Mempool explained
Mempool monitoring is one of the key components in the Hackless ecosystem. We’ve decided to shed more light on what a mempool is and how its monitoring can enhance the security of DeFi.
What is mempool?
Curious what happens to your crypto transactions before they are confirmed? Transactions are not added to a block as soon as you send them. First, they are directed to peer nodes for verification. Once verified, they are added to a waiting room with several other unconfirmed transactions. This waiting room is exactly what a mempool is, and in other words — a memory pool for storing information on unconfirmed transactions.
When a transaction enters a mempool, it means that it has already been verified but has not yet been included in the block. In a mempool, a mining node picks up a transaction and packages it into a block.
Mempools help miners pick up transactions based on priority, which can be helpful when there is a great deal of traffic on the network. For regular crypto users, access to mempools can help to estimate transaction times and fees. Checking mempool size before sending a transaction can be a smart move.
Mempool monitoring for DeFi security
At Hackless, we see the importance of mempools in a different way than regular users. We’re sure that comprehensive security monitoring services are vital for each and every DeFi protocol. Mempool monitoring is an integral part of such services.
One of the key goals of Hackless is to provide dynamic checking services for continuous monitoring of mempools and incoming transactions for analysis and simulation to scan for any threats.
In the context of a DeFi protocol, mempool monitoring and early detection of attacks will allow teams to take action in a timely manner, in order to prevent exploits. Talking about an individual DeFi user, when a potentially malicious transaction is detected, Hackless unstakes the funds of users via a pre-signed unstake transaction.
In any case, the monitoring of mempools is a powerful tool for preventing hacks and exploits. Stay tuned for further development updates!
