Fantom Network Adds De.Fi's Security Tools to Bolster Dapp Protection

The Fantom blockchain has added crypto security firm De.Fi’s tools for users on its platform, a representative told CoinDesk on Tuesday.

As a security tool meant for protecting user transactions, De.Fi claims to have recorded and analyzed over 12 million issues from 1.15 million contracts in the past two years.

In the decentralized finance (DeFi) ecosystem, users depend on themselves to self-custody their assets and protect against scams such as rug pulls, phishing attacks and contract exploits.

This year alone over $420 million has been lost to such scams, according to De.Fi's Rekt Database. Tools offered by De.Fi address these challenges by alerting users on common vulnerabilities and ensuring that they transact with trusted smart contracts.

De.Fi’s products for Fantom include Scanner, which can automatically assess and assign a security score to smart contracts on the blockchain; and Shield, which analyzes user wallets and allows them to revoke approvals deemed risky by the tool.

“As blockchain technology gains adoption and proliferates, so do threats to its security,” said Michael Kong, CEO at Fantom Foundation, in a statement to CoinDesk. “Fantom is pleased to welcome De.Fi’s Web3 Defense Suite to its ecosystem, which will further complement Fantom’s best-in-class smart contract security offerings.”