Ethereum Community Proposes Hilarious Solution to DeFi Security
In a stunning display of innovation, the Ethereum community has come up with an ingenious plan to protect decentralized finance (DeFi) protocols from hacks. Introducing ERC 7265, the latest and greatest solution that promises to revolutionize security in the DeFi space.
ERC 7265 is here to save the day! This groundbreaking proposal suggests implementing a fail-safe mechanism known as a “circuit breaker.” Yes, you read that right – we’re talking about actual circuit breakers for crypto!
1/ Announcing ERC 7265: Circuit Breaker
We are fixing the biggest problem with DeFi Security – lack of response time to mitigate hacks.
— Meir Bank (@MeirBank) July 3, 2023
The Circuit Breaker That Will Change Everything!
After the recent Poly Network hack sent shockwaves through the DeFi space, a group of brilliant minds decided it was time to take action. They realized that what DeFi really needs is an old-school circuit breaker – just like the ones you find in your home’s electrical panel.
ERC 7265 aims to be this much-needed circuit breaker for Ethereum. When activated, it will pause all outgoing transactions from DeFi protocols if certain thresholds are breached. It’s like hitting the emergency stop button on a roller coaster ride gone wrong!
Chart: The Block Crypto Data
ETHUSD tradingSponsored Product at $1,935 on the daily chart: TradingView.com
With DeFi hacks becoming alarmingly common (attackers have stolen a mind-boggling $3 billion so far), it’s clear that we need to think outside the box. And what better way than bringing good old-fashioned circuit breakers into the mix?
Poly Network Hack – The Heist of the Century!
Let’s take a moment to appreciate the audacity of the Poly Network hacker. This mastermind managed to walk away with a cool $10 million in ill-gotten gains! It’s like something out of an action movie.
🚨MistTrack Alert Update🚨
We have discovered two new stolen transactions of over 3 million USDC and over 2.6 million USDT.
— MistTrack🕵️ (@MistTrack_io) July 3, 2023 </ a > </ p >
< / blockquote >
SlowMist is on the case! This crypto security firm has taken it upon themselves to track down this daring thief. They’re like modern-day Sherlock Holmes, following every move of the hacker in real-time.</ span ></ p >
Featured image from Dollero Technology </ span ></ em ></ p >