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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

So we just all need to level up.

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

And that's the answer.

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

It's like it just needs to be safer so that we can have grandma use it and not have to understand these things because these things really aren't possible because of the layers of security that we build into the system at every level.

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

Everybody's, right?

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

Everybody involved has some amount of fault.

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

Where should the buck stop?

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

Well, I think that's for each of them to individually determine.

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

So within, I think the big question has been,

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

The KelpDAO team basically has the ability to decide, hey, we've got this ETH backing.

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

Are we going to treat the bridged RS ETH and the native RS ETH on Ethereum as exactly the same and give everybody equivalent haircuts if we need to haircut this?

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

Or are we going to say that really this was a bridge exploit?

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

We're actually going to push all of the haircut to the L2s and say that we're going to fully back the L1 RSE.

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

And that has ripple effects for they in terms of how they need to handle this.

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

What I will say is we're all speculating right now.

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

None of us, as I believe, are in the rooms where there are, I'm sure, negotiations and deals and capital injections and things like this that are being discussed.

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

I think it's unfortunate that whatever those discussions are taking as long as they have.

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

But I do expect that at least a couple of the parties involved will have some form of

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

deal or injection or negotiated thing happening to help them be less impacted, but they're ultimately responsible for their own users and the decisions that led to those users being hurt.

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

I want to push back a little bit on the blame here going to the architecture.

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

Like, could the architecture have been better to give us better options within Ethereum and Ethereum's L2 ecosystem?