1inch, a leading DeFi aggregator, has launched the 1inch Shield, a solution designed to protect users against various potential threats.
The partnership with Blockaid, a major provider of Web3 security tools, aims to set a new standard for security in the cryptocurrency landscape by combining Blockaid’s innovative security solutions with 1inch’s advanced features.
The collaboration aims to enhance user safety and asset protection, contributing to the growth and mainstream adoption of DeFi.
Blockaid acts like an anti-virus for Web3, leveraging superior data and machine learning to identify and protect against malicious attackers.
By providing clear information about transaction execution, Blockaid can simulate transactions involving wallets, dApps, or smart contracts across multiple blockchains, transforming validation into security. This transaction simulation capacity is used to protect 1inch users.
The 1inch Shield also mitigates AML compliance risks by running 24/7 screening of blockchain addresses for ties to sanctions, terrorist financing, hacked or stolen funds, ransomware, human trafficking, and more.
The screening component is powered by TRM Labs, which uses on-chain and off-chain data to detect possible security risks. Etherscan Pro’s blocklisting functionality is also included in the 1inch Shield.
The Shield API will be gradually integrated into 1inch products, available on the 1inch Developer Portal alongside other cutting-edge tools intended for Web3 developers.
This partnership represents a pivotal step forward in 1inch’s mission to secure the Web3 ecosystem and foster trust and confidence among users in the DeFi space.
