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July 09, 2024

Hexagate Debuts Gate Protocol Security Oracle On eOracle. First OVS Enabling Decentralized ‘DeFi Firewall’

In Brief

Hexagate launched the Gate Security Oracle, developed on the eOracle stack, the leading AVS on EigenLayer platform.

Hexagate Debuts Gate Protocol Security Oracle On eOracle. First OVS Enabling Decentralized 'DeFi Firewall'

Web3 security firm Hexagate announced the launch of the Gate Security Oracle, developed on the eOracle stack, a prominent Actively Validated Service (AVS) on the EigenLayer platform.

“In the past two years, we pioneered real-time proactive security and built battle-tested ML and invariant monitoring engines that today protect over $50 billion in TVL across various protocols, chains, bridges, and asset managers,” said Yaniv Nissenboim, Co-Founder and CEO of Hexagate. “But a decentralized space also needs decentralized security. As a first move in this direction, we decided to partner with eOracle as the OVS model represents a groundbreaking innovation to enable modularity in the middleware layer. We’re really excited about this and fully believe it will spark a new wave of innovation in the space,” he added.

eOracle is a modular and programmable data layer designed to expand Ethereum’s security framework into the realm of oracles.

With the introduction of EigenLayer AVSs, leveraging the security provided by billions of dollars worth of ETH locked in for the re-staking protocol,  the challenges of centralization and security can be overcome by deploying services that tap into the inherent security of staked ETH. eOracle, as a leading AVS protocol by stake and validator network, utilizes re-staked ETH to ensure the security of modular Oracle networks, benefiting from its substantial effective security budget.

Currently, eOracle has over $5 billion of staked ETH supporting its oracle network. It has more than 120,000 stakers and over 110 validators distributed globally, ensuring strong crypto-economic security.

The Gate Protocol Security Oracle, developed by Hexgate on the eOracle stack, utilizes the Oracle Validated Service (OVS) model. Moreover, by leveraging Hexgate’s machine-learning (ML) models, it enables developers to secure their on-chain protocols effectively against hacks and threats. This allows protocols to integrate a native ‘DeFi Firewall’ that proactively mitigates potential threats before they can cause harm.

OVSs extend the concept of modularity for blockchains into the middleware domain, offering fast connectivity and computation bandwidth for infrastructure applications requiring such capabilities.

Hexagate: What Is It?

Hexagate aims to enhance trust in smart contract code and empower Web3 organizations to safeguard their users against cybersecurity threats. The platform provides a real-time threat prevention and risk intelligence solution driven by machine learning. Since its establishment in 2022, Hexagate has effectively defended blockchains, protocols, bridges, and asset managers from financial, economic, governance, and cyber threats. It currently protects digital assets totaling over $50 billion. 

Recently, Hexagate partnered with cryptocurrency exchange Coinbase to participate in the SEAL wargame, a simulation of a complex security incident related to potential vulnerabilities in bridge withdrawals. Coinbase integrated its monitoring systems with Hexagate, which has promptly identified the issue, generated alerts, and activated its incident response procedures.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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