SlowMist, a blockchain security company, has provided information on how to build a secure decentralized finance (DeFi) platform, following 23pds recommendations. The security team drew a mental map behind the rampant security breaches within the DeFi ecosystem.
How to build a secure #DeFi?👇 https://t.co/BaQtGzfsvX
– SlowMist (@SlowMist_Team) November 20, 2023
The mind map, titled “How to Build Secure DeFi,” was divided into two sections, including the website and cryptocurrency sections. 23pds used a flowchart to show the steps DeFi developers should take to ensure the security of their platforms and protect them from bad actors.
From a website point of view, the blockchain security team recommended the use of certified internet domain registries such as GoDaddy, NameSilo, and NameCheap. The listed platforms help prevent social engineering attacks on domain registration staff. It also recommended turning on domain privacy protection in your privacy settings to protect against potential email phishing.
23pds recommended adequate security monitoring through coverage across 80% of the global region, real-time detection of critical domains at the minute level, and monitoring for hijacking, malfunctions, incorrect IP resolutions, and other anomalies. The platform recommended using third-party CDNs such as Akamai and CloudFlare to ensure DNS security.
Among other security features, the security platform recommended the use of lightweight PaaS platforms such as Vercel and Netlify. This would allow DeFi projects to pay attention to account password management and 2FA. They would also ensure the validity of real-time resolutions to prevent expiration and subdomain acquisition, improve user security settings, and monitor user configuration and monitoring.
Under server protection, the team recommended the use of self-hosted servers such as AWS and GCP. These can provide cross-platform protections, including IP security, while implementing the security requirements of the Web3 project to ensure the front-end is well protected.
SlowMist’s 23pds recommended the implementation of 0x02 security for the development process to protect the crypto side of DeFi platforms. It also demonstrated that the 0x03 release process should be followed when deploying smart contracts. Other aspects the team identified include security monitoring, contract monitoring, and funding monitoring. These would be ensured by implementing runtime security monitoring.
The security platform also highlighted the importance of 0x05 emergency management by MistTrack as a crucial part of building a secure DeFi platform.
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