Function Call Monitoring: Use Cases

Function call monitoring is particularly useful in cases when event listening falls short of expectations. This is particularly true for instances when some smart contract function calls have not been coded to emit an event. Users may thus find that event listening alone would leave huge gaps in monitoring crucial on-chain activity.

Function call monitoring is also useful when pre-configured event information is too vague. For example, ERC20 contracts typically include both the Transfer and TransferFrom functions, yet just one Transfer event. Looking at the event alone, it may be difficult to determine which function was called. This ambiguity can be resolved through precise function call monitoring, where each call is distinctly tracked.

Project teams may wish to set up function call alerts for their own contracts, particularly for functions that have not been coded to emit an associated event. Aegis can be configured to send out an immediate SMS notification that warns of unplanned function calls that may signal the initial stages of an imminent exploit.

Individual investors may wish to monitor function calls that relate to token price movements. Aegis alerts can help traders immediately focus attention on specific token burns, mints, and other governance structure changes that may not emit smart contract events.

We recommend discussing with your smart contract developers or liaising with the Lossless team to determine which events and function calls merit monitoring. Some high-risk events are already automatically tracked as Potential Risks. Meanwhile, project teams may wish to monitor certain events and function calls for reasons beyond security, such as for testing or analytics.