Security is important in crypto. And for decentralized finance protocols, it is a key factor.
The explosive growth of the DeFi market has undoubtedly attracted nefarious players, and billions of dollars have been lost to DeFi-related hacks within the last couple of years.
As such, investors are becoming more concerned about the security of DeFi projects before investing in them. DeFi protocols, on the other hand, are continuously searching for sophisticated cybersecurity solutions that will help mitigate risks.
But a new decentralized security protocol has pledged to provide DeFi players with timely and reliable data to help make the DeFi space more secure and safe for all.
Meet HAPI Protocol
The HAPI Protocol is a cross-chain decentralized security protocol designed to create new cybersecurity standards within the DeFi ecosystem by preventing and interrupting any malicious activity in the space.
The protocol leverages both off-chain and on-chain data to provide real-time information on compromised wallets, DeFi hacks, and potential threats of money laundering.
HAPI’s mission is to rectify some of the most pressing problems that the DeFi space is currently facing and become a security standard for decentralized exchanges (DEXs), lending protocols, derivatives protocols, and other DeFi protocols.
How Does HAPI Work?
HAPI Protocol provides its clients with two primary services: a notification system for suspicious addresses and a binary risk categorization system.
First, HAPI’s set of cross-chain smart contracts receives real-time data accrued directly by HAPI from multiple sources, both on-chain and off-chain. This data reveals suspicious addresses and unauthorized transactions, which helps to prevent illicit funds from entering any off-ramp destinations.
Subsequently, HAPI marks and categorically divides each address into various levels of the potential threat and immediately sends them out across several centralized exchanges (CEXs) and DEXs that can then blacklist them.
HAPI Protocol Features
HAPI offers a multifaceted automated tool that delivers multiple practical implementations designed to improve security and prevent some cases of money laundering. The protocol provides its clients features such as
- Comprehensive wallet address vetting systems:
HAPI’s systems thoroughly vet and categorize the addresses conducting transactions on exchanges. This way, clients can ensure that the address they are about to interact with has not previously been involved in any fraudulent schemes. The risk scoring can be tuned to the needs of the exchange.
HAPI receives accurate and up-to-date data on any malicious activity on the blockchain from multiple reliable sources. The protocol obtains data from some of the top blockchain data providers, including Chainalysis and Crystal Blockchain.
- Security Intelligence Service
The protocol’s team of experts in the cybersecurity industry, HAPI Labs, provides continuous monitoring of…
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