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Balancer Using Forta to Monitor the Security and Health of the Protocol

Article by Forta Network Jul. 29, 2022

Forta is excited to announce that Balancer, one of the largest and most trusted DeFi projects, is using Forta to monitor the security and health of the protocol. 

Balancer is a community-driven protocol, automated portfolio manager, liquidity provider, and price sensor that empowers decentralized exchange and the automated portfolio management of tokens on the Ethereum blockchain and other EVM compatible systems.

Security and risk management are top priorities for the Balancer community, and the Balancer Grants DAO was keen to fund tools and technology that monitor the protocol in real-time for threats and other critical risks. In the spirit of transparency, Balancer Grants was also interested in making this information more available to the broader Balancer community.  

The Balancer Grants DAO worked to identify and prioritize security monitoring requirements. The bots were developed by Nethermind, one of the first detection bots development partners of Forta, and funded with a grant from Balancer Grants DAO. More details about the grant can be found here

“The offering from Forta/Nethermind is an exciting addition to Balancer’s ecosystem. They have delivered similar monitoring to other protocols with proven results. This is another way that Balancer is being proactive to develop the highest security to ensure a sustainable ecosystem.” – Mitch Burns, Balancer Grants Co-Lead.

Forta bots were developed and deployed to monitor a variety of transactions related to the Vault, Governance and Pools:

Vault
– Swap Fee & FlashLoan Fee Percentage Change
– Large Internal Balance Deposit / Withdrawal
– Large Swap
– Large Flash Loan
– Large Pool Balance Change (Join / Exit)
– Pool Registered

Governance
– Large Balancer Governance Token (BAL) transfers
– Detect large veBAL delegation

Pools
– Stable pool underlying token de-pegging

Balancer’s Forta alerts are publicly broadcast in Discord for the benefit of their community. You can also find and subscribe to Balancer’s alerts and more using the Forta App.

You can learn more about Balancer by visiting their website.


About Forta

Forta is the first decentralized network delivering real-time intelligence on the security and health of Web3 core infrastructure and dApps. Protocols, DAOs, investors and individuals can use Forta to receive real time insights on security, financial, operational and governance related events on L1s, L2s and sidechains. 

Learn more about Forta by visiting forta.org or reading the documentation at docs.forta.network

About Nethermind

Nethermind is a team of world-class builders and researchers. Our work, ranging from the Nethermind node to security audits, formal verification, and application-layer protocol development, touches many parts of the industry, and is underpinned by our dedication to Ethereum protocol security and development.

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