Fireblocks Launches dApp Protection and Transactions Simulation Tool to Enhance Crypto Security in DeFi Landscape
Fireblocks, a leading crypto security startup, has launched a new tool to enhance on-chain safety for moving assets in the decentralized finance (Defi) space. With the recent introduction of spot Bitcoin ETFs in the U.S. market and the surge in cryptocurrency prices, institutional investment in Defi has been on the rise.
According to DefiLlama, users have now stashed over $100 billion in decentralized protocols for the first time since May 2022, indicating a growing interest in crypto solutions and on-chain participation. Fireblocks has reported a 75% increase in institutional Defi volume on its platform, reaching nearly $4.5 billion month-over-month.
However, this surge in activity has also attracted bad actors, leading to an increase in crypto theft. A CertiK study revealed that over $500 million in crypto wealth was stolen in the early months of this year, highlighting the risks associated with Defi transactions.
In response to these challenges, Fireblocks has expanded its suite of on-chain security measures to protect users engaging in blockchain operations. The company’s new dApp Protection and Transactions Simulation tool aims to provide institutional customers with real-time threat detection capabilities, allowing them to analyze smart contract calls and take preventive actions.
Shahar Madar, Fireblocks’ VP for Security and Trust Products, emphasized the need for a proactive security approach in Defi, where traders and operations teams can monitor malicious activity and identify high-risk threats before approving transactions. The tool can be accessed through Fireblocks’ browser extension, MetaMask Institutional, and WalletConnect.
During the beta phase, Fireblocks scanned transactions worth over $10 billion to refine its security systems against malicious contract interactions. The company’s efforts reflect a commitment to safeguarding the growing Defi ecosystem and ensuring the security of institutional investors in the crypto space.
