In 2022, crypto crime hit an all-time high. A staggering $3.8 billion in crypto was stolen, with DeFi protocols bearing the brunt of these thefts, accounting for 82% of the total losses. Amid this alarming scenario, has a beacon of hope emerged in ERC-7265?
The proposal aims to create a 'circuit breaker' safety layer for DeFi contracts, potentially revolutionizing security measures in the crypto space. Could this be the key to bolstering security and paving the way for mass adoption of DeFi? Will it essentially centralize protocols? Tune in to find out.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights:
- what ERC-7265 is meant to do and why they called it a 'circuit breaker’
- how the idea would actually work on chain
- how this ERC could make DeFi applications more centralized, rather than decentralized
- what can be done to prevent small teams from seizing funds
- how different teams will be able to design the circuit breaker as they want
- what unsafe arbitrary calls and unprotected flows are
- why Philippe believes that this proposal will help newer teams improve their security
- how the ERC can pave the way for a more decentralized protocol
- what will it take for protocols to start adopting the new standard
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Guest
- Philippe Dumonet, Cofounder of DeReg
Links
- Chainalysis 2022 report
- The Block: Ethereum community proposes new standard to mitigate DeFi hacks
- Philippe’s thread on ERC-7265
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