Ken Deeter, a partner at crypto venture firm, Electric Capital, proposed a pragmatic approach to ensure decentralized finance, or DeFi, projects are not exploited due to bugs in the system.
In an article published on May 27 through the Electric Capital blog, Deeter calls for DeFi projects to introduce "Better risk management." This largely comes as a response to the many hacks and protocol failures that occurred in recent months, like the temporary theft of $25 million from the dForce protocol.
Deeter believes that DeFi should adopt some of the established techniques in the tech industry, which makes heavy use of "Canary deployment" - the practice of gradually rolling out new features to portions of the user base.
Deeter proposed a gradual launch process for DeFi projects, using rules and thresholds that limit the functionality of the system.
Deeter noted that several DeFi projects, like Maker, Compound, and Uniswap, already include some of these mechanisms.
Deeter argued for the creation of standardized smart contract libraries and services as part of a "DeRisking as a Service" concept.
These would create a plug and play option for projects to implement these controls.
Deeter compared this approach to OpenSSL and gnutls, which already perform a similar function in some crypto projects, he argued.
The DeFi community remains fractured in deciding if additional security at launch is worth the compromise of restricting freedom of use.
A poll run by Defi Prime asking if DApps should be limited to a $100 maximum transaction size saw the "No limit" camp win by a small margin.
Venture Firm Proposes 'DeRisking as a Service' for Safe DeFi Launches
pubblicato su May 27, 2020
by Cointele | pubblicato su Coinage
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