The Simplest Way to Beat Crypto Thieves

Building a zero-friction user experience is a top priority for FailSafe. Based on user feedback, we have developed the easiest way to ensure top security for your crypto assets without the hassle of upfront gas fees.

Introducing: ‘Easy Protect’

As part of the FailSafe wallet security mechanism, users routinely arm the sentinel smart contract with gas fees in order to ensure that malicious transactions can be effectively front-run in a timely manner. Depending on the user’s blockchain of choice, the minimum gas fee threshold varies.

While Polygon and BNB Chain require minimal fees (usually less than $5), Ethereum gas fees are usually higher. The recommended minimum threshold on Ethereum is 0.03 ETH, and given the recent surge in crypto market prices, it’s understandably out of the comfort zone for many users.

This creates some friction for users who simply want peace of mind without unprecedented financial commitments. In addition, our goal at FailSafe is to make world-class wallet security accessible to everyone, regardless of financial capacity or the in-built constraints of different blockchains.

Based on user feedback, we have developed a method of protecting crypto assets which bypasses the need for users to arm the FailSafe system with gas fees.

How Does it Work?

When your personal sentinel smart contract is triggered, FailSafe pays the gas fee upfront to intercept the malicious transaction aimed at stealing your crypto assets. In the same transaction, the equivalent value of the gas fee is then reimbursed back to FailSafe. This means that users do not have to commit gas fees unless and until FailSafe repels a cyberattack on their protected wallet.

‘Easy Protect’ works when protecting high-liquidity ERC20 tokens, such as USDC and WETH. This allows for seamless operability of the gas refund system. For example, in this transaction, FailSafe was set to protect USDC in the user’s wallet without any prior gas fee commitment; after intercepting the attacker’s attempted wallet drain, FailSafe received USDC worth $0.04 for gas.

Users can enable Safe Mode or Smart Mode under ‘Easy Protect’ and enjoy the same quality of protection. Developers also have the option of activating ‘Easy Protect’ on assets that are not already covered by the current iteration of the program.

Visit our SDK documentation to learn more about how this feature works.