Iron Bank is a decentralized protocol-to-protocol lending platform, allowing selected protocols to borrow funds with little to no collateral requirements. When we met the Iron Bank team, they expressed a desire to build on their existing security practices, including the use of run-time monitoring and active threat detection solutions like Forta.
IB’s commitment to security was evident in their monitoring requirements, which included a number of exploit-related signals, as well as certain operational aspects of the protocol.
Monitoring for threat-related signals can give teams an opportunity to identify and potentially prevent or mitigate malicious activity. Common signals include the deployment of a new contract from a Tornado Cash funded account, blacklisted accounts, reentrancy attempts, and suspicious token approvals.
“Forta detection bots guard Iron Bank in multiple ways. Not only real time monitoring, but their bots can monitor events for specific time periods, allowing us to identify patterns of abnormal behavior which was more difficult to do in the past.” says Tycho, Iron Bank Contributor.
Operationally, Iron Bank is also using Forta to monitor items like credit limit changes, and changes to system related contracts and variables (admin, config, price oracles, etc.). This information can then be proactively pushed out to users in real-time.
“We’re excited about Forta’s “subscribe to alerts” feature where users can receive real-time notifications. The added benefit is that it can be integrated within a project’s Slack or Discord to provide instant collaboration and team follow-up.” says Tycho, Iron Bank Contributor
You can find and subscribe to Iron Bank’s alerts and more using the Forta App.
Incubated by OpenZeppelin, 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.
About Iron Bank
Iron Bank is a decentralized protocol-to-protocol lending platform, allowing trusted protocols to borrow funds without posting collateral via whitelisting.
Learn more about Iron Bank by visiting https://app.ib.xyz/