1inch Unveils New Feature to Protect Users From ‘Sandwich Attacks’
Decentralized exchange aggregator – 1inch – announced the launch of a tool called “Rabbithole.”
According to the press release shared with CryptoPotato, the new feature is designed to protect MetaMask traders swapping on the 1inch platform against “sandwich attacks” – a type of front-running attack usually applied over transactions sent to a DEX to buy tokens.
- RabitHole essentially works by sending swap transactions on 1inch directly to validators while avoiding the mempool, where it is prone to be attacked by sandwich bots. This is done by aggregating providers that allow sending swap transactions directly to validators, such as Flashbots, BloXroute, Eden, and Manifold.
- In addition to MetaMask users, the tool is also expected to benefit other crypto wallets, such as 1inch Wallet, Ledger, and Trezor, which are capable of creating and signing a transaction.
“The RabbitHole is designed as a proxy, connecting 1inch users’ MetaMask wallets and Ethereum validators. Its unique algorithm will check swap transactions on 1inch for the threat of a sandwich attack, and, if such a threat is detected, the transaction will be sent directly to validators, using one of the aggregated providers.”
- RabbitHole can be used free of cost during the testing period. Decisions regarding payment options will be made after receiving feedback from community members.
- 1inch also hinted at staking a certain amount of 1INCH tokens as a possible option for payments.
- For the uninitiated, a sandwich attack is carried out by a fraudulent trader looking at a pending transaction on a blockchain network. The “sandwiching,” in this case, is carried out by placing one order right before the trade and one right after it. The attacker will then front-run and back-run at the same time as the original pending transaction remains sandwiched in between.
- The end goal of carrying out such an attack is to manipulate the price of the asset by placing two orders and surrounding pending transactions.
- 1inch revealed that the very first sandwich attack is believed to be conducted on Bancor in February 2018.
The post 1inch Unveils New Feature to Protect Users From ‘Sandwich Attacks’ appeared first on CryptoPotato.
Read more: https://cryptopotato.com/1inch-unveils-new-feature-to-protect-users-from-sandwich-attacks/
Text source: CryptoPotato
