
The partnership also aims to help the broader DeFi ecosystem. Kunz said he launched his own product and provided access to it via an API.