Breakpoint 2024: Technical Talk: Security and Risk Monitoring for Solana (Andres Monty)

In a groundbreaking announcement at Breakpoint 2024, Andres Monti, co-founder of Rains, unveiled the integration of their blockchain security intelligence platform with Solana. This move promises to revolutionize security and risk monitoring for Solana-based applications, potentially safeguarding billions in Total Value Locked (TVL).

Summary

Rains, a blockchain security intelligence platform, has officially integrated with Solana and the Solana Virtual Machine (SVM). This integration brings a suite of advanced security and monitoring tools to the Solana ecosystem, aimed at helping developers build not just fast, but also secure applications at scale.

The announcement comes at a crucial time when Solana has proven its capability to handle high-speed, composable applications. Rains' integration aims to complement this by ensuring that security keeps pace with Solana's speed and scalability.

Monti emphasized the importance of Rust in the future of crypto development, positioning Solana and Cosmos as key players in the ecosystem alongside Bitcoin. He highlighted Rains' commitment to supporting Rust-based systems, viewing them as the future of secure, minimized open-source finance.

The integration introduces several features tailored for Solana, including an advanced transaction explorer, real-time security alerts, custom monitoring systems, and tools for incident response. These features are designed to cover the entire "crypto kill chain," from funding to exploitation and exfiltration.

Key Points:

Rains Platform Overview

Rains is a blockchain security intelligence platform that aims to help entities and organizations build and use blockchain and DeFi protocols with peace of mind. The platform currently monitors over $19 billion in TVL and has partnered with major organizations across the crypto ecosystem. Notably, Rains has built tools like the USDC cross-chain transaction explorer and the IBC rate limits on-chain safety program for Osmosis.

Integration with Solana

Rains has now integrated Solana and the SVM into their platform, bringing their advanced security and monitoring tools to the Solana ecosystem. This integration is seen as a crucial step in ensuring that Solana can not only build fast applications at scale but also secure ones. The move aligns with Rains' belief in Rust as the future of secure systems development, positioning Solana as a key player in this future alongside Cosmos.

Advanced Security Features

Rains offers a comprehensive suite of security features tailored for Solana. These include an advanced transaction explorer that focuses on address historical inflows, labels, and entity clustering. The platform also provides real-time security alerts with over 25 customized rules for Solana applications, ranging from simple program authority checks to complex hack and rug pull detections. Additionally, Rains offers an SDK for developers to build custom detectors and integrate with various notification systems.

Incident Response and Multi-chain Monitoring

Recognizing that not all hacks can be prevented, Rains has developed wallet monitoring and visualization tools crucial for incident response. These tools can help mitigate the impact of successful attacks by enabling quick action, such as freezing funds or communicating with stablecoin issuers. Importantly, Rains also offers multi-chain monitoring capabilities, acknowledging that hackers often use multiple chains for fund exfiltration and money laundering.

Community Platform and Premium Offering

Rains is launching two versions of their platform: a free community version focused on transaction exploration and basic alerts, and a premium version offering comprehensive security and compliance features. The community platform is set to launch soon, providing open access to Solana ecosystem participants.

Facts + Figures

• Rains currently monitors more than $19 billion in Total Value Locked (TVL)
• The platform has developed over 25 security rules customized for Solana applications
• Rains has partnered with major organizations across the crypto ecosystem
• The USDC cross-chain transaction explorer built by Rains monitors stablecoin movements between Solana, EVM chains, and the Cosmos ecosystem
• Rains' IBC rate limits on-chain safety program protects billions of dollars in assets and bridge volume daily
• The majority of hacks in crypto, particularly in Solana, are non-atomic and occur over hours or even days
• One of the largest hacks in the Solana ecosystem occurred over a six-hour period
• Approximately one-third to one-half of recent hacks involved multiple chains
• Rains offers both a free community platform and a premium version for comprehensive security needs

Top quotes

1. "We cannot let solidity become the web3 JavaScript."
2. "The biggest undervalued opportunity in crypto right now is runtime security."
3. "Solana and the SVM have super momentum. And I think they've proven that you can build fast at scale applications, you know, at scale. But here we need to prove that we can build both fast and safe applications so that speed and security can go together."
4. "Reality is that hackers use them too and use them a lot, especially if a chain like they don't have like an arm run for let's say non KYC on ramps, and they use it a lot as well index filtration phase."
5. "Let's not fumble this opportunity and let's make Solana together the best place to make applications both the fastest and the safest."

Questions Answered

What is Rains and what does it offer to the Solana ecosystem?

Rains is a blockchain security intelligence platform that has recently integrated with Solana and the SVM. It offers a suite of advanced security and monitoring tools tailored for Solana-based applications. These tools include an advanced transaction explorer, real-time security alerts, custom monitoring systems, and incident response capabilities. The platform aims to help developers build not just fast, but also secure applications on Solana.

Why is the integration of Rains with Solana significant?

The integration of Rains with Solana is significant because it addresses a critical need in the ecosystem. While Solana has proven its ability to handle high-speed, composable applications at scale, there's been a growing need for robust security measures to match this speed and scalability. Rains' integration brings advanced security features that can help protect the billions of dollars in TVL on Solana, potentially preventing hacks and mitigating risks.

How does Rains approach the "crypto kill chain" in terms of security?

Rains approaches the "crypto kill chain" by offering security features that cover all stages of a potential attack. This includes monitoring for suspicious funding activities, detecting preparation steps like malicious program deployments, identifying actual exploitation attempts, and tracking exfiltration of funds. By covering each stage, Rains aims to either prevent attacks entirely or mitigate their impact if they occur.

What role does Rust play in Rains' vision for blockchain security?

Rains strongly believes that Rust is the future of secure systems development in the crypto industry. They see Solana and Cosmos, both of which use Rust, as key players in the ecosystem alongside Bitcoin. This belief in Rust's importance has guided Rains' focus and development efforts, leading to their integration with Solana and commitment to supporting Rust-based systems for building secure, minimized open-source finance applications.

How does Rains handle multi-chain security concerns?

Recognizing that the crypto world is multi-chain and that hackers often use multiple chains for their activities, Rains offers multi-chain monitoring capabilities. Their platform can track transactions and fund movements across various chains, including Solana, EVM-compatible chains, and the Cosmos ecosystem. This multi-chain approach is crucial for comprehensive security, especially in tracking fund exfiltration and money laundering attempts that often span multiple blockchains.