Blockchain Security Firm Recommends How To Build a Safe DeFi

SlowMist, a blockchain security firm, has provided information on how to build a safe decentralized finance (DeFi) platform, following recommendations from 23pds. The security outfit drew a mind map following the rampant security breaches within the DeFi ecosystem.

How to build a safe #DeFi?👇

— SlowMist (@SlowMist_Team) November 20, 2023

The mind map, titled “How to Build a Safe DeFi,” was divided into two sections, including the website and crypto sections. 23pds used a flowchart to show the steps DeFi developers need to take to ensure the security of their platforms and protect them from bad actors.

From the website angle, the blockchain security outfit recommended using certified internet domain registries like GoDaddy, NameSilo, and NameCheap. The listed platforms help to prevent social engineering attacks on domain registrar staff. It also recommended activating domain privacy protection under the privacy setting to protect against potential email phishing.

23pds recommended proper security monitoring via coverage across 80% of the global region, real-time detection of critical domains at the minute level, and monitoring for hijacking, malfunctions, incorrect IP resolutions, and other anomalies. The platform recommended using third-party CDNs like Akamai and CloudFlare to ensure DNS security.

Among other security features, the security platform recommended using lightweight PaaS platforms like Vercel and Netlify. Those would enable DeFi projects to pay attention to account password management and 2FAs. They would also ensure the validity of real-time resolutions to prevent expiry and subdomain takeover, enhance user security configuration, and monitor user configuration and monitoring.

Under server protection, the outfit recommended using self-hosted servers like AWS and GCP. Those can provide multiple platform protections, including IP security while implementing Web3 project security requirements to ensure the front end is well protected.

SlowMist’s 23pds recommended the implementation of 0x02 security for the development process of protecting the crypto side of DeFi platforms. It also showed that the 0x03 release process should be adhered to when deploying smart contracts. Other aspects the team identified include security monitoring, contract monitoring, and fund monitoring. Those would be secured by implementing runtime security monitoring.

The security platform also noted the importance of 0x05 emergency management by MistTrack as a crucial part of building a safe DeFi platform.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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