Fireblocks integrates support for Solana, NFT & DeFi. The digital asset custody platform said that it added support for Solana-based apps to its networks. The latest addition, as part of its expansion, would allow Fireblocks customers to access the developer’s ecosystem via its suite of tools.
Fireblocks Adds Support For Solana Apps
Users will be able to easily access the different decentralized financial (DeFi) and Web3 apps on the Solana network once it is launched. According to Fireblock CEO Michael Shaulov, Web3 technology would provide Solana developers with strong security when using the network’s numerous capabilities.
As a result, the launch will take place via Fireblock’s Web3 Engine, a set of tools geared for developers working in the DeFi, NFT, and GameFi domains. It is worth noting that the business introduced the Fireblock Web3 Engine in May 2022 to give developers with a high-security solution. Hackers have stolen billions of dollars in digital assets from the decentralized financial space.
Solana, for its part, has had a number of high-profile network intrusions this year. The most recent security breach impacted over 7,000 wallets in the ecosystem, resulting in a $8 million loss.
Furthermore, DeFi has become the primary focus of Solana’s development strategy, with its venture section financing $100 million in support of DeFi unicorns in South Korea. Solana is now rated sixth among the industry’s major DeFi chains.
During the crypto bull market, Fireblocks rose to become one of the most valuable companies in the blockchain world. In February, the business secured a $550 million Series E fundraising with a valuation of $8 billion.
Fireblocks integrates support for Solana, NFT & DeFi which is amazing news.
Rising Security Breaches – DeFi Platforms
The arrival of blockchain technology heralds a new security pattern for the digital asset ecosystem. Because blockchain transactions have numerous built-in security layers to authenticate and safeguard individual privacy, decentralization brings fresh faith in them.
Despite the additional security measures, the digital asset business has been plagued by security breaches. Blockchain is the hot cake for investors eager to unload their capital on exchanges, and hackers follow where the money is.
Since 2020, blockchain networks have been subjected to a rash of DeFi-related breaches. According to the survey, the greatest statistics were recorded in 2021, with 76% of hack instances resulting in a loss of more than $1 billion.
There isn’t a single aspect that hackers take advantage of. Flash loans, rug pulls, malicious attacks, network setups, a lack of laws, and other factors all lead to regular security breaches on blockchain projects.
However, the market’s enthusiasm and prospects frequently outweigh reports about industry threats.
It is not all doom and gloom for a decentralized financial system, however, because participants may do more to decrease the frequency of assaults.
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