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Flare taps Hypernative to enhance Web3 security

Published 04/04/2024, 09:36 AM
© Reuters.

EVM smart contract platform Flare has inked a new partnership with Hypernative, a provider of proactive Web3 security solutions, to upgrade the security of its ecosystem.

Hypernative brings to the table a security platform capable of identifying vulnerabilities and potential exploits across the Web3 spectrum, including assets, protocols, and applications. To date, the platform says it has detected over 270 exploits that could have led to nearly $14 billion in damages.

Hypernative's technology will offer Flare's users, decentralized applications (dApps), and institutions protection against imminent cyber threats, including zero-day attacks, Investing.com understands. 

The sophistication of Web3 attacks is increasing, with a wider array of exploitation methods being employed by attackers worldwide. In response, Hypernative says it has developed a technology capable of identifying potential Web3 exploits well in advance, offering a proactive approach to security. As a result, its offering is trusted by some of the largest Web3 ecosystems, overseeing assets totaling $37 billion in value.

The company's solution is designed for continuous monitoring of on-chain and off-chain activities to preempt risks and attacks. With over 764,000 risks identified across 1,443 monitored protocols, Hypernative delivers critical insights and actionable intelligence to minimize false positives without overlooking threats.

Hugo Philion, Co-founder of Flare & CEO of Flare Labs, commented, “Flare has been architected with enshrined oracles to support high transaction value use cases, including DeFi and AI. 

Hypernative’s monitoring on Flare will help provide applications and their users with an additional layer of defense against potential exploits. Our aim is to provide the highest level of security possible, so institutions, builders and community members have the confidence to engage with decentralized applications on the network.”

Flare is known for its Ethereum Virtual Machine (EVM)-compatible smart contract platform that facilitates decentralized data acquisition. It provides developers with secure and cost-effective access to extensive data sets to improve the capabilities of Solidity-coded applications.

Gal Sagie, Co-founder and CEO of Hypernative, highlighted the need for a new security standard in Web3, beyond traditional audits and bounties. "There is a dawning realization that web3 needs a new security standard that goes beyond audits and bounties. It's really encouraging to see leading protocols like Flare take a global approach to security and implement active strategies that protect their entire ecosystem," he added.

As the complexity of Web3 smart contracts continues to grow, so does the need for sophisticated security solutions. Hypernative's track record and battle-hardened tools are set to play a crucial role in safeguarding Flare's over 290 projects, offering real-time, proactive protection against sophisticated cyber threats. Flare projects will gain access to Hypernative's platform, enabling them to configure alerts, monitor security flows, and receive support in case of attacks.

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