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In the letter
- OpenZeppelin is a security audit firm for Ethereum smart contracts.
- He created the Defender platform so that developer teams can create secure code.
- The platform has already been tested by major DeFi protocols.
Security audit firm OpenZeppelin released free automation software DeFi operations on the Ethereum blockchain.
Defender, which according to OpenZeppelin is already used by Aave, Compound Labs, dYdX and Balancer, allows teams to build applications “as well as a self-managed secure transaction infrastructure (private relayers)” and automate smart contracts “in minutes. months. “
The whole idea, OpenZeppelin said, is to get around the need to recreate the wheel with every decentralized finance project. When teams create their own tools or put existing code together, they also create the potential for risk, especially if they move quickly to bring the product to market.
According to Demian Brener, CEO of OpenZeppelin, Defender is “the first platform that offers teams an easy place to automate all their smart contract operations with built-in security best practices.”
It is not uncommon for Ethereum-based decentralized finance applications, which bring traditional banking services such as loans and savings interest without a financial institution as a centralized intermediary, to be captured by uncertified smart contracts.
Yam Finance, an experimental protocol that at one point contained tokens worth about $ 400 million, imploded after a bug was found in a smart contract, requiring an entire new version. The total value locked in the DeFi protocols is currently north of $ 11 billion, according to DeFi Pulse.
“Working with high-value smart contracts can be stressful,” said Peter Watts, CTO of Props, who tested the platform. “OpenZeppelin Defender relieves stress by dramatically reducing the margin for human error, making intelligent contract management simple and secure.”
According to OpenZeppelin, Defender works with smart contracts that span Tier 1 and Tier 2 solutions, as well as sidechains.
