Ethereum: New 'Standard' Proposed to Reduce DeFi Hacks
The Ethereum community members have come together to propose a new standard, in order to boost the security of DeFi projects. The protocol termed ERC 7265 , will enable a “circuit breaker.” It will help DeFi protocols add a back-stop in smart contracts. In effect, whenever hacks take place, this will prevent tokens from leaving the contract. While announcing the standard, Fluid Protocol developer Meir Bank mentioned on Twitter, “DeFi is broken. Not only are there many hacks , but the results are catastrophic. When protocols are hacked, often they lose everything. The TVL tanks to 0 in a matter of seconds.” A recent research report by De.Fi brought to light that around $204 million worth of funds has been stolen from the ecosystem in Q2 2023. According to the data, the frequency of such activity parallelly rose during the quarter. Bringing to light the fate of Ethereum, the report underlined, “ In terms of the blockchain platform, Ethereum (E...