Web3 security and crypto protection have become paramount concerns for individuals and businesses alike in the rapidly evolving world of digital currencies and blockchain technology. With that, Aegis — an advanced Web3 threat monitoring system — is looking to revolutionize the way it approaches crypto security. 

Aegis illustrated in a nutshell

Aegis is an automated threat monitoring system with firewall-like features capable of preventing smart contract exploits before they happen. Launched on July 28, 2022, Aegis has quickly gained recognition as a powerful tool for enhancing Web3 security and preventing cryptocurrency exploits. By allowing users to add smart contract addresses to their watchlists, Aegis provides real-time notifications about potential threats, ensuring that users are always one step ahead of malicious actors.

What sets Aegis apart from other security solutions in the market? The answer lies in its innovative approach to threat detection and prevention. Aegis leverages cutting-edge technology and advanced algorithms to identify and neutralize potential risks in mere seconds, providing unparalleled protection for smart contracts and digital assets. This proactive approach to Web3 security ensures that users can enjoy the benefits of decentralized finance (DeFi) without having to worry about the safety of their investments.

Spot a quick decrease in TVL 

The biggest victims of cryptocurrency hacks have been, by far, DeFi protocols, which lost over $2.8 billion in 2022. Among the exploitation methods, smart contract and bridge exploits were the most troubling, causing various flash loan and market manipulation attacks. 

Aegis is here to address this pressing issue by providing real-time monitoring and protection against smart contract exploits and other malicious activities. By utilizing advanced predictive analytics, real-time monitoring and an alert system, Aegis can identify suspicious transactions and addresses within seconds, allowing smart contract owners to take immediate action and prevent potential losses. 

Harmony: A case study in Aegis integration

Harmony, the creator of one of the first cross-chain bridges, which accrued a peak total value locked (TVL) of $750 million, partnered up with Aegis to obtain its smart contract monitoring services.  By adopting Aegis, Harmony showed that it’s taking the security of its bridge seriously after it was shut down in June 2022 due to an exploit. With the help of its comprehensive security tools, Aegis will add an additional layer of security to the Horizon bridge to prevent hacks before they happen.  

Why choose Aegis for your project?

Aegis offers several key advantages for projects seeking to identify and respond to threats quickly to prevent losses and reputational damage. 

  1. Monitoring: Aegis provides users with a zero-configuration monitoring system that will keep tabs on smart contracts.
  2. Analytics: Aegis uses predictive analytics to detect malicious patterns or threats and assigns a severity level to them.
  3. Instant alerts: Aegis sends real-time alerts through email, SMS, Slack and Telegram to facilitate quick action.
  4. Custom event tracking: Aegis offers users tracking capabilities of specific events (i.e., ownership change)
  5. Backtesting: Aegis offers the ability to go back in time and review previous security breaches for mitigation purposes of future risks. 
  6. TVL tracking: Aegis offers a novel function that tracks an established limit and sends notifications when the limit is exceeded. This functionality is aimed at preventing hazards such as the $100 million BNB Chain hack.  

About Lossless Aegis

Lossless Aegis provides industry-leading threat monitoring and smart contract defense capabilities designed to prevent exploits before they happen.

To learn more about how Aegis can strengthen your security and deliver value from day one, visit https://aegis.lossless.io/ or reach out via hello@lossless.io