Decentralized finance (DeFi) protocol PureFi has recently launched a new tool to boost the security of Web3 transactions. SafeTransact, the new addition to the global crypto security arsenal, examines blockchain transactions and immediately alerts users of any suspicious activities.
Blockchains’ distinctive capacity to create promises and survive human interference is crucial to Web3 security. However, these software-controlled networks are potential hacking targets because transactions are irreversible. SafeTransact’s introduction is a timely solution to enhance prevention-oriented security measures.
The SafeTransact system is designed to integrate with AMLSafe, a multi-crypto wallet from the same ecosystem. It uses multiple factors to determine transaction risks for approved transactions. Furthermore, these factors are aimed at ensuring secure and compliant crypto transactions.
The tool analyses various input data such as a token address, sender address, sender address, and amount to provide a comprehensive assessment of risk for swap transactions. To identify risk levels, SafeTransact assesses input data for token transfer transactions, including “from,” “to,” and “amount” addresses.
In 2022, the DeFi sector saw the most number of hacks and data breaches, according to a recent Chainalysis report. The DeFi sector has not yet developed security tools that assist users in navigating the Web3 environment.
Security companies, however, conduct Web3 application audits to identify vulnerabilities and potential risks, develop blockchain-specific security tools that can detect and prevent attacks on blockchain networks and implement secure coding practices to prevent vulnerabilities in Web3 applications.
Defi PureFi Lead In Boosting Web3 Security
PureFi has introduced SafeTransact, which is a proactive measure to enhance security within the Web3 ecosystem. Moreover, SafeTransact can identify and notify users about any suspicious activities. This adds an extra layer of security for DeFi users.
PureFi’s solution is a step in the right direction toward mitigating security challenges faced in the Web3 space. Moreover, Security companies are constantly innovating and developing new approaches to protect Web3 transactions.
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The recent developments in DeFi offer users increased confidence and security. This enables users to trust the safety of their transactions and participate in DeFi with greater ease. As a result, DeFi becomes more accessible to a broader audience.