Beta users can try out the new tool for free and earn rewards in $HKLS.
Fighting Sandwich Attacks
DeFi security provider, Hackless, is introducing a new tool which helps fight sandwich attacks on BNB Chain and Ethereum. The solution allows making safer swaps by avoiding public mempools and directly submitting transactions to miners.
Leveling up DeFi security
With the rapid development of decentralized exchanges and an ever-growing number of hacks, it has become clear that security is something that needs to be improved immediately. While in traditional finance, this has always been the responsibility of businesses, in DeFi, users can and should also contribute.
Hackless has been designing security solutions, both for DeFi projects and developers, as well as individual users, to protect them from targeted exploits, which include sandwich attacks.
What is a sandwich attack?
Explorers started to perform sandwich attacks not so long ago, yet it has become a very common and profitable front-and-back-running strategy. As published in a TarLogic’s report, between May 2020 and April 2022, a total of 457,691 sandwich attacks were detected with an average ROI above 4%.
When we look closer at this type of attack, we will see that if played smartly, the execution of just two transactions can bring an exploiter quite a significant profit. To do this, attackers usually monitor mempools in search of high-value transactions that can be potentially sandwiched. Once detected, the attacker creates a buy transaction for the same token before the transaction of a user to pump the asset price. This results in a user buying an asset at a higher price. Right after the transaction of a user has been executed, an attacker sells their coins, pocketing the difference in price.
Individual Anti-Sandwich protection for BNB Chain
If you wish to swap assets on BNB Chain without the risk of getting sandwiched and losing money, consider checking out Anti-Sandwich by Hackless. Not only does it provide a free tool that makes transactions invisible to hackers since they do not appear in public mempools, it also offers a very straightforward interface and intuitive experience even for beginners. All you need to do is to connect your Metamask wallet, select the BNB Chain network and a token that you wish to swap and sign the transaction. Once signed, it will be automatically submitted to private miners.
Anti-Sandwich for businesses running on BNB Chain
Anti-Sandwich by Hackless is the best fit for blockchain projects that care about their user’s product experience. The solution has already proved effective for a play-to-earn platform which has integrated the Hackless customized widget for their users.
The Anti-Sandwich widget offers a few advantages for DeFi projects:
- Better user experience, without the user ever leaving the platform to swap a project token.
- Leveraged security while averting potential sandwich attacks during swapping.
- Smooth integration via the NPM library, as well as brand customization.
10,000 $HKLS airdrop pool for beta users
Without any doubt, beta users will get the most out of being early birds. Not only will they have a chance to try out the service free of charge, but also participate in the dedicated airdrop activity via Gleam.
The 2021 ETHLisbon Hackathon winner, Hackless, has been designing a comprehensive security platform which aims to protect the DeFi world from targeted exploits, as well as safely migrate funds from individual wallets and protocols under attack. So far, it has helped to save nearly $500,000 for compromised businesses and individual clients.
To learn more about Hackless and how it can boost DeFi security, visit the project’s site, and make sure to join the community on Discord and Telegram.