Mainz, Germany, June 19, 2024, Chainwire
Shutter, an open source protocol initially developed by Brainbot and focused on preventing malicious maximum extractable value (MEV) attacks, today announced the launch of a new anti-front running solution that uses mempool encryption to combat the theft of approximately $900 million. Announced the release. Cryptocurrency transactions occur every year. Working with Gnosis, the architect of the fully EVM-compatible Layer-1 Gnosis Chain, Shutter will integrate into Gnosis Chain to protect end-user transactions from front-running and sandwich attacks and protect traders from malicious MEV activity that can have serious consequences. Protect. Financial loss and undue influence.
Setting a new standard for MEV protection with deepchain integration
A MEV attack is a transaction by an attacker that manipulates the outcome of a targeted transaction within a blockchain, maximizing the financial benefit of a malicious actor at the expense of traders and end users. Common malicious MEV activity includes sandwich attacks, where the attacker places transactions before or after the victim's transaction. This manipulates the token price in the attacker's favor, typically increasing the victim's token price.
Despite the increasing incidence of these attacks, existing solutions to this problem often fail to holistically address the complexity of MEV attacks. Many traders still do not realize that they are victims of exploitation until they have incurred significant losses. Even after victims are aware, they must take extra steps to protect themselves by relying on centralized systems that can censor and extract value.
To address this gap, Shutter provides a layer of malicious MEV protection and censorship resistance through a threshold crypto mempool built into Gnosis Chain. Differentiating from existing methods of combating MEV attacks, Shutter integrates cryptographic protocols directly into blockchain networks to prevent manipulators from exploiting transactions. This deep integration means that block producers must commit to the inclusion and ordering of transactions in crypto, making pre-execution or censorship nearly impossible. This also ensures that traders are protected from financial losses without any further action.
Prevent the indiscriminate spread of malicious MEV attacks through distributed encryption for fair trade
Shutter's unique approach is invaluable in today's mature Web3 environment, where hundreds of millions of dollars are stolen annually from Ethereum alone through MEV tactics. These attacks exploit the public nature of blockchains and remain largely unconfirmed, ultimately reducing market efficiency, reducing trust in the system, and making it fundamentally unfair.
Shutter's encrypted mempool mitigates real-time censorship, ensuring transactions remain private until they are included in a block. This prevents malicious actors from selectively excluding transactions, reinforcing the core principles of public blockchains: openness, neutrality, and accessibility. Shutter's encryption approach levels the playing field by increasing information symmetry. At the same time, the integrity of the public blockchain is preserved, providing greater confidence to retail and large institutional investors who would normally be deterred from entering the space by the rampant upfront implementation of decentralized finance (DeFi), thereby securing a broader range of participants in the long-term. It's childish.
strategic integration
Gnosis Chain's Shutter integration marks a significant milestone not only for the Shutter community, but the industry at large by directly addressing the prevalence of malicious MEVs through preventive measures, unlike many other blockchains that continue to struggle to address this growing problem. Driven by a shared vision of a more equitable blockchain ecosystem, Gnosis Chain's relentless focus on decentralization and accessibility is aligned with Shutter's efforts to address modern industry challenges hindering Web3 adoption. Ultimately, Shutter will play a critical role in encouraging more secure cryptocurrency transactions, increasing censorship resistance, and preventing value leaks.
vision for the future
This integration is one of many in the Shutter pipeline that is helping build momentum to combat malicious MEV attacks across the Ethereum ecosystem. Collectively, Shutter and its partners protect users from manipulation, ensuring equitable access and maintaining a neutral base layer.
Luis Bezzenberger, Product Manager at Brainbot “We are excited to release a protocol that solves one of the most prevalent problems in today’s decentralized finance environment. Gnosis Chain is home to one of the most active communities on Web3, and together we can strengthen the Web3 ecosystem and provide a smooth, fair, and highly profitable trading experience for Gnosis Chain users.”
Philippe Schommers, Gnosis Infrastructure Director “We are thrilled to join Shutter’s mission to build a transparent, equitable, and secure Web3 ecosystem for everyone. “By integrating Shutter, we believe we can provide the best user experience for developers and builders, and we are committed to continuing to demonstrate sustained ecosystem growth through strong integrations and partnerships with promising protocols, dApps, and projects.”
Gnosis co-founder Martin Köppelmann “Security and fairness are at the core of everything we do. Integrating with Shutter will not only strengthen our network resilience and neutrality, but also strengthen safeguards against third-party extraction of value from network users and set an industry standard to level the playing field for the future of Web3 and decentralized finance. “It will be.”
Shutter is scheduled to launch on July 11, 2024, the final day of the Ethereum Community Conference (EthCC), Europe's largest annual Ethereum event focused on technology and community.
shutter information
Shutter is free and open source software designed to protect the cryptocurrency community from those who manipulate the blockchain for their own gain. Shutter uses threshold cryptography to ensure underlying layer neutrality, information symmetry, and accessibility in transactions, voting, and gaming.
Introduction to Brainbot
Brainbot GmbH specializes in the development, distribution, licensing and operation of software while providing a wide range of related services. As a core developer of Shutter, Brainbot plays a pivotal role in the advancement of blockchain technology.
About Gnosis
Gnosis was developed by a world-class team at the forefront of blockchain and payments. Gnosis Chain is designed with community ownership, resilience, and trusted neutrality at its core. The highly distributed network is secured by over 200,000 validators and over 2,000 nodes across 70 countries and 5 continents.
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