Why Olympus DAO Chose Hypernative to Address Its Evolving Security Needs

How Olympus protocol uses Hypernative to secure a $200-million ecosystem with over 120,000 token holders

In March 2024, Olympus DAO voted unanimously to renew its engagement with Hypernative for continuous real-time monitoring and proactive threat prevention. The community also increased the coverage to include front-end monitoring, security advisory services and advanced custom monitoring.

The Scope

  • 120,000+ token holders
  • $189,000,000+ treasury
  • $198,000,000+ market cap

About Olympus DAO

The Olympus protocol is a decentralized financial (DeFi) system that supports OHM, a treasury backed, liquidity-enabling token on the Ethereum network. Olympus leverages the mechanisms of Protocol Owned Liquidity (POL), Range Bound Stability (RBS) and Cooler Loans to create a robust, flexible, censorship-resistant, and smart money.

"The size and prominence of the Olympus protocol in the Ethereum ecosystem make it a target for all manner of malicious actors. We turned to Hypernative because we needed not just a robust solution for identifying and tackling threats in real time, but also a trusted security partner in addressing our ever-evolving needs.”
Hohmward, Council Member @ Olympus DAO

Hypernative’s Core Offering

  • Real-time detection of all security attack vectors on Olympus DAO and its participants. Defining preventative workflows with the community to neutralize threats.
  • Real time detection and warning to community/DAO of anomalies and risks in governance proposals, bridges, oracles, participants, and phishing or scamming campaigns affecting OHM and its holders
  • A jointly-developed security framework and an expert contact in Hypernative to provide help with security incidents, bug/vulnerabilities, disclosures and processes

Zero in on Risks With Custom Agents

The Hypernative platform offers access to over 300 custom agents -- user-defined proprietary logic to detect a wider range of on- and off-chain conditions. Olympus DAO uses this functionality to address financial risk and security concerns that originate outside of its ecosystem.

  • Monitor asset balances on external protocols like Uniswap and Curve to gauge demand for the native token.
  • Monitor other protocols where your native token is involved for breaches.
  • Get alerts for unexpected ownership changes and unexpected upgrades.
  • Configure monitoring bots in the server, in addition to the communication channels with real people

The Hypernative Impact

Phishing on X

An X account affiliated with OlympusDAO was compromised and was posting links to phishing websites. Hypernative constantly reported malicious websites to various ecosystem partners to make sure those are taken down as soon as they are noticed.

FloorDAO Hack

Hypernative detected an exploit of FloorDAO, a fork of Olympus DAO, and alerted the Olympus team to a possible attempt to replicate the attack targeting the Olympus protocol.

The Hypernative Advantage

Smart contracts call for smarter security. Hypernative monitors both onchain and offchain data sources in real time to stop hacks with the fastest and most-reliable threat detection and response in Web3. Hypernative Platform accurately identifies over 200 risk types from smart contract hacks and bridge security incidents to frontend compromises, market manipulations and private key theft.

Hypernative Platform uses battle-tested, sophisticated machine learning models, heuristics, simulations, and graph-based detections to identify threats with high accuracy and give customers precious minutes to respond before exploits can do damage. The system monitors security, technical, financial, governance and other risks. Hypernative Platform detected 99.5% of hacks last year with less than 0.001% false positive rate and saved more than $50 million of funds to date.

Over 100 Web3 projects already rely on Hypernative’s real-time enterprise-grade platform that monitors over $37 billion worth of digital assets across more than 30 chains. The list includes Balancer, Berachain, Chainalysis, Chainlink, Circle, Ethena, Ether.fi, Flare, Galaxy Digital, Karpatkey, Linea, Messari, Radiant Capital, Sei Networks, Starknet, Woo Finance, and more.

Reach out for a demo of Hypernative’s platform, tune into Hypernative’s blog and our social channels to keep up with the latest on cybersecurity in Web3.

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