1/ We are thrilled to announce a self-service SaaS platform-#KillSwitch, which aims to detect exploitation TXs before their block inclusion and take contingency measures to block the attack or prevent assets from being stolen. It is in-essence a frontrunning-based DeFi protection
2/ #KillSwitch is proposed with the observation that DeFi exploits/hacks pose a significant, serious threat to the security of our ecosystem. In particular, this year’s DeFi hacks have so far resulted in a whopping $2.1B loss, 25% increase from 2021 and 8 times more than 2020.
3/ 🧵How it works?
#KillSwitch includes a number of background agents that constantly monitor mempool TXs, locate those malicious ones with real-time simulation, and preemptively neutralize the damage with a just-in-time protocol pause or an emergency fund withdrawal.
4/ To streamline the self-service process, #KillSwitch is divided into three steps: a) specify the triggering condition, b) sign a contingency TX, and c) turn on the protection.
All these three steps are readily accessible within the #KillSwitch platform.
5/ The triggering condition captures the fact of a significant loss from an exploit and requires knowing the protocol address, the asset, and a loss percentage. For multiple assets, we specify the loss for each. #KillSwitch is triggered if any asset is lost up to the percentage.
6/ The contingency TX will be executed by #KillSwitch upon the condition being triggered. It needs to be prepared & signed by the protocol management team to pause the protocol or rescue the funds. Note we do NOT have access to the private key (and will not ask for it either).
7/ #KillSwitch is turned on by constantly monitoring TXs in mempool and simulating each execution to locate and match malicious ones against the above triggering conditions. The self-service platform will automatically collect and report execution results for your access.
8/ #KillSwitch is experimental and free of charge to the DeFi community. For supported chains or possible limits/restrictions, reach out to t.me/peckshield
@ethereum @BNBCHAIN @0xPolygon @AaveAave @CurveFinance @VenusProtocol @compoundfinance @AlpacaFinance
9/ #KillSwitch Explainer Video. And sign up at t.me/peckshield
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