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Dan Elitzer

๐Ÿ‘ค Speaker
264 total appearances

Appearances Over Time

Podcast Appearances

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Can we create additional systems on top

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

that essentially recheck these values that are critical values from a different perspective or a different validation point.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

I think that is really important because the more you can have systems that either one of them can block bad state systems

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

from occurring in contracts, that is what's going to give us that next step function improvement in terms of the security that we can promise to users.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

And I think one of the interesting things there that helped me wrap my head around this was the idea that there are things like there are bad states, right?

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

The amount borrowed from a lending protocol should never under any circumstances, right?

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Traditional ones, not uncollateralized ones should never exceed the value of the collateral.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Right.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

You can you can hard code that.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Maybe that's supposed to be checked through different paths of different interactions that you're having with the contract.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

But what the credible layer lets you do is say this is a state.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

It doesn't matter what's in the transaction where it goes.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Do not include any transaction in a block.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Do not sequence it if the end result is an invalid state based on these rules that we've predefined.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

And I think that's very different from the traditional way of doing security analysis where you're saying like, hey, we're going to step through the changes here and like check each thing along the way.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Are there any paths that can get us to a bad state?

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

And instead you're just saying, what is a bad state?

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

I don't care how you get there.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

You're not allowed to go into this.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Mm hmm.