HAPI Protocol: Making the DeFi Space More Secure
Security is important in crypto. And for decentralized finance protocols, it is a key factor.
The explosive growth of the DeFi market has undoubtedly attracted nefarious players, and billions of dollars have been lost to DeFi-related hacks within the last couple of years.
As such, investors are becoming more concerned about the security of DeFi projects before investing in them. DeFi protocols, on the other hand, are continuously searching for sophisticated cybersecurity solutions that will help mitigate risks.
But a new decentralized security protocol has pledged to provide DeFi players with timely and reliable data to help make the DeFi space more secure and safe for all.
Meet HAPI Protocol
The HAPI Protocol is a cross-chain decentralized security protocol designed to create new cybersecurity standards within the DeFi ecosystem by preventing and interrupting any malicious activity in the space.
The protocol leverages both off-chain and on-chain data to provide real-time information on compromised wallets, DeFi hacks, and potential threats of money laundering.
HAPI’s mission is to rectify some of the most pressing problems that the DeFi space is currently facing and become a security standard for decentralized exchanges (DEXs), lending protocols, derivatives protocols, and other DeFi protocols.
How Does HAPI Work?
HAPI Protocol provides its clients with two primary services: a notification system for suspicious addresses and a binary risk categorization system.
First, HAPI’s set of cross-chain smart contracts receives real-time data accrued directly by HAPI from multiple sources, both on-chain and off-chain. This data reveals suspicious addresses and unauthorized transactions, which helps to prevent illicit funds from entering any off-ramp destinations.
Subsequently, HAPI marks and categorically divides each address into various levels of the potential threat and immediately sends them out across several centralized exchanges (CEXs) and DEXs that can then blacklist them.
HAPI Protocol Features
HAPI offers a multifaceted automated tool that delivers multiple practical implementations designed to improve security and prevent some cases of money laundering. The protocol provides its clients features such as
- Comprehensive wallet address vetting systems:
HAPI’s systems thoroughly vet and categorize the addresses conducting transactions on exchanges. This way, clients can ensure that the address they are about to interact with has not previously been involved in any fraudulent schemes. The risk scoring can be tuned to the needs of the exchange.
- Real-Time Data
HAPI receives accurate and up-to-date data on any malicious activity on the blockchain from multiple reliable sources. The protocol obtains data from some of the top blockchain data providers, including Chainalysis and Crystal Blockchain.
- Security Intelligence Service
The protocol’s team of experts in the cybersecurity industry, HAPI Labs, provides continuous monitoring of blockchain activities, both in-coming and out-going transactions. They utilize industry-grade security tools to ensure the safety of the crypto space.
- Decentralized AML Solution
HAPI’s one-of-a-kind decentralized AML solution directly embeds smart contracts to instantaneously notify, store, and bookkeep all relevant data. It operates in both off and on-chain domains, connecting DEXs and Defi protocols to the CEXs in one whole network.
- Reporting and Alert Systems
HAPI allows anyone to report bad players to the database and alerts those in the network via its real-time update and live-monitoring HAPI report and check interface (RCI).
HAPI Integrations
HAPI has integrated into various blockchain systems to increase their security, decrease the intrusion of malicious players, and eliminate potential threats of money laundering in those projects. These blockchain protocols leverage the cybersecurity services offered by both HAPI Protocol’s embedded smart contracts and the HAPI Labs team that will aid in continuous monitoring of the transactions.
HAPI recently integrated with Allbridge and Jumbo exchange.
- Allbridge Integration
Allbridge is currently one of the most used token bridges that allow the extensive transfer of digital assets to and from a plethora of blockchain ecosystems, including Solana, Binance Smart Chain (BSC), Fantom, NEAR, and Ethereum. The platform also provides support for non-EVM blockchains, further increasing its interoperability, which has seen it process the transfer of over $1 billion worth of digital assets in recent months.
Allbridge is the first liquidity bridge to integrate with HAPI. This will allow the platform to detect any malicious activity on its network, as each bridging will now be thoroughly vetted by the HAPI smart contract before reaching its destination. Since HAPI’s smart contracts are automatically embedded in the blockchain, this allows it to trace and monitor the inflow of transactions or implement a novel, a decentralized know-your-transaction (KYT) alternative that operates directly on-chain.
- Jumbo Exchange Integration
Jumbo Exchange, an automated market maker (AMM) built on NEAR, is the first DEX and the first NEAR-based project to integrate HAPI Protocol. The integration will allow HAPI to develop and test its cybersecurity services directly on the DEX. This will present the protocol with a good opportunity to fix any issues that arise during the implementation stage.
Additionally, the integration with Jumbo Exchange makes it possible to extend the comprehensive nature of HAPI further and allow it to become the standard of cybersecurity in DeFi.
These integrations mark the start of the HAPI Protocol as a fully-functional and decentralized cybersecurity solution. With the help of its data providers, HAPI aims to provide its clients with quality security solutions that are both affordable and immediately useful.
OhNoRipple via https://www.ohnocrypto.com/ @Danish Yasin, @Khareem Sudlow
