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FailSafe: Leading Web3 security firm deploys groundbreaking security solution with Chainstack infrastructure

“Chainstack’s scalable infrastructure allows us to handle high transaction volumes with minimal latency, enhancing our real-time transaction monitoring capabilities. Working closely with the Chainstack team to build custom solutions has enabled us to provide best-in-class security coverage for our enterprise customers.”

FailSafe Team

FailSafe, a leader in blockchain security tooling, sought to develop a solution that would protect their customers from a critical emerging threat – primarily, attacks conducted by exploiting offline signatures. Offline signatures are dangerous because they’re not immediately and directly executed by a smart contract, making standard transaction simulations ineffective in safeguarding users. This sophisticated attack method has already resulted in millions of dollars stolen from wallets. In response, FailSafe has developed a robust solution to combat this security challenge.

Named the ‘X-Ray’ upgrade for its ability to ‘see’ internal transactions, FailSafe’s solution to combat offline signature exploits is enabled by real-time contract transaction simulation that leverages Chainstack’s low-latency infrastructure. This cutting-edge capability allows FailSafe to process a continuous stream of internal transactions while the parent transaction is still pending. As a result, FailSafe can promptly identify any ERC20 and ERC721 method invocations occurring internally, triggering immediate protective measures. Upon detecting a suspicious internal transaction targeting FailSafe-protected digital assets, FailSafe’s Interceptor swiftly initiates a counter-transaction that redirects targeted funds to a designated smart contract (the Recovery Vault), effectively neutralizing the attacker’s transaction.

What is FailSafe?

FailSafe is a leader in the sphere of Web3 security, with fundamentals built around developing robust defense-in-depth security systems to protect enterprises and their users in an ever-evolving threat landscape. FailSafe’s security tools enable organizations to integrate “fail-safe” mechanisms across all stages of a transaction:

  1. FailSafe Radar: Real-Time Threat and Fraud Detection
  2. FailSafe Guard: Risk-Adaptive Access Control for Smart Contracts
  3. FailSafe Interceptor: Automated Incident Response

The collaboration with Chainstack has offered a significant enhancement to FailSafe’s security capabilities, meticulously empowering the layers of protection with low latency transaction tracing.

“FailSafe’s groundbreaking security technology will accelerate the adoption of blockchain by enterprises. By integrating Chainstack’s advanced transaction tracing, FailSafe has significantly enhanced security coverage and created a safer environment for users. We’re proud to work alongside FailSafe in fortifying the Web3 ecosystem and leading the industry in innovative security measures.”

Eugene Aseev, CTO & Co-Founder, Chainstack

How FailSafe Started with Chainstack

When we first encountered FailSafe, we were met with a team recognizant of the intricate complexities that the world of Web3 posed. They were grappling with a novel yet pernicious form of Web3 attack. Deeply concerned with the potential harm this threat posed, the FailSafe team was looking for a reliable and efficient way to manage their transaction tracing needs.

They saw the need for a solution that was capable of handling a substantial volume of transaction calls, while also providing lower latency. FailSafe was acutely aware of how crucial these features were to enhancing their cybersecurity measures.

As they evaluated Chainstack, FailSafe had certain expectations, the primary one being a well-organized and effective approach to transaction tracing. Our extensive protocol support and transaction tracing capabilities resonated with FailSafe’s needs.

But it wasn’t just our robust service offerings that appealed to them—it was our readiness to create a custom plan specifically targeted at their unique requirements. This focus on personalized service was a critical factor that made Chainstack stand out.

The deciding moment for FailSafe was when they got to experience first-hand the efficiency of our real-time transaction tracing. Not only was the latency remarkably low, but the cost-effectiveness of our shared nodes proved to be a significant advantage over setting up their own on-premise infrastructure. This combined with the potential for a custom plan to serve their specific needs, convinced them that Chainstack was the right choice.

FailSafe on Chainstack in numbers

Focused on enhancing their transaction call capacity, they make use of 7 active elastic nodes across various protocols currently, including Base, BNB Smart Chain, Ethereum, and Polygon. To date, all requests the company has sent our way were handled by Chainstack Elastic Archive Nodes, totaling 325.2M.

When it comes to geographic distribution, the Ashburn region manages the bulk of the load, catering to 305M requests, while the Los Angeles region—19M. Analyzing by protocol, the majority of requests (210M) come from the Polygon protocol, followed by BNB Smart Chain with 66M, Ethereum with 29.5M, and Base with 19M.

The partnership with Chainstack enabled FailSafe to efficiently manage their transaction tracking. Leveraging our robust infrastructure, FailSafe successfully balanced operating a high-demand service with maintaining stringent cybersecurity measures. These impressive numbers underscore the significant progress FailSafe has made in secure wallet operations and smart contract security, all facilitated by Chainstack’s reliable support.

Bringing it all together

When FailSafe encountered challenges in their quest to secure the world of Web3, Chainstack emerged as the optimal partner, providing the vital features and flexibility FailSafe needed to boost their services.

Facing sophisticated attacks, seeking comprehensive internal transaction monitoring, and finding cost-effective alternatives to managing their own infrastructure, FailSafe found the solutions to their challenges with Chainstack.

By combining Chainstack’s capabilities for real-time transaction tracing across multiple networks with FailSafe’s industry-leading solutions, we achieved a robust Web3 security infrastructure. This partnership has led to safer and more secure Web3 interactions for all of FailSafe’s users.

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