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Odysseus

๐Ÿ‘ค Speaker
162 total appearances

Appearances Over Time

Podcast Appearances

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

You know, my assumption is that, you know, they want to allow their customers to go to market very quickly.

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

And as...

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

you know, easy as possible.

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

So they were, you know, doing that and then they never circled back to these default configurations as the team grew and their ability to execute better grew.

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

They didn't circle back to say, okay, now we need to step it up, right?

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

Because they were offering it as a service, right?

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

It's not Kelp Data who was running the servers, right?

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

And then Kelp, of course, should have investigated or understood better.

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

And I think that's

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

There's, I think, two reasons why bridge hacks have historically been the worst.

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

On one side, you have bridges being a huge pile of money sitting in one contract.

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

But on the other side is that the mental models are very weird.

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

It's not easy to reason about IOUs and where the attack vectors are and who you need to trust.

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

which I think also is what resulted to Aave maybe not risk assessing it properly.

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

I'm sure that for a lot of users, they don't know they have IOUs.

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

Yeah, it's, you know, I think it's just a result of the same reason why roll-ups are not great, the same reason why bridging sucks, why even account abstraction is not great is because the protocol was unable to coordinate and make decisions about these things, right?

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

And it just passed it back to the app layer to coordinate and then things had to be bolted on in, you know, weird ways, right?

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

And because the protocol couldn't offer better assurances,

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

People just regressed to the quickest, easiest, cheapest, better UX solution, which is you just have a multisig that decides things, right?

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

I think it has, actually.