An additional $5.2 billion is now secured by Forta as dYdX, one of the largest and most trusted DeFi protocols, is using the Network to monitor critical protocol operations.
dYdX is a leading decentralized exchange that currently supports perpetual trading. dYdX runs on smart contracts on the Ethereum blockchain, and allows users to trade with no intermediaries.
From the first interaction with dYdX, it was apparent they prioritized security and operational excellence. In the last month, their team has implemented a suite of Forta bots monitoring their Liquidity and Safety modules for problematic events. dYdX was also keen to enable their community to have access to real-time security and health information, and encourage them to actively participate in the monitoring function.
The dYdX Grants Team worked to identify and prioritize monitoring requirements. The integration work was completed by Nethermind and funded with a grant from the dYdX Grants Program. More details about the grant can be found here.
The initial scope of work included but was not limited to the following:
– Role Changes Monitor – detecting changes in roles in both the Safety Module and Liquidity Module contracts
– Operator Monitor – detects when an operator is added or removed from dydx perpetual exchange
– Slashing Monitor – detecting slashing events in the Safety Module contract
– Parameter Changes – detects parameter changes to both the Safety Module and Liquidity Module contracts
– Spending Approval Monitor – detects large spending approvals on dYdX Liquidity and Safety modules
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.