Ethereum smart contract monitoring platform Tenderly raises $15.3M

Fibo Quantum

Tenderly, a platform that helps developers monitor smart contracts on the Ethereum blockchain, announced Thursday it has raised $15.3 million in a Series A funding round led by Accel.

Headquartered in Belgrade, Serbia, Tenderly provides a set of tools for developers to test and watch the health of their code on the Ethereum blockchain through monitoring smart contracts, real-time alerting, troubleshooting and more complex integrations.

“Ever since we started building Tenderly, our goal has been to create an all-encompassing platform that will make developers’ lives easier,” said Andrej Bencic, chief executive of Tenderly. “Now we are in the position to take this broad concept and turn it into reality.”

The objective of the company is to provide comprehensive tools for developers to discover errors in smart contracts before they are deployed and catch them early when they happen in the wild.

Smart contracts are pieces of self-executing code written on the blockchain that run when predetermined conditions are met. They are the fundamental building blocks of decentralized applications and are typically used to automate the execution of agreements between parties.

On the development side, Tenderly provides a visual debugger that inspects transactions and helps inspect each of the smart contracts to make certain that they will operate correctly. Along with that, it has a simulator to allow the developers to run code through its paces before it goes into actual production.

Once live, Tenderly has real-time monitoring and alerting so that when things do go wrong, problems can be detected early. That means custom triggers for anything that could start going wrong including potential exploits or errors that could affect the natural progress of smart contracts and security warnings.

Right now, the popularity of nonfungible tokens – a type of crypto asset which can represent anything from digital art to video game items – is creating a lot of attention for distributed applications, especially on Ethereum. Transactions involving NFTs are powered by smart contracts and bugs could be extremely costly, not just for users, but developers.

The company said that crypto startups such as Nexus Mutual, Uniswap, Chainlink, Sushi Swap, InstaDApp and DeFi Saver all use Tenderly regularly to check their Dapps for code correctness.

The company intends to use this new infusion of financing to expand its core offering with new tools and services and bring in more talented people. The startup currently has a team of 14 people.

“Our goal is to further cement Tenderly as the best destination for all developers looking to monitor, test and debug smart contracts, simulate transitions, build better DApps and help improve the Ethereum ecosystem,” said Bencic.

Image: Pixabay

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