Forta is excited to announce that lido.fi, one of the largest DeFi protocols rankedby funds locked, is using Forta to detect critical security and operational risks in real-time.
Lido is a liquid staking solution – a simple and secure way to earn interest on digital assets. On Ethereum, anyone can participate in securing the [Proof-of-Stake Beacon Chain], and earn rewards for doing so. There is no need to manage or maintain any hardware, instead users can be confident that their stake is being pooled across a growing list of industry-leading staking providers who have demonstrated world class performance and reliability.
“Real-time (monitoring) is really crucial for us just to stay aware of everything happening and take actions as fast as possible so our users can be sure that everything about Lido and the staked ETH is totally secured.” says Dmitriy, Software Development Engineering & Testing at LIDO.
From our first interaction with the Lido team, it was apparent they took security seriously. Over the last three months, Lido has been thoroughly testing Forta; pushing the boundaries of what developers can do with bots and providing the Forta core dev team with valuable feedback.
“In order to ensure the smooth running of Lido’s staking service we rely on oracles. The ETH2 oracles are one of the most important roles in the protocol and we do not only monitor the oracles but also how the oracles reach the quorum.“
Lido’s monitoring started with important protocol operations around oracle quorum status and reporting, changes to staking rewards and Anchor rewards. Recently, they have expanded their use of Forta to include security-related monitoring, including several bots monitoring different invariants, and bots that identify potential phishing attacks.
“On-chain monitoring is a great challenge for all DeFi apps. In Lido we have tried a lot of monitoring services and tools. And among the great variety of options we have chosen Forta as our main monitoring tool! Why? Because Forta features incredible flexibility, reliability and truly decentralized approach!”
You can find and subscribe to Lido’s alerts and more using the Forta App.
You can learn more about Lido by visiting lido.fi.
About Forta
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.
Learn more about Forta by visiting forta.org or reading the documentation at docs.forta.network.
Share post