See More

Polygon Integrates De.Fi’s Web3 Antivirus to Thwart Hacks and Exploits

2 mins
Updated by Josh Adams
Join our Trading Community on Telegram

In Brief

  • Polygon and De.Fi have partnered to add a Web3 antivirus to the Polygon ecosystem.
  • The antivirus includes tools like De.Fi Shield, which scans downloaded files and smart contract approvals.
  • The De.Fi Scanner enables users to assess the security of NFTs, tokens or staking vaults before engaging with them.
  • promo

Polygon, the Ethereum layer-2 chain, has partnered with De.Fi to integrate the latter’s antivirus into its ecosystem. It is critical to understand how a Web3 antivirus functions and what it can and cannot do.

Polygon (MATIC), the Ethereum layer-2 chain, hopes its collaboration with De.Fi will result in a smooth incorporation of the De.Fi Antivirus into its ecosystem. Now, Polygon offers its users a DeFi suite of security tools that, in theory, protect against common crypto exploits. These tools address issues like phishing, smart contract vulnerabilities, blind signing, and more, enhancing the safety and security of transactions on the Polygon network.

The year 2023 is not half over and is already a record year for scams and hacks. Few people question the need for better protection. How effective is the Web3 antivirus?

Antivirus Components

The antivirus makes use of two separate tools. De.Fi Shield operates like a traditional antivirus, scanning downloaded files on users’ PCs.

It also scans smart contract approvals in their wallets. And it alerts them if they have come in contact with risky contracts. This tool enables users to revoke access to potentially malicious dApps, either proactively or reactively. Thus countering security breaches or hacking incidents.

The De.Fi Scanner serves as a due diligence tool, enabling users to assess the security level of NFTs, tokens, or staking vaults before engaging with them. Users can instantly analyze the security of assets, make informed decisions, and steer clear of high-risk behavior.

According to data from Crystal, nearly $17 billion has been stolen in crypto and DeFi scams since 2011. And 2023 is already a record year for exploits, with $4.17 billion stolen.

Web3 Antivirus Is Still Relatively New

Customers want proven anti-hacking and anti-exploit tools and applications. Artem Bondarenko, a software architect at De.Fi, says that the concept of a Web3 antivirus is still relatively new.

“There is ongoing research and development in this area,” he told BeInCrypto. “Users are becoming aware of the unique security challenges that come with interacting with decentralized applications (dApps), blockchain networks, and specific token smart contracts across DeFi, NFTs, gaming, and more.”

“Web2 has had a longer development and deployment history, allowing for the establishment of mature security practices and standards,” continued Bondarenko.

The unique structures of Web2 and Web3 require different security solutions, he said.

“Security measures in Web2 typically involve firewalls, intrusion detection systems, encryption protocols, and traditional antivirus solutions. On the other hand, Web3’s security model focuses on decentralized consensus mechanisms, cryptographic primitives, and secure smart contract development,” Bondarenko added.

“Web3 is an amazing technology but as with every technology it contains many attack vectors that a regular user isn’t prepared for,” said Adrian Hetman, Tech Lead Triager at Immunefi. People are becoming more aware of the risks, but “we still need to go way, way further,” he continued.

“Just looking at industry numbers, in total, we have seen a loss of $18,894,454 to fraud in Q1 2023 across 15 specific incidents. These numbers represent a 71.8% increase compared to Q1 2022, when losses caused by frauds, scams, and rug pulls totaled $11,000,000. This alone shows that we’re far from being well-educated about security if fraud seems to be increasing.”

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2298.png
Josh Adams
Josh is a reporter at BeInCrypto. He first worked as a journalist over a decade ago, initially covering music before moving into politics and current affairs. Josh first owned Bitcoin in 2014 and has followed the space ever since. He is particularly interested in Web3 adoption, policy and regulation, CBDCs, privacy, and the future of the metaverse.
READ FULL BIO
Sponsored
Sponsored