Forta is excited to announce Trader Joe, one of the largest and most trusted DeFi protocols on Avalanche, is using Forta to monitor the security and health of the protocol.
Trader Joe is the largest decentralized exchange on Avalanche, having facilitated over $88bn in trading volume since launching in July 2021. Trader Joe also offers complimentary DeFi services including farming, staking, lending, borrowing, launching and NFT Trading via the Joepegs Marketplace.
Given TJ’s position in the market, security is a top priority. This Spring, the team developed and implemented a suite of Forta bots focused on key security and operational risks of the protocol. Trader Joe was also keen to give their community access to this real-time security and health information, and encourage them to actively participate in the monitoring function.
“We are thrilled to work with Forta who will provide us with an industry leading decentralized monitoring network, that we can utilize to enhance our security operations within the Trader Joe ecosystem”
Trader Joe worked with Nethermind, a seasoned developer team in the Forta community, to design and develop the following detection bots:
– Ownership Transfers: detecting ownership transfers on critical Trader Joe contracts
– Large Swaps & Transfers: detects swaps and transfer activity involving large amounts
– Re-entrancy: detecting re-entrancy activity in “StableJoeStaking”, “MasterChefJoeV2”, “MoneyMaker” and all of “Joetroller” markets, considering the risk of token transfer callbacks.
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.