Circle has introduced Event Monitoring for its Smart Contract Platform.
According to Circle, this feature allows developers to:
- Subscribe to events emitted on Ethereum Virtual Machine (EVM) blockchains
- Receive real-time notifications via webhooks
- Take programmatic action based on these events.
Circle added that with Event Monitoring, web3 developers are now able to reliable track activities on any smart contract or smart contract account in real-time.
Developers are reportedly able to subscribe to the events that matter to their use case most or get notified when unusual or unexpected events happen.
Circle pointed out that Event Monitoring opens up possibilities for building more “dynamic, responsive, and secure on-chain apps.”
Whether you’re managing an ecommerce marketplace, DeFi protocol, or any other smart contract-based app, this feature provides the “real-time activity insights you need to stay ahead.”
Event Monitoring lets you track on-chain events—such as transactions and state changes—in smart contracts.
By monitoring these events, developers are able to take timely actions off-chain.
For example, developers can monitor Circle’s Cross-Chain Transfer Protocol (CCTP) smart contracts and subscribe to events whenever someone “initiates a USDC transfer across different blockchains.”
This enables the creation of apps that “automatically” update transaction statuses, notify users of successful transfers, or “trigger additional workflows like updating app interfaces.”
Another example is that application /. web3 developers are able to set up notifications for “unusual or unauthorized activities, such as unexpected transfers or admin function executions, changes in contract state, or failed transactions.”
Event Monitoring provides immediate notifications for developers “to intervene quickly, enhancing app security and reliability.”
Circle further noted that there are a few terms we should understand when talking about events.
- Event Signatures: The event signature is used to describe the event’s name and its parameter types. It’s created by hashing the event using the keccak256 hashing function.
- Event Log: An event log records events emitted by smart contracts during their execution. These logs are stored in the blockchain and can be accessed by external applications to track changes or actions that occur in a contract. Each event log consists of two elements: topics and data.
- Topics: Topics are indexed parameters of the logs that are used for filtering logs. Each event emitted can have up to four indexed parameters, with the first topic typically being the event signature. The rest of the topics describe the indexed arguments for the event function
- Data: While topics have size limitations, data doesn’t and can be used to store the value of other parameters and complex data.