Flare, a cryptocurrency project, has partnered with institutional grade Web3 security company Hypernative in a move aimed at bolstering security and providing proactive security measures to protect its ecosystem from cyberattacks.

Announced on Thursday, Flare revealed that the collaboration will see Hypernative’s cutting-edge platform providing proactive security measures to safeguard participants within the Flare ecosystem against zero-day cyber threats. By preemptively alerting the network to emerging risks such as digital asset vulnerabilities, protocol weaknesses, and evolving web3 threats, Hypernative aims to establish a robust defense system.

The escalating sophistication and diversification of Web3 attacks have highlighted the urgent need for heightened security measures. With the industry becoming an increasingly attractive target for malicious actors worldwide, Flare’s strategic partnership with Hypernative signifies a proactive stance toward ensuring safety and protection for all ecosystem stakeholders, including users, dApps, and institutions.

Hypernative’s platform stands out in the Web3 security landscape with its advanced technology, designed to stay ahead of exploits by continuously scanning for weaknesses across assets, protocols, and applications. Having already identified over 270 potential exploits, representing a staggering $14 billion in potential damages, Hypernative boasts a formidable track record, serving major Web3 ecosystems with a combined value of $37 billion.

What sets Hypernative apart is its unique architecture platform that provides comprehensive, “always-on” monitoring across various activities, including on-chain transactions, governance processes, financial operations, and security measures. This proactive approach enables the detection and mitigation of risks and attacks before they inflict substantial damage, empowering clients to take preemptive action.

With over 764,000 risks detected across 1,443 constantly monitored protocols, Hypernative emphasizes critical insights and alerts to prevent false positives while ensuring minimal false negatives. The platform’s seamless integration across Web3 platforms, coupled with API support and customizable options, positions it as a crucial asset for Web3 institutions, particularly those engaged in high-frequency financial activities like DeFi.

Hugo Philion, Co-founder of Flare and CEO of Flare Labs, expressed confidence in the partnership, stating, “Flare has been architected with enshrined oracles to support high transaction value use cases, including DeFi and AI. Hypernative’s monitoring on Flare will help provide applications and their users with an additional layer of defense against potential exploits. Our aim is to provide the highest level of security possible, so institutions, builders, and community members have the confidence to engage with decentralized applications on the network.”

Flare, renowned for its EVM smart contract platform optimized for decentralized data acquisition, offers developers secure and cost-effective access to a diverse range of price and state data for their dApps. With Flare’s architecture supporting Solidity-coded applications, the partnership with Hypernative reinforces its commitment to ensuring the highest levels of security across its ecosystem.

Gal Sagie, co-founder and CEO of Hypernative, underscored the importance of adopting proactive security measures in the Web3 landscape, stating, “There is a dawning realization that web3 needs a new security standard that goes beyond audits and bounties,” said Gal Sagie, co-founder and CEO of Hypernative. “It’s really encouraging to see leading protocols like Flare take a global approach to security and implement active strategies that protect their entire ecosystem.”

As Web3 smart contracts grow in complexity, the imperative for advanced security intelligence becomes increasingly evident. Leveraging its extensive experience in protecting blockchain’s most advanced platforms, Hypernative’s robust tools are poised to play a pivotal role in safeguarding the 290+ projects built on Flare, offering real-time proactive warnings to thwart even the most sophisticated attacks.

In addition to providing access to its platform and assisting in configuring alerts, Hypernative will collaborate closely with Flare projects to ensure comprehensive monitoring and preventive measures, underscoring its commitment to fortifying Web3 security standards.

Founded in 2022, Hypernative is a tech startup that protects digital assets using AI. The company provides comprehensive protection against zero-day cyber-attacks and economic risks, while also detecting anomalies within on-chain transactions. Its advanced platform safeguards digital assets, protocols, and web3 applications, aiming to prevent significant losses or threats.

Utilizing proprietary machine learning models, Hypernative monitors both on and off-chain data sources. This enables the platform to accurately anticipate cyber, economic, and governance threats before they materialize. By linking these insights to automated playbooks, Hypernative can take swift action to prevent and mitigate risks in real time.

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• Source: https://techstartups.com/2024/04/04/hypernative-joins-flare-to-proactively-safeguard-web3-ecosystem/