Through WalletConnect, the Fireblocks browser extension, and MetaMask Institutional, the dApp Protection and Transaction Simulation tools can examine decentralised applications on more than 40 blockchains.

Fireblocks has introduced Transaction Simulation and dApp Protection tools to assist institutional DeFi users in avoiding hacked dApps, phishing websites, and dubious smart contracts.

The solutions use MetaMask Institutional, Fireblocks’ browser plugin, and WalletConnect to verify decentralised applications across more than 40 blockchains.

With the use of new threat detection and smart contract evaluation tools, cryptocurrency custody expert Fireblocks is assisting organisations investigating decentralised finance (DeFi) in avoiding dealing with dishonest parties and becoming targets of harmful attacks.

Checking decentralised applications across more than 40 blockchains is now possible using Fireblocks' dApp Protection and Transaction Simulation tools, which have been in beta testing since December of last year alongside Galaxy and Flowdesk via WalletConnect, Fireblocks’ browser extension, and MetaMask Institutional.

There has been a recent surge of interest in DeFi – sometimes described as a playground for hackers – thanks to a steady increase in crypto asset prices.

Institutions are increasingly exploring swapping, lending, staking and bridging using popular platforms like Uniswap, Aave, Curve, 1inch and Jupiter

Some Fireblocks customers have their own dedicated Web3 research team, but most people need to scale their operations and don’t necessarily have the resources to hire cybersecurity experts who also understand DeFi and Web3, said Shahar Madar, VP of products for security at Fireblocks.

Using patterns like malicious URLs, malicious javascript components, and suspect registrars, the solution searches for phishing websites, hacked dApps, and questionable smart contracts.

In an interview, Madar stated, "We've mapped out the user journey of a DeFi and Web3 trader."

"Typically, it begins when you connect to a dApp through a phone scan, get prompted to begin signing transactions, and then everything is done. Throughout the process, we implemented detection and mitigation techniques.

For example, we perform a transaction and counterparty scan, attempt to interpret the contract, and provide transaction simulation—basically providing you with an outline of whatto expect.