In the DeFi realm, while innovation and opportunity are definitely arising, significant potential risks prevail, according to an update from SlowMist.
SlowMist explains that addressing these challenges demands “an active and evolving security approach, parallel in its dynamism and comprehensiveness to the ecosystem it aspires to guard.”
SlowMist and Struct Finance‘s collaboration “fosters a multi-dimensional security strategy, encompassing technology enhancement, risk control, emergency response, personnel, product and asset safeguards, monitoring and tracking, additional security layers, and regular assessments.”
Each facet is “addressed, promising security, safety, and peace of mind for the user community navigating the DeFi space.”
For anyone involved in building new platforms in the blockchain space, integrated security should “be foundational, not an afterthought.” The sector has “witnessed a staggering loss of over $30 billion from 1,198 hacking incidents.”
This alarming figure emphasizes “the real-world impact of security vulnerabilities on everyone, from individual users to extensive ecosystems.”
At SlowMist, they claim that security is “more than just a buzzword; it’s a foundational principle.” Their journey reportedly began “with an intense focus on rigorous smart contract audits, conducted alongside esteemed entities including Zokyo, Dedaub, and Dingbats.”
Now, their commitment to security “has blossomed into a multifaceted endeavor, aiming consistently for excellence in all security dimensions.”
Struct Finance says that it’s an innovator in the DeFi landscape, streamlining the ecosystem with the integration of “the tranching mechanism from traditional finance.”
This approach makes high-yield opportunities “more inclusive and accessible, catering to diverse investor needs and risk profiles.”
With a team steeped in traditional finance expertise, Struct Finance claims that it is “committed to bridging the gap between traditional and decentralized finance.”
This dedication is reflected in their transparent, accessible, and user-centric solutions.
As noted in the update, SlowMist continuously “monitors the security reinforcement process, aiding in the construction of the security system and ensuring the accurate and timely implementation of security reinforcement suggestions.”
The SlowMist team assists the project team in “improving their security management specifications and overall security experience.”
In-depth security work communication is “conducted at least once a quarter, ensuring a seamless and robust security infrastructure.”
The SlowMist team promptly and actively cooperates “with the project team for any emergency work, ensuring rapid response and mitigation of potential risks.”
SlowMist provides a threat intelligence push service, “including component vulnerability outbreaks related to on-chain and off-chain, unknown attack incidents, etc.”
The project team benefits from “both manual push and VulPush product service, enhancing their threat intelligence capabilities.”
The project team can utilize the MistTrack service “to block money laundering behavior, safeguard digital asset security, and verify asset sources to avoid disputes and protect the platform reputation.”