The .xyz community is home to forward-thinking innovators developing solutions using blockchain technology. Collaborative platform Joyn.xyz aims to support the large-scale co-creation of web3 media. Music-focused platform Relics.xyz helps fans to collect and display music collectibles as digital assets. DAO-governed Universe.xyz helps artists mint NFTs and launch community-driven NFT universes. In this week’s #BlockchainThursday, we’ll introduce you to a blockchain-based auditing platform focused on the protection of decentralized finance (DeFi) platform users: Sherlock.xyz.
The Ethereum-based Sherlock.xyz aims to help protect users of DeFi platforms by providing security reviews from top independent auditors, as well as optional smart contract “insurance” coverage on the audited contracts. In September 2022, the platform raised $4 million in a seed round led by early-stage venture firm Archetype.1
The platform’s ecosystem has three main participants: Protocols, Stakers, and Watsons.
Sherlock.xyz aims to create a secure and transparent DeFi ecosystem by providing protocols with first-rate security reviews and optional coverage, stakers with high APYs and incentives, and security experts with opportunities to help find vulnerabilities. We are inspired by the innovative solutions developed by Sherlock.xyz. You can learn more by following the platform on Twitter, joining the Discord, and visiting Sherlock.xyz.
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