Stellar Blockchain News: Web3 Security Gains New Partner
Stellar Blockchain News: Blockaid Boosts Security Integration
In a strategic move to bolster blockchain security, Blockaid has announced the integration of its Onchain Detection and Response (ODR) technology on the Stellar blockchain. Initially rolling out with Lobstr and Freighter wallet applications, the integration aims to enhance security by offering real-time threat monitoring and rapid response capabilities. This marks a significant step for Stellar, as the platform looks to safeguard its users from the increasing number of blockchain-related scams and attacks.
Enhancing Web3 Security with Real-Time Monitoring
Blockaid’s ODR technology functions much like antivirus software, specifically designed for Web3 decentralized applications. The first phase of integration will alert users whenever they interact with potentially harmful transactions, decentralized applications (DApps), or tokens. Ido Ben Natan, CEO of Blockaid, emphasized the importance of these enhancements, noting that millions of users would now be protected from scams and hacks, which have been a growing concern in the blockchain space.
Blockaid’s Expanding Partnerships in 2024
Blockaid has quickly established itself as a key player in Web3 security, having scanned over 4.5 billion transactions and preventing more than 100 million attacks. Its technology has already safeguarded over $4 billion in potential losses. In 2024, Blockaid expanded its reach by forming partnerships with major blockchain firms, including Coinbase, 1inch, and Avalanche Core Wallet. The integration with Stellar highlights Blockaid’s commitment to broadening its presence across various blockchain ecosystems, making Web3 a safer environment for users.
Stellar’s Role in Decentralized Finance
Stellar, known for its open-source decentralized finance (DeFi) platform, continues to gain traction within the blockchain space. With its primary token, XLM, boasting a market capitalization of $2.8 billion as of October 2024, Stellar aims to offer faster and more efficient services than its counterparts like Bitcoin. This efficiency stems from its unique Federated Byzantine Agreement (FBA) algorithm, which streamlines the consensus process. By integrating Blockaid’s security technology, Stellar further cements its reputation as a secure and scalable platform for DeFi, assets, and payments.
The Future of Stellar and EURT Integration
The partnership comes at a time of significant development for Stellar, which recently reintroduced the EURT stablecoin in collaboration with fintech firms in France and Ireland. This move signals increased regulatory clarity in the European Union under the Markets in Crypto-Assets (MiCA) regulation. As regulatory uncertainty decreases, the stablecoin market on Stellar is expected to surge, further strengthening the blockchain’s role in the global financial system.
Also Read:- US Stablecoin Share Falls Below 40% in 2024: Chainalysis
