In an effort to increase the security of its platform and protect its users, Sushi Swap has announced a strategic partnership with GoPlus Security. This collaboration aims to integrate advanced security measures into the Sushi platform, utilizing GoPlus Security’s expertise in token risk assessment and threat identification.
Sushi’s initiative reflects its commitment to providing a safe trading environment by preventing fraudulent activities and enhancing the overall security framework.
GoPlus Security, known for its comprehensive security analysis and insights, specializes in ERC20 tokens across various networks. Their Token Security API is instrumental in offering features like token risk assessment, transaction security checks, and in-depth token information.
This collaboration will enable Sushi to leverage these capabilities to identify and mitigate potential threats, thereby safeguarding user transactions and interactions on the platform.
Advanced Security Measures and User Protection
Through this partnership, Sushi utilizes GoPlus Security’s Token Security API to conduct detailed security assessments of new or unknown tokens. This process is triggered whenever a user imports a token not listed in Sushi’s default token list. The API provides a comprehensive security check, offering a risk rating and potential warnings for each token.
These results are then displayed to the user in a popup before any interaction with the token can occur, ensuring that all new tokens undergo rigorous security screening.
This early detection mechanism is crucial in identifying high-risk tokens, such as honeypots and scams, before they affect users. A notable feature is the introduction of a warning symbol (!) behind the ticker of unknown tokens.
Users can click on this symbol to access a detailed analysis that includes transaction security checks and risk assessments. This process helps ensure that only tokens that meet stringent safety criteria are available for user interaction.
Enhancing User Experience and Reducing Fraud Risks
One of the key benefits of this integration is the enhancement of user experience through informed decision-making. If a token is flagged as risky, users receive immediate alerts via a popup warning. This transparency allows users to make more informed decisions about whether to proceed with transactions involving potentially risky tokens. By providing this level of detail, Sushi helps users avoid the pitfalls of crypto scams, such as rug pulls, which can lead to substantial financial losses.
Moreover, this approach helps in preventing fraud by flagging potentially fraudulent tokens early in the interaction process. The comprehensive security checks and user alerts contribute to a safer trading environment, minimizing the likelihood of users falling victim to various types of crypto scams.