Security exploits have become an industry-wide concern. As of Q1 2024, over $321 million worth of funds have been lost to hacks across Web3 protocols.
At ZeroLend, providing robust security and transparency are our core principles. To advance our security capabilities, we are pleased to form a strategic partnership with Hypernative, an institutional-grade Web3 real-time security platform.
This partnership will reinforce security for our ever-growing market share in the lending space with currently $346 million market and 457,000 unique addresses across our lending markets on all the chains.
With Hypernative's advanced detection system, ZeroLend aims to proactively prevent threats, exploits, or other malicious activities, maintaining the integrity and security of our lending markets.
Hypernative is a leading Web3 security platform that employs sophisticated machine learning models, heuristics, simulations, and graph-based detection to preemptively detect hacks and alert users or protocols to take action.
It monitors on-chain and off-chain data to identify over 200 risks accurately. These risks include smart contract hacks, security incidents while bridging assets, frontend compromises, market manipulations, economic risks, and key theft.
Last year alone, Hypernative detected 99.5% of hacks with less than a 0.001% false positive rate, saving $50+ million.
Hypernative's real-time enterprise-grade platform monitors over $37 billion worth of digital assets across 25 blockchains. Over 80 leading Web3 projects, including Karpatkey, Starknet, Flare, Messari, Chainalysis, Circle, Galaxy Digital, Ether.fi, and Radiant Capital, among others, use Hyperntaive.
Hypernative will help in identifying smart contract vulnerabilities and 3rd-party compromises. It will also constantly monitor our frontend to detect threats on our web. Special condition monitoring/phishing and scamming campaigns targeting ZeroLend project, etc
Apart from that, HyperNative will also monitor Oracle prices and react based on Oracle-caused compromises. It will also help us maintain the asset health of our lending market by monitoring the various LRTs and staking/restaking risks.
The two main advantages of using HyperNative are:
Hypernative will monitor the ZeroLend smart contracts 24/7 and provide real-time security alerts. Their on-chain monitoring solution will oversee smart contract interactions, lending pools, position health, and other on-chain activity.
Additionally, Hypernative will assist ZeroLend in evaluating security frameworks and setting standard operational procedures for protocol security. These SOPs will cover everything from drafting pre-incident measures for a swift response to post-incident strategies focused on instant smart-contract pausing, rapid recovery, and minimizing damage.
An exploit is not a singular event. It is a chain reaction that disrupts multiple protocols. Hypernative's real-time monitoring has a proven track record of identifying threats in the early stages.
By identifying the initial vulnerability or attack vector, we can instantly isolate the compromised smart contracts using Hypernative's real-time threat monitoring software. Isolating compromised smart contracts will also help us to implement targeted solutions and restore functionality.
In the event of a security incident, Hypernative's team will work closely with ZeroLend to provide immediate incident response, war room management, diagnosis of the situation, and recovery solutions.
We believe optimal security can only be achieved with proactive measures and vigilance.
Our vision through this partnership with Hypernative is to implement continuous monitoring, high-accuracy alerts, and automated response capabilities to ensure high-level security for users' assets.
We have also enabled smart contract alerts and triggers, which will automatically freeze our entire lending protocol in case of fund loss, emergencies, or hacks. Freezing our protocol in such incidents ensures automated immediate risk containment and maximum security of user assets.
These triggers will be tested on Wednesday, May 22nd, from 15:30 UTC. We will pause all actions (deposits, withdrawals, staking, vesting, etc) on ZeroLend for this duration.
Note: This is a routine test to validate our emergency protocols and does not affect the safety of user funds.
Hypernative is a real-time security monitoring and threat prevention platform that prevents zero-day cyber-attacks, economic risks, and on-chain anomalies, protecting Web3 users, dApps, and protocols from significant losses. It provides security to over 80 leading platforms and monitors $37 billion worth of digital assets across 25 chains.
Website: https://www.hypernative.io/
ZeroLend is one of the fastest-growing lending protocols, focusing on LRTs, real-world assets, lending, privacy, and account abstraction. To provide secure lending and borrowing services, we've undergone comprehensive security audits by renowned platforms such as Mundus.dev, Peckshield, and Aave (existing audits).
Website: https://zerolend.xyz/
Twitter: https://twitter.com/zerolendxyz
Discord: https://discord.gg/zerolend
DefiLlama: https://defillama.com/protocol/zerolend
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