DeFi ‘circuit breaker’ could slash hack losses by 70%: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.
Amid the growing number of hacks in the DeFi ecosystem, a smart contract developer has made a new Ethereum request for comment (ERC) proposal to introduce a circuit breaker that could cut losses from hacks by 70%.
In another exploit scare, Some Multichain contracts on Ethereum suffered withdrawals of more than half of their deposits, causing on-chain sleuths to fear an exploit is underway. The Poly Network was exploited again due to a private key compromise, and developers have requested users to withdraw funds after the exploit affected 57 crypto assets.
BarnBridge DAO members were told to pause “all work” related to the project after a reported probe by the United States Securities and Exchange Commission (SEC).
Decentralized social media protocol DeSo has issued a $1 million bounty for building a competitor to Reddit using its native blockchain.
The top 100 DeFi tokens had a mixed week. Most tokens traded in the same range as the previous week, with a minor bearish correction.
A decentralized finance “circuit breaker” could have prevented billions of dollars worth of crypto from being stolen from DeFi protocols in 2022, according to the developer of the newly published ERC-7265 proposal.
A new ERC proposal was published on GitHub on July 3. In it, the lead developer Diyahir Campos proposed a standard for a DeFi “circuit breaker.” It essentially aims to set a standard for a smart contract that can halt suspiciously large token outflows from a DeFi protocol.
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BarnBridge DAO members have been told to pause “all work”
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