MakerDAO uses Forta for security
MakerDAO uses Forta for security and operational monitoring. MakerDAO is one of the largest and most trusted DeFi protocols.
The Maker Protocol is the set of smart contracts that make it possible to generate Dai. The Protocol was the first decentralized finance (DeFi) application to earn significant adoption and remains one of the largest decentralized applications on the Ethereum blockchain. All Dai is backed by a surplus of collateral that has been locked into audited and publicly viewable Ethereum smart contracts.
Given how decentralized Maker is from a governance and operations standpoint, they were keen to also have a decentralized monitoring system. Furthermore, decentralized solutions like Forta can eliminate single points of failure and vendor lock-in. Maker was also keen to enable their community to have access to real-time security and health information, as well as encourage them to actively participate in the monitoring function.
More key points about the collaboration
The Maker TechOps Core Unit, as well as representatives from Immunefi, Maker’s external security advisor, worked closely with Nethermind to develop and implement Forta monitoring.
Today, protocol components being monitor by Forta include:
- Governance Module: detection bots are monitoring hat addresses that are unknown, have been changed, or have less than the MKR threshold in approvals; and lift events involving unknown addresses.
- Oracle Security Module: detection bots are monitoring the cadence of price updates for collateral types, and significant deviations in price.
- Emergency Shutdown Module: detection bots are monitoring “join” events involving 2 or more MKR, and ESM “fire” events.
Maker is also in the process of implementing additional L2 monitoring on Forta. It also includes monitoring invariants in Dai supply between L1 and Optimism/Arbitrum. In addition, the Dai price across chains, and various wormhole events including minting, debt ceiling utilization, and slow withdrawals.
“We’re excited to be working with Forta. The more eyes on Maker’s critical infrastructure the better. Especially with Forta’s amazing decentralized solution,” — @eskp, a Maker TechOps Core Unit member
ABOUT Forta Network
Forta is the first decentralized network delivering real-time intelligence on the security and health of Web3 core infrastructure and dApps. Protocols, DAOs, investors, as well as individuals, can use Forta to receive real-time insights on security, financial, operational, and governance-related events on L1s, L2s, and sidechains.
ABOUT MakerDAO
The Maker Protocol is the platform through which anyone, anywhere can generate the Dai stablecoin against crypto collateral assets.
RESOURCES
Forta Release
