Fordefi, a trailblazing fintech enterprise, recently unveiled its institutional MPC wallet's native integration for Solana-based protocols and applications. Built around a proprietary multi-chain browser extension, Fordefi's wallet system creates a consistent transaction experience across diverse blockchain types. This latest development aligns perfectly with the company's broader objective of helping institutions securely hold and transact digital assets in the DeFi (decentralized finance) landscape.
"Our mission is to make DeFi a seamless and secure process for institutions. A significant part of this experience is connectivity," said Josh Schwartz, CEO and Co-founder at Fordefi. "Users no longer have to rely on distinct extensions for each chain they interact with. We're pleased to extend the features our clients trust for EVM chains to non-EVM chains as well."
Ben Sparango, Head of Business Development at Solana Foundation, expressed enthusiasm about Fordefi's entrance into the Solana ecosystem. "With tokenization gaining traction and maturing, infrastructure solutions like Fordefi's platform are paramount to allow institutions to efficiently and intuitively manage their assets."
Conquering Unique Technical Challenges in Solana DeFi
Institutions seeking to engage with Solana DeFi have had to grapple with a dearth of institutional solutions offering the same level of security and accessibility found with Ethereum-based DeFi. This transition posed unique technical challenges to Fordefi due to Solana's unique blockchain architecture and its proprietary protocols and smart contract language.
To address these challenges, Fordefi's team launched rigorous research and development efforts to comprehend Solana's foundational technology. The goal was to design a solution that could seamlessly integrate with the blockchain.
Dima Kogan, CTO and Co-founder at Fordefi, said, "Supporting Solana at the security level we aim for posed intriguing technical challenges, particularly integrating our institutional-grade security controls into the existing transaction flow used by dApps. However, our team successfully navigated these challenges, and we've created an innovative solution that's secure and offers excellent user experience."
Native Browser Extension & Developer API for Solana DeFi
Fordefi's novel solution offers an unprecedented level of transaction insight. It translates smart contract transactions into user-friendly language, independently verifies contract addresses, simulates every transaction, and offers real-time risk alerts, all within a single browser extension that supports both EVM and non-EVM chains.
Furthermore, Fordefi's flexible policy engine allows clients to establish granular transaction permissions based on users, dApps, and values. This provides additional protection against internal or external threats.
Fordefi's Solana integration is also accessible to programmatic clients through the Fordefi Wallet API, providing a comprehensive developer toolkit. The API eliminates complexities of DeFi transactions, thus enabling developers to seamlessly develop and scale their Web3 projects without security compromise.
Security is a priority for Fordefi. The company employs an advanced MPC (Multi-Party Computation) key management and security technology stack to reduce risks associated with single points of failure attacks. Fordefi recently earned their SOC 2 Type 2 certification from Ernst & Young, underscoring their commitment to maintaining industry-leading standards and providing a secure environment for clients.
Arthur Cheong, CIO and Founder at DeFiance Capital, lauded Fordefi's focus on innovation, DeFi security, and education. "Fordefi actively works to enhance the ecosystem, drive institutional adoption, and ensure participant safety."
Fordefi continues to lead the industry with its innovative MPC wallet platform and Web3 gateway. These solutions empower institutions to securely connect to dApps across a wide array of chains, setting a new standard in the world of decentralized finance.