More
    HomeEthereumEthereum Takes A Step Towards Secure DeFi With New ‘Standard’ To Curb...

    Ethereum Takes A Step Towards Secure DeFi With New ‘Standard’ To Curb Hacks

    Published on

    DIGITAL MARKETING SERVICES

    spot_img

    Ethereum is once again at the forefront of innovation within the rapidly expanding realm of decentralized finance (DeFi). A group of passionate Ethereum community members has recently put forth a groundbreaking proposal aimed at bolstering the security of DeFi protocols. 

    Introducing ERC 7265, a new standard that promises to revolutionize the way DeFi platforms handle potential hacks and safeguard user funds. The proposed ERC 7265 standard introduces a vital component, which serves as a fail-safe mechanism integrated into the smart contracts of DeFi protocols. 

    This “circuit breaker” would act as a safeguard, enabling developers to swiftly halt any token transfers before they leave the contracts in the event of a security breach or suspicious activity.

    ERC 7265 As ‘Circuit Breaker’ For Ethereum Network

    In the wake of the recent Poly Network hack, a team of diligent researchers and developers has taken the initiative to address the security vulnerabilities plaguing the DeFi space.

    Inspired by the exploit’s root cause, which was the lack of a prompt response mechanism, they have introduced ERC 7265 as a proposed standard aimed at fortifying DeFi protocols against such intrusions.

    The developers behind this proposal, including Diyahir Campos and Meir Bank, have made their case on Github. They describe ERC 7265 as a “Circuit Breaker” solution capable of triggering a system-wide pause on outgoing transactions if certain predetermined thresholds are breached.

    By implementing this protocol-wide halt on outflows, DeFi platforms can significantly minimize the potential impact of hacks and fraudulent activities, allowing for timely intervention and protection of user funds.

    Ethereum Takes A Step Towards Secure DeFi With New ‘Standard’ To Curb Hacks

    The release of ERC 7265 comes at a crucial time, as the DeFi ecosystem has witnessed a surge in hacking incidents. According to The Block’s Data Dashboard, attackers have managed to steal a staggering $3 billion from DeFi protocols thus far.

    This alarming trend underscores the urgent need for robust security measures in the DeFi space, making the proposed ERC 7265 standard a timely and significant development in the pursuit of safeguarding users’ assets and fostering trust in decentralized finance.

    Poly Network Attacker Gains $10 Million Profit

    On July 2, Poly Network fell victim to a devastating hack, resulting in the attacker making off with an astonishing $10 million in ill-gotten gains. The breach exposed vulnerabilities within the platform, allowing the hacker to exploit weaknesses and collect substantial profits from the attack.

    As the situation unfolds, crypto security firm SlowMist has taken charge of monitoring the hacker’s movements closely. They are actively tracking the funds and providing updates through their tweet thread, shedding light on the ongoing developments in an effort to protect users and the wider cryptocurrency community.

    Unfortunately, this is not the first time Poly Network has faced such a severe security breach. In August 2021, the platform endured a previous attack that resulted in hackers absconding with a staggering $600 million worth of various cryptocurrencies.

    Featured image from Dollero Technology

    COMMUNITY

    spot_img

    SITE VISITS

    Map

    Latest articles

    Top Trader Predicts Ethereum Will Massively Outperform Bitcoin, Says One ‘Golden Child’ Memecoin Set To Go Higher

    A widely followed trader says that Ethereum (ETH) is about to vastly outrun Bitcoin...

    Ethereum Spot ETF: Experts Weigh In On ETH Selling Point Post-ETF Approval

    Ethereum Spot ETF: Experts Weigh In On ETH Selling Point Post-ETF Approval In an interesting...

    Altcoins Entering ‘Textbook Markup’ Period Witnessed During 2016 and 2021 Market Cycles, Says Analyst

    An analyst known for making macro crypto calls thinks the altcoin market is poised...

    Bitcoin analyst sees ‘several more weeks’ before BTC price breaks $70K

    Bitcoin analyst sees 'several more weeks' before BTC price breaks $70K Bitcoin may not yet...

    More like this

    Top Trader Predicts Ethereum Will Massively Outperform Bitcoin, Says One ‘Golden Child’ Memecoin Set To Go Higher

    A widely followed trader says that Ethereum (ETH) is about to vastly outrun Bitcoin...

    Ethereum Spot ETF: Experts Weigh In On ETH Selling Point Post-ETF Approval

    Ethereum Spot ETF: Experts Weigh In On ETH Selling Point Post-ETF Approval In an interesting...

    Altcoins Entering ‘Textbook Markup’ Period Witnessed During 2016 and 2021 Market Cycles, Says Analyst

    An analyst known for making macro crypto calls thinks the altcoin market is poised...
     - 
    Arabic
     - 
    ar
    Bengali
     - 
    bn
    German
     - 
    de
    English
     - 
    en
    French
     - 
    fr
    Hindi
     - 
    hi
    Indonesian
     - 
    id
    Portuguese
     - 
    pt
    Russian
     - 
    ru
    Spanish
     - 
    es