One Year of Forta and a More Secure Decentralized Economy

Article by Forta Network Sep. 1, 2022

Forta is the standard for real-time detection networks for security & operational monitoring of blockchain activity. As a decentralized monitoring network, Forta detects threats and anomalies on DeFi, NFT, governance, bridges and other Web3 systems in real-time.

Since launching in 2021, the Forta Network has made tremendous strides in protecting Web3 as the risk and velocity of hacks increase. Used by thousands of individuals and dozens of protocols, Forta protects Web3’s critical infrastructure and wallets via a decentralized and community-run Network. 

DeFi’s Biggest Protocols use Forta

Over 40 top protocols use Forta for threat detection and operational monitoring. Forta now protects 52% of the top 30 DeFi protocol’s TVL by safeguarding protocols like Lido, Maker, Compound, Polygon, Liquity, dYdX, Poly Network, Gnosis, Balancer, Alpaca Finance, Instadapp, UMA, Flexa, and more. 

Visit the Discover page in the Forta App to explore the Bots protecting $35 billion of DeFi’s TVL.

$1.75 Billion in Hacks Flagged by Forta

Forta’s monitoring systems flagged 14 of the largest hacks in the past year, totaling $1.75 billion stolen.

Forta’s approach to detecting hacks is multi-dimensional – by monitoring each attack stage progressively, early warning signs can preempt an exploit. Protocol teams can leverage the knowledge of the attack stages and quickly cut off a hack with Forta monitoring.

Learn and subscribe to Forta’s Threat Detection Kits for DeFi, NFTs, bridges, stablecoins and governance.

Decentralizing the Forta Network

Forta monitoring is multichain, supporting Ethereum mainnet, Polygon, BSC, Arbitrum, Optimism, Avalanche, and Fantom. Forta is chain agnostic – wherever the TVL goes, Forta can follow to ensure the security of users and protocols.

In total, 1,000+ Forta Detection Bots (logic scripts custom designed to detect specific conditions or events) have been developed by the community, garnering over 13,000 alert subscriptions.

12,000+ Forta scan nodes (community run nodes that execute detection Bots for every transaction and every new block on a specific blockchain network) have joined the Forta Network in the past year, earning over 6.8 million FORT in rewards.

Start building on the Forta Network with the Getting Started page for developers.

Forta’s Evolving Security Community 

Over the past year, Forta has held 11 roundtables, 8 community calls, 8 contests, 8 user case studies, and 5 separate workshops. Forta’s governance forum has seen engaged discussion on three major proposals and a number of community initiatives.

In Discord, over 30,000 members discuss best practices for bot development, node operation, and happenings in the Web3 security landscape. The Forta Network is powered by the FORT token. As the Network matures, the FORT token’s utility will evolve:

– Scan nodes must stake a minimum amount of FORT to secure the network and earn further token rewards.
– Forta Detection Bots will soon require a minimum stake.
– Token holders participate in governance and help shape the future of the Forta Network via voting on Snapshot. Join the discussion on Forta’s latest governance proposal, FP-3, which would add delegated staking to the Network.

Smart Contracts, Wallets, and Beyond

As Web3 welcomes in waves of institutions and individuals, security matters more now than ever. Experience shows that rapidly evolving technology will never be bug free, making real-time monitoring and incident response critical to mitigate the billions of dollars lost every year. 

The Forta community is up to this challenge and committed to protecting protocols, investors and end-users from all kinds of attacks. The mission of the Forta Network is to protect Web3 and create a future where individuals do not need to worry about security.

If you haven’t already, follow the official Forta Twitter account, join the Forta Discord, and get started building to help protect Web3.