Sherlock, a new protocol in the decentralized space, has raised more than $1.5 million in the pre-seed fund round. Several angel investors led the funding in DeFi and some major firms, including Scalar Capital, IDEO CoLab, and A.Capital.
The protocol aims to curb the hacks and frauds in smart chain contracts. It offers protection to platforms from hacks through in-house security analysis and platform-level coverage. Per the announcement, Gavin McDermott a top executive of IDEO CoLab said,
But if Sherlock’s model can scale to a meaningful percentage of TVL in DeFi, their network will significantly improve safety for the entire industry.
Instead of aiming for one hundred percent perfection, Sherlock protocol aims to manage the risks around DeFi exploits, the announcement said. Using deep fundamental research acts as an intermediary to price the risks. Sherlock is likely to benefit both capital providers and security experts as it aligns these two.
The announcement comes as there has been a significant increase in the numbers of exploits on the decentralized space. So far, Binance’s smart chain seems to be the new epicenter of such exploits. The leading crypto exchange had claimed that these exploits were targeted and organized against its protocol.
CipherTrace, a prominent blockchain intelligence firm, announced support for the Binance smart chain amidst mounting cyber attacks.