Blockchain security firm Blockaid announced the integration of its advanced Onchain Detection and Response (ODR) technology on the Stellar blockchain, starting with the Lobstr and Freighter wallet applications.
According to an Oct. 17 announcement viewed by Cointelegraph, the strategic partnership will bring real-time threat monitoring and rapid response capabilities to the wallets, with further integrations planned.
Demonstration of a Blockchain security alert on a mobile phone. Source: Blockaid
Blockaid’s Web3 services
Blockaid describes its services as being somewhat like an antivirus software for Web3 decentralized applications.
Ido Ben Natan, CEO of Blockaid, told Cointelegraph that the first wave of enhancements “alerts users whenever they interact with a dangerous transaction, DApp, or token.” He added that “by flagging malicious interactions, we’re protecting millions of users from scams and hacks.”
According to the company’s announcement:
“Blockaid’s Web3 security technology, trusted by Coinbase, Stellar, and Metamask, has scanned over 4.5 billion transactions, prevented more than 100 million attacks, and defended against potential losses exceeding $4 billion.”
In just the first half of 2024 alone, Blockaid inked deals with a number of blockchain firms in the industry including a Coinbase Wallet integration in March, and partnerships with 1inch and Avalanche Core Wallet in June.
Related: 1inch reveals new cross-chain swap feature
Stellar
Stellar bills itself as a decentralized open-source blockchain platform for decentralized finance (DeFi), assets, and payments. Its primary token, XLM, has a market capitalization of $2.8 billion as of Oct. 16.
It’s purported to be faster and more efficient than more popular blockchain platforms such as Bitcoin thanks to its Federated Byzantine Agreement (FBA) algorithm, which handles consensus through a streamlined protocol.
As Cointelegraph reported in August, France-based fintech company Next Generation and Ireland-based electronic money institution (EMI) Decta announced a plan to reintroduce a euro-pegged stablecoin, EURT, on the Stellar blockchain.
The launch of EURT signifies a period of perceived relief from regulatory uncertainty for cryptocurrency and blockchain firms operating in the European Union. By all accounts, the stablecoin market appears to be surging under the Markets in Crypto-Assets (MiCA) regulation and increasing legal clarity.
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