Blockaid has joined forces with the Sui Foundation to protect the Sui ecosystem. The deal was made this week. The partnership aims to secure Sui wallets and block smart contract exploits.
The action affects users and developers on the Sui blockchain. The deal is set in the evolving world of digital assets. The plan works by addressing both on-chain and off-chain threats.
Strengthening Wallets and Contracts
Blockaid will work to secure Sui wallets. They will also fight smart contract exploits and operational faults. The move comes as the Sui network grows.
Sui was launched in May 2023 as a high-performance layer-1 blockchain. The design supports high transaction volumes with little delay.
Blockaid will use its tools to spot and stop threats before they cause harm. The company will also add resources to track attackers targeting the ecosystem.
Growth and Recent Setbacks
The Sui blockchain has seen rapid growth. A blog post noted that the account count reached 67.3 million in 2024. The total value locked in Sui fell to $1.1 billion as of March 11. This drop came from an earlier peak of $2 billion in January.
Users have suffered recent losses. On January 26, a user lost $29 million. The funds were mixed using Tornado Cash. The theft was hard to trace due to limits in the Sui explorer. In June 2023, Sui offered a $500,000 bounty to CertiK to spot threats.
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Blockaid’s Expanding Role
Blockaid has expanded its role in the crypto world. The firm announced a $50 million Series B funding round in February. It now works with companies like Stellar, Avalanche, and Coinbase.
In November 2024, Blockaid partnered with Backpack. This collaboration helped stop $26.6 million in potential losses on Solana. Their tools are now in demand across the Web3 space. The new deal with the Sui Foundation is part of their growing efforts to secure digital assets.
Protecting a Rapidly Evolving Ecosystem
The Sui network faces growing threats. Hackers and other attackers target its users. The new measures by Blockaid will guard wallets and contracts. These measures will help to reduce operational errors and smart contract issues.
The approach is practical and fits today’s digital landscape. It also gives the Sui community more confidence in its security.
The new alliance shows a strong commitment to blockchain safety. Both Blockaid and the Sui Foundation want to build a trusted network. They work to secure every part of the ecosystem.
This includes wallets, contracts, and transaction tools. The partnership promises more robust defenses and better user protection. The industry watches closely as these changes roll out.
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