2023-07-09 11:01:18
There isn’t a day when we don’t write regarding various hacking attacks or fraud attempts in the crypto ecosystem and this is especially true for the DeFi ecosystem. In such an environment, all suggestions and developments come in handy. Recently, a smart contract developer proposed an “Ethereum Request for Comments” (ERC) document that might potentially reduce losses caused by hackers by 70%. Life goes on in the DeFi ecosystem too An ERC is a document that programmers use to write smart contracts on the Ethereum blockchain. The current proposal calls for the introduction of a “breaker” that would prevent suspiciously large outflows from DeFi protocols. And the security concerns are quite big, since serious payments might recently be experienced on the Ethereum network for certain multi-chain smart contracts. For example, Poly Network, a multi-chain bridge platform, was targeted by hackers following obtaining a private key. And this is just one of the many development proposals that the DeFi ecosystem is moving forward with. Recently, the decentralized social media protocol DeSo offered $1 million to whoever develops a Reddit competitor on its native blockchain. The goal is to create a competitive situation and worthwhile innovation in the decentralized community space as well. Returning to the main topic of the article, the suggestion of a “circuit breaker” is still only a suggestion. But it can be seen that there would be a very high demand for those security functions that would help prevent serious losses. Because the total committed amount in the DeFi market has been quite stable above 50 billion dollars for some time now.
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