Service Monitoring and Emergency Response with Defender

OpenZeppelin | March 17, 2021

Products

Workshop Recap: Service Monitoring and Emergency Response with Defender

The workshop was recorded on the 11th March 2021 & led by Steven Landers – Principal Architect at OpenZeppelin.

The workshop covers the following:

Review Yearn Finance Attack
Set up 24/7 monitoring and emergency response with Defender
Implement automated circuit breakers

You can watch the video, view the slides and create a Sentinel using OpenZeppelin Defender.

Why Defender Sentinels?

The DeFi space, and recently the NFT space, have continued to see a variety of exploits and even insider attacks resulting in vault losses, unexpected liquidations, and fraudulent token mints. OpenZeppelin Defender can help teams detect these types of attacks and abnormal behavior and automatically respond to quickly mitigate the attack.

One of the largest factors contributing to slow response times to exploits in smart contracts is the fragmentation of tools available to developers. Detection of exploits and abnormal activities is often delayed, many times coming through social media channels rather than automated detection. This means that it can take the team a significant amount of time to respond with admin actions to pause contracts or perform other admin functions that can be difficult to execute quickly under pressure. OpenZeppelin Defender introduces automation into this process to enable rapid response that can have a major impact on saving user funds.

A Sentinel can trigger an Autotask that can use a Relayer to respond to a transaction.