Blockaid CEO Ido Ben-Natan told Cointelegraph that the product allows developers to integrate the solution through an API, avoiding the need to develop security measures from scratch.

The collaboration between 1inch and Blockaid signifies a significant enhancement in security measures within the DeFi space, particularly given the increasing incidents of cyber threats and fraud. Here’s an in-depth look at the details and implications of this partnership:

1inch and Blockaid Partnership

Objective:
1inch, a decentralized finance (DeFi) platform, has teamed up with Blockaid, a Web3 security provider, to bolster security within its ecosystem. This partnership aims to identify and prevent fraudulent activities such as phishing scams and hacks, which have plagued the DeFi space.

Security Enhancements

Blockaid’s Role:
Blockaid’s security features will be pivotal in this initiative. These features include simulating transactions before execution, which helps in detecting potential threats and preventing fraudulent activities. This proactive approach is essential for safeguarding users’ assets in the volatile DeFi environment.

Key Features of the Collaboration

1inch Shield:
- Introduction: The 1inch Shield is a security solution developed in collaboration with Blockaid.
- Functionality: It detects and marks scam tokens, helping users avoid engaging in fraudulent transactions.
- Integration: These features are integrated into the 1inch and broader DeFi ecosystem, providing real-time warnings about potential security risks.

Supported Networks:
The security measures support major blockchain networks, including:
- Ethereum
- Base
- BNB Chain
- Polygon
- Arbitrum
- Optimism
- Avalanche

Statements from Key Figures

Ido Ben-Natan, Blockaid Co-founder:
He emphasized the importance of this collaboration, noting that it enhances the safety of digital assets, thereby fostering trust and confidence among users in the DeFi space. Ben-Natan believes this partnership is a pivotal step towards securing the Web3 ecosystem and paving the way for a more secure and accessible DeFi environment.

Sergej Kunz, 1inch Co-founder:
Kunz highlighted that the partnership aims to assist the broader DeFi ecosystem by providing access to security solutions through an API. This enables other Web3 projects to integrate these security measures without having to develop their own from scratch. Kunz believes that merging the strengths of leading security providers will set a new standard for Web3 security.

Additional Benefits

Adaptability:
The Shield API is designed to be adaptable for any Web3 application, including decentralized applications (DApps), wallets, and exchanges. This flexibility ensures that various platforms within the Web3 space can benefit from enhanced security measures.

AML Compliance:
The collaboration also incorporates additional Anti-Money Laundering (AML) compliance screening and labeling functionalities from other top vendors. This comprehensive approach ensures that users are protected from various threats, ranging from scams and malicious attacks to compliance risks.

Conclusion

The partnership between 1inch and Blockaid marks a significant step towards securing the DeFi ecosystem. By integrating advanced security features and providing a scalable solution for other Web3 projects, this collaboration aims to foster a safer and more trustworthy environment for all participants in the DeFi space. The introduction of the 1inch Shield and the adaptability of the Shield API are crucial developments that could set a new standard for security in the rapidly evolving world of decentralized finance.