Web3 Security with Forta: 2021 & Beyond

Article by Forta Network Dec. 24, 2021

Seasons greetings, 

2021 has been an amazing year for the Forta Network, the first decentralized community-based security platform to prevent or mitigate smart contract exploits as they occur.

After announcing a successful $23 million round from world-class backers including a16z, Blockchain Capital, Placeholder, and Coinbase Ventures in July, the Forta Network app is now public and available for anyone in the world to use to protect their assets. 

This year, Forta has made huge strides in its mission to make smart contracts more secure – and therefore make Web3 safer and more accessible to all. 

However, the impact Forta will have on Web3 is only just being realized.

An Expanding Wave of Threat Detection Bots

Since July, Forta has seen 100+ developers building Threat Detection Bots (i.e. code scripts to detect specific conditions or events) on the platform. Over 800 Detection Bots have been deployed to the network so far, with 200 of them actively scanning transactions for any signs of irregularity and issuing valuable alerts to users daily.

The community has come up with several clever and creative Detection Bots, including one to detect transactions with large INST transfers, another to monitor blacklisted address activity in Compound, full suites of Detection Bots for Aave and UMA, a cross asset Swaps for Curve, and even a pair of Detection Bots that secure the OpenZeppelin smart contracts library.

If you are interested in developing Detection Bots for your own or dependent protocols, you can learn how by watching this brand-new series of video tutorials and walkthroughs.

New Protocols Monitored by Forta

The list of protocols monitored by Forta grows every week! Recent additions include Aave, UMA, Uniswap, Curve, Lido, Instadapp, Poly Network, and Balancer. This amounts to over $50 billion in TVL monitored by Forta. 

You can check and easily subscribe to alerts for these protocols in the Forta Explorer.

A Thriving Community for Web3 Security 

The Forta Discord has grown to 11,000 active members with conversations taking place across a diverse array of languages and time zones. Hundreds of independent developers are building and deploying Detection Bots around the world as the community realizes the tremendous impact and value Forta will have on the Web3 ecosystem.

Further, we’ve seen Aave, Compound, and OpenZeppelin issuing grants to their communities to build bespoke Detection Bots suites. These Detection Bots suites are now monitoring and protecting the value that flows through their platforms.

Node Runners: Ready, Set, …

The community has submitted over 7,000+ applications to run nodes for the Forta Network. Node running participation will open up in early Q1 2022.

Join the Discord community to receive updates and secure your spot in the line.

Securing the decentralized economy is a community effort — developers, investors, protocols, DeFi degens, and NFT collectors alike are needed for Forta to reach its true potential to keep Web3 safe and secure.

Stay tuned for more updates and releases coming January 2022!

Happy holidays, and happy building!