In the world of decentralized finance (DeFi), innovation and opportunity are on the rise. However, there are significant risks that need to be addressed, according to a recent update from SlowMist, a cybersecurity company.
SlowMist emphasizes the importance of an active and evolving security approach in the DeFi ecosystem. To tackle these challenges, SlowMist has partnered with Struct Finance to create a multi-dimensional security strategy. This strategy includes technology enhancement, risk control, emergency response, personnel and asset safeguards, monitoring and tracking, additional security layers, and regular assessments.
By addressing these facets, SlowMist and Struct Finance aim to provide security, safety, and peace of mind for the DeFi community. The article emphasizes that integrated security should be a foundational aspect of building new platforms in the blockchain space, rather than an afterthought.
The need for strong security measures is underscored by the alarming statistic that there have been over 1,198 hacking incidents resulting in a loss of over $30 billion in the DeFi sector. SlowMist believes that security is more than just a buzzword and should be a foundational principle. They have collaborated with renowned entities such as Zokyo, Dedaub, and Dingbats to conduct rigorous smart contract audits.
Struct Finance, on the other hand, is focused on bringing traditional finance mechanisms to the DeFi landscape. By integrating the tranching mechanism from traditional finance, they aim to make high-yield opportunities more inclusive and accessible to a wider range of investors. With their team’s expertise in traditional finance, Struct Finance aims to bridge the gap between traditional and decentralized finance.
SlowMist continuously monitors the security reinforcement process and provides assistance to the project team in improving their security management specifications. In-depth security communication is conducted regularly to ensure a robust security infrastructure. SlowMist also offers threat intelligence push services to notify the project team of any vulnerabilities or attack incidents.
Furthermore, SlowMist provides the MistTrack service, which helps block money laundering behavior, safeguard digital asset security, and verify asset sources to prevent disputes and protect the platform’s reputation.
In conclusion, SlowMist and Struct Finance are working together to address the security challenges in the DeFi space. By implementing a comprehensive security strategy and continuously monitoring and reinforcing security measures, they aim to provide a secure environment for the DeFi community.
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