A DeFi Shield: Concept – How can I be safe in crypto?

Recently one of my wallets got drained in crypto: I was thinking to explore something like a DeFi shield. Here is what I was thinking to make (please let me know if something already exists):

1. As soon as your connect your wallet, extension shows whether the website is verified or not. Pulls up the audit of the smart contract
2. Displays all major items from the smart contract and summarises it before you interact with it
3. Converts all the complex parts while signing transaction to simple plain english
4. Simulate a malicious transaction before actually letting it through from your wallet

Would love to know if you have come across something like this or would you actually want to use something like this

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4 thoughts on “A DeFi Shield: Concept – How can I be safe in crypto?”

  1. Sounds useful – simulating a transaction and checking for unexpected approvals would be great. Could exist but not heard of it.
    Wouldn’t be completely foolproof but would go along way for UX. It would have to be embedded into the wallet, e.g. metamask? Or alongside it?
    Could also flash up the actual code for a given function interaction whilst signing it to spot check anything fishy (or get chatGPT to review / summarise or something..).

  2. it’s definitely possible. you can simulate transactions using developer tools, and some simulation is used to estimate gas. it’s also possible to see everything in the contract.

  3. Simple solve – Buy a hardwallet and connect it to your metamask. Regardless of how dodgy the website, it can’t authorise any transactions without the approval on the physical device.

    Otherwise, for those that don’t have access to a hardwallet – This could be a solid idea 👊🏼

  4. Sounds great but honestly, exploring privacy protocols as a means of security has saved me from a lot of stress and I notice security threats on my wallets have reduced.

    Using a privacy enabled wallet like the Railway wallet to shield wallet balance, hide transaction details on public ledger and enable anonymous transaction is mostly all that is needed.


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