1Inch today announced that it will be collaborating with cybersecurity solutions provider Hacken. The association has been announced in order to prep up further the platform’s security by bringing in modifications in code, APIs, and the entire infrastructure. A press release by the Hacken team brought to light that the team would particularly focus on serving as a cryptocurrency exchange auditor.
Hacken was previously associated with Chainlink in the form of disintegration with its decentralized oracles. This association has the potential to improve the accessibility of data to dApps. Crunchbase has estimated that a 1inch exchange has raised 2.8 M in a seed round of function only a few months ago. The seed round finds its investments from top organizations like DragonFly Capital, FTX exchange, and Binance Labs.
The announcement has come as a significant step because the assets locked in DeFi projects are currently running into billions but several protocols lack the quality of appropriate audits. The team said that at present the protocols are surrounded by anonymous developers and yield farming hive-off which drives too much speculation. And all this is done at the expense of security. For the average user, this move could mean access to real-time information on DEX security.
The 1inch team stated:
“We … have always been taking security very seriously. Now, it is time to take the protection of our users to a new level, and we are happy to be doing this in collaboration with Hacken.”
The 1inch developers are confident of Hacken’s track record in the cybersecurity space and believe that its teams are experts in code and infrastructure auditing. 1inch also plans to augment the security of its platform which will offer superior consumer protection. They will work collaboratively to address several key areas especially overall infrastructure and auditing code.
Sergej Kunz, co-founder, and CEO at 1inch stated:
“We are thrilled to welcome Hacken as our security associate. Thanks to this collaboration, our service will become safer for users. Together with Hacken, we’ll be able to take security in the (decentralized finance) DeFi space to a completely new level.”
The new development comes after increasing cases of hacks of several DeFi platforms. Opyn was one such platform that was attacked and the users were robbed of their funds. LendF apparently lost $25 million because of yet another hack. The very recent KuCoin hack leveraged the DeFi platform Uniswap to swap many ERC-20 tokens. In most of the cases, the hackers took undue advantage because of faulty unaudited code.
The Hacken team had noted recently:
“Our integration with Chainlink’s … decentralized oracle network will enable smart contracts from any blockchain to access Hacken’s security data. Developers can … leverage Chainlink’s existing pool of secure node operators to build in security buffers that protect user funds and/or ensure more secure and reliable transaction/protocol automation based on Hacken data feeds.”
The partnership will assist in taking security to a new level, especially in the DeFi space.