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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

Use it at your own risk.

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

The whole of crypto is built on the assumption that nobody is liable about anything.

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

It's just a bit technical.

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

But effectively, you know, the EVM is constrained, right, naturally.

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

So we have created an extension of that

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

So it's approachable by developers that allow them to define constraints, to define outcomes that are not possible to define in regular EVM.

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

So that's the policy.

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

And then you have the circuit breaker that runs during block production.

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

So it's integrated with a network.

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

And if a transaction breaks this policy, it is not allowed to be added to the network.

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

I think we're going to make it.

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

Every team, as Dan said, needs to ask themselves a very simple question.

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

Why would the user prefer my yield over a 4% yield that is insured by the FDIC?

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

They have to answer that question.

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

And if they answer honestly, we're going to make it.

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

Because the answer to that question will show them where they need to be better to be accountable, to invest in security.

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

I think it's also up to the security teams like us to provide better tooling and better products that are easy to use.

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

They're not insanely expensive.

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

I think if we're being blunt about it,

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

Part of the fault so far has been on the security and the auditors themselves.