BREAKDOWN: Chainlink's Sergey Nazarov on What DeFi Can Learn From Early Exchange Hacks
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 19 February 2020
⏱️ 35 minutes
🧾️ Download transcript
Summary
The DeFi world continues to dissect the recent attacks on bZx. To most, the amount lost in the attacks is far less relevant than what the attacks suggest about how DeFi applications need to be designed.
Within that, one key topic of conversation is the role of price oracles - the systems by which DeFi applications check the prices of assets that dictate what happens in a given smart contract. Since asset price manipulation was at the core of the recent attacks, this is a particularly pertinent area of inquiry.
Yesterday, Chainlink announced that it would be helping bZx upgrade their systems taking advantage of Chainlink’s recently-launched “meta oracle.” On this episode of The Breakdown, Chainlink founder Sergey Nazarov discusses:
- The role of price oracles in DeFi
- How price oracles were targeted in the recent attacks
- What the DeFi industry can learn from early crypto exchange hacks
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Transcript
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| 0:00.0 | Welcome back to The Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW. |
| 0:15.0 | The Breakdown is distributed by CoinDesk. |
| 0:20.3 | Welcome back to the Breakdown. |
| 0:22.4 | It is Wednesday, February 19th, and today we are going to be doing two things. |
| 0:27.2 | First, we're going to spend just a little bit of time touching on some of the key news |
| 0:30.6 | from the last couple days. |
| 0:32.3 | The whole conversation around the defy attacks on BZX has taken a lot of the energy |
| 0:37.2 | and time on this podcast, which |
| 0:38.9 | will be the case again today. And I want to make sure that we're not completely glossing over |
| 0:42.3 | a couple interesting bits of news. But then second, we are in fact going to turn our attention |
| 0:47.6 | back to these defy attacks. In specific, we're going to actually hear from Sergey Nazaroff, |
| 0:53.9 | the CEO of Chainlink. |
| 0:55.5 | Yesterday, Chainlink announced that they would be helping BZX transition from their current |
| 0:59.8 | Oracle approach to something that is hopefully more decentralized and resistant to the |
| 1:04.7 | types of attacks that we've seen. The reason that I thought it was worth continuing this |
| 1:09.1 | conversation is that, to me, |
| 1:11.0 | Defi is unarguably one of the most important parts of the entire crypto industry. |
| 1:16.2 | It is something that is driving a huge amount of energy and excitement and optimism for the |
| 1:20.6 | future. And these attacks really represent something incredibly important and novel, |
| 1:25.1 | which is the idea that in the future, exploits won't just |
| 1:28.5 | be hacks and security flaws, but about the fundamental designs of the system and how people |
| 1:34.3 | can take advantage of them, how people can take advantage of low liquidity and smart contracts. |
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