Fantom, one of the fastest growing layer-1 blockchain platforms, announced the launch of Watchdog, a continuous smart auditing system. In collaboration with leading blockchain security firm, Debaub, decentralized applications (dApps) developed on Fantom will benefit from automatic audits by the Watchdog system. Not only will the launch of Watchdog bolster the security of dApps on Fantom, but it will also upgrade the quality and performance of Fantom-native applications.
Smart contract vulnerabilities are becoming more commonplace. Studies conducted by the Federal Bureau of Investigation (FBI), Q1 of 2022 saw roughly $1.3 billion worth of cryptocurrency stolen – 97% of which occurred within the decentralized finance (DeFi) ecosystem. Although third-party smart contract auditing firms are critical for projects to uncover vulnerabilities, a combination of factors, including high costs and extensive wait periods, often deter young projects from opting to conduct an audit. To offer projects a more affordable, consistent alternative auditing system, Watchdog delivers a powerful automated tool that continuously monitors smart contracts.
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“We’re incredibly excited to bring a new level of safety and security to the ecosystem with Watchdog,” said Michael Kong, CEO of Fantom Foundation. “Developers require access to cost-effective, efficient, and trustworthy smart contract auditing tools. Watchdog delivers just that, and will set a new standard for security.”
Supplementing expensive third-party audits with automated, continuous auditing systems like Watchdog enables projects to seamlessly analyze select smart contracts. For dApps analyzed on the Fantom Network, any concerns are examined by a human auditor.
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Key benefits of the Watchdog auditing system include:
- 24/7 analysis for over 80+ different types of exploits.
- Periodic updates and improvements with new attack vectors as new research emerges.
- Dynamic updates with the latest network data and smart contracts of selected projects.
- Expert inspection for warnings at higher scale, hone into issue much more efficiently, and notify the relevant project team.
Qualifying DeFi and NFT projects will have their smart contracts read by the Watchdog system – each receiving administrative access to a list of vulnerabilities in their smart contracts at any time. In addition to the continuous Watchdog monitoring, expert auditors from Dedaub will periodically review each smart contract. Should a vulnerability be detected, Dedaub will notify the project, and assist them in analyzing the risks and dangers related to the vulnerabilities, as well as assist the project team in fixing the vulnerability.
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