Circuit Breakers: Is ERC-7265 the Solution dApps Were Waiting For? - Ep. 515

Unchained

Laura Shin

Tech News, Business News, News

4.6 • 1.3K Ratings

🗓️ 7 July 2023

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In 2022, crypto crime hit an all-time high. A staggering $3.8 billion in crypto was stolen, with DeFi protocols bearing the brunt of these thefts, accounting for 82% of the total losses. Amid this alarming scenario, has a beacon of hope emerged in ERC-7265? The proposal aims to create a 'circuit breaker' safety layer for DeFi contracts, potentially revolutionizing security measures in the crypto space. Could this be the key to bolstering security and paving the way for mass adoption of DeFi? Will it essentially centralize protocols? Tune in to find out. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: what ERC-7265 is meant to do and why they called it a 'circuit breaker’ how the idea would actually work on chain how this ERC could make DeFi applications more centralized, rather than decentralized what can be done to prevent small teams from seizing funds how different teams will be able to design the circuit breaker as they want what unsafe arbitrary calls and unprotected flows are why Philippe believes that this proposal will help newer teams improve their security how the ERC can pave the way for a more decentralized protocol what will it take for protocols to start adopting the new standard Thank you to our sponsors! Crypto.com Railgun DAO Ondo Finance Arbitrum Foundation Guest Philippe Dumonet, Cofounder of DeReg Links Chainalysis 2022 report The Block: Ethereum community proposes new standard to mitigate DeFi hacks Philippe’s thread on ERC-7265 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, everyone. Welcome to Unchained, your no-hype resource for all things crypto. I'm your host,
0:08.9	Laura Shin, author of the Crypto Beans. I started covering crypto eight years ago, and as a
0:14.0	senior editor of Forbes was the first mainstream media reporter to cover cryptocurrency
0:17.9	full-time. This is the July 7th, 2023 episode of Unchained.
0:23.3	Ando Finance is bringing compliant institutional grade finance on chain. Ando is a leader in the
0:29.5	tokenization of traditional securities, including with its roughly 5% yielding tokenized US
0:35.1	Treasury's product, OUSG. Ever wanted to use DeFi without being tracked? Railgun is a leading DeFi
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0:48.6	in your favorite DeFi apps, while Railgun's cutting-edge zero-knowledge system encrypts your data
0:53.8	from public view. Yes, that includes Dex trading. Visit Railgun.org or use the railway app at
1:00.0	railway.xyz. With the Crypto.com app, you can buy, trade, and spend crypto in one place.
1:06.4	Download and get $25 with the code, Laura. Link in the description.
1:11.9	Arbitram's leading layer-to-scaling solution offers you ultra-cheap and lightning fast transactions,
1:17.5	all with security rooted on Ethereum. Visit Arbitram.io today.
1:22.8	Today's guest is Philip Dumanay, co-founder of DREG. Welcome, Philip.
1:27.4	Hey, Laura. Thanks for having me on.
1:29.4	Janellus is reported in its 2022 crypto crime report that not only was last year the
1:35.2	biggest year ever for crypto crime at a total of $3.8 billion stolen, but that funds stolen from
1:41.6	DeFi protocols accounted for 82% of that total, and that equates to $3.1 billion stolen from DeFi.
1:50.0	So you and Ethereum developers, DIA here and MayorBank, have put forth a proposal to address
1:56.0	this problem, and it's called ERC or Ethereum Request for Comment, 7265. What's your proposal?
2:03.8	Yeah, so our proposal, it's more of a design that people can implement, but the proposal
	...

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