Guidelines for On-Chain Monitoring

tag: [Engineer/Developer, Security Specialist]

Effective on-chain monitoring is complex, and involves setting up systems and processes to continuously observe blockchain activities and detect any anomalies.

Best Practices

Define Monitoring Objectives

1. Determine the critical metrics to monitor, such as large fund transfers, token minting events, and changes in contract ownership.

Implement Monitoring Tools

1. Use automated monitoring tools that can continuously track blockchain activities and generate alerts for anomalies.
2. Supplement automated tools with periodic manual reviews.

Establish Alerting Mechanisms

1. Set up real-time alerts to notify relevant project members of any suspicious activities or threshold breaches.
2. Use multiple channels for alerts, such as email, SMS, and messaging apps where available, to ensure timely response.

Regular Reviews and Updates

1. Conduct regular reviews of your monitoring systems to ensure they are functioning correctly and covering all necessary metrics.
2. Regularly update thresholds and alert configurations to reflect your current needs.

Incident Response

1. Develop and maintain an incident response plan to handle alerts and anomalies as soon as possible.