DeXe Protocol is now protected by SphereX in real-time
The real-time, on-chain protection from SphereX has been successfully launched on the DeXe Protocol. This is yet another major step in ensuring that the Protocol and any user assets interacting with it are maximally secure as security is the top priority for the Protocol. The SphereX layer of security comes on top of 5 outside audits and a 3-platform, open-ended bug bounty program. SphereX protection was activated automatically as a result of a passed community proposal.
How SphereX works
The significance of having SphereX securing the Protocol is in its 24/7 protection for any DAO that runs on the Protocol, keeping them secure both in terms of funds and against any governance attack vectors. Specifically, SphereX rejects any proposal transaction that does not meet the pre-approved behavioral patterns.
Setting up SphereX on the Protocol
SphereX was implemented into the code of the DeXe Protocol when the latter was deployed so that it could be set up later.
Through the combined work of DeXe Protocol DAO contributors, a large number of selectors and patterns were added to SphereX settings within the Protocol that allow the implementation to determine which proposal transactions are safe and should not be rejected. More selectors and patterns will be added as new use cases emerge.
How SphereX works with the Protocol
SphereX rejects all transactions that do not match an approved pattern, making sure that a malicious transaction doesn’t drain user funds, for example. This also protects from governance attacks since any passed proposal will go through SphereX before execution. If a valid, transaction accidentally gets rejected, the DeXe Protocol DAO can add its behavior to the allowed list on SphereX and it will pass in the next attempt.
Additional benefits of running SphereX
This additional, automatic layer of protection gives users even more confidence in the DeXe Protocol. Additionally, DeXe recently launched a bug bounty campaign to continuously enhance the security of the Protocol. SphereX will work in tandem with that campaign and can be modified to reject any transaction patterns that were found to be potentially exploitable.
The big picture
Having only launched this past November, the Protocol is growing fast. Demonstrating such dedication to security helps the Protocol get even greater adoption. By introducing a high-quality, secure product into the world of DeFi, we help support the high standards of DeFi protocols and the overall user trust in DeFi.
Stay tuned!
