Security
Malicious App Detection and Signature Blocking
Description
Blockaid provides real-time malicious app detection and web scraping services for blockchain protocols. Thanks to partnerships with wallet providers like Metamask, they can block interactions with malicious websites instantly, and warn of / prevent malicious transactions from being signed by the end user. The dYdX Ecosystem Development Program proposes to enter into a one-year service agreement with Blockaid by which Blockaid will extend these monitoring and signature prevention services to malicious dYdX copycat websites.
Blockaid estimates that for each dYdX user that gets their wallet drained, dYdX loses, on average, $18,000 per year in protocol fees. (Calculated by dYdX’s $100k in daily fees / its 2k active users = $50 per user, per day). If Blockaid prevents 4 users per week from having their wallets drained, this service could save the protocol up to $3.7m in annual fees.
Deliverables
- Detection of Malicious Apps: Implementation of custom logic and detection rules inside of Blockaid’s internet-wide d’app scanning infrastructure for dYdX.
- Prevention of Malicious Signature & Instant Blocking: Instant blocking of malicious signatures from within blockaid’s network of partner wallets and infra providers (metamask, coinbase wallet, fireblocks, OKX, Rainbow, Zerion, and more)
- Realtime Dashboard: Real-time dashboard exposing malicious sites and threats detected by Blockaid
Community Reporting: Monthly short reports on the state of malicious activity detected and combated by Blockaid in the previous month, consisting of a dashboard export, as well as a longer, more detailed report each quarter. These reports will include the number of malicious sites and incidents detected, amount of funds protected by Blockaid’s service, etc.
