Forta is excited to announce that BENQI, one of the largest and most trusted DeFi protocols on Avalanche, is using Forta to monitor critical protocol operations.
BENQI is a non-custodial liquidity market protocol, built on Avalanche. The protocol enables users to effortlessly lend, borrow, and earn interest with their digital assets. BENQI also supports liquid staking of AVAX, the native token of the Avalanche chain.
The BENQI core team has demonstrated a serious commitment to security. In the last month, they have implemented a suite of Forta bots focused on key operational aspects of the protocol. BENQI was also keen to enable their community to have access to real-time security and health information, and encourage them to actively participate in monitoring.
BENQI worked with Nethermind, a seasoned developer team in the Forta community, to create the detection bots. The initial scope of work included but was not limited to the following:
Delegation Activity: detecting large tokenholder vote delegation, and related, detecting large increments in a delegate account’s QI token vote balance by monitoring
DelegateVotesChanged events emitted by the token contract
Flashswap Monitor: detecting flash swaps occurring on the PGL contract
Large Activity Monitor: detecting large mint-burn activity, large grant activity, large pool withdrawals and large deposits and redemptions.
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.