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CoinGape 2025-02-12 04:28:17

Drosera closes $3.25M funding round; Can it save Ethereum from hacks and exploits?

Drosera closes $3.25M funding round; Can it save Ethereum from hacks and exploits?

Drosera, the Ethereum security protocol announced on Monday the completion of its seed funding round worth $3.25 million. Bringing its total funding to $4.75 million now, it secured major investment from Greenfield Capital, followed by Anagram, Paper Ventures, Arrington Capital, UDHC, and Pulsar. It included several angel investors too, that includes Jan Baeriswyl, Luke Hackett, Felix Lutsch, Max from DeFine Logic Labs, Diogo Costa, Yaroslav Pshenitsyn, Peter Kim, Mara Schmidt, Daniel and Abhishek from Swell Labs, Anuj Shankar, and Collin Myers. Presenting itself as the immune system for Ethereum, Drosera aims to use the funding for “pushing the boundaries of what’s possible in protocol security,” as Fernando Reyes (FRR), Founder and CEO of Drosera highlighted. It further aims to accelerate the development of its next-gen smart contract security and automation technology, Traps. What are Traps that Drosera aims to develop? Traps are the smart contract technology that Drosera is aiming to use for identifying and neutralizing vulnerabilities on Ethereum. The constant threats to the digital ecosystem can be gauged by the fact that a surprising amount of $1,495,487,055 was lost to hacks, exploits, and malicious actors in the year 2024 alone. Drosera has raised $3.25M in a seed round led by @greenfield_cap , bringing our total funding to $4.75M. This capital will fuel the development of Traps, our next-gen smart contract security and automation technology. https://t.co/NZxRGqiOCT pic.twitter.com/nZCngB2TvK — Drosera (@DroseraNetwork) February 10, 2025 Traps aim to position itself as the immune system of Ethereum by protecting it by: Threat Detection: Once deployed, Traps constantly monitor Ethereum’s ecosystem, looking for unusual activity and responding when needed. Proactive Defense: Once a threat is detected, operators act swiftly to neutralize it. This might mean blocking malicious transactions, flagging vulnerabilities, or automatically taking some other action before an exploit can cause damage. Evolving with the Ecosystem: Just as pathogens evolve, so do attacks in the blockchain world. Traps were designed with this in mind, allowing smart contract developers to update their security infrastructure on the fly. The post Drosera closes $3.25M funding round; Can it save Ethereum from hacks and exploits? appeared first on CoinGape .

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