ERC-7265 enhances the security of DeFi protocols

Programmers of the Ethereum crypto community have developed an innovative standard called Circuit Breaker. It is able to increase the security of decentralized financial protocols.

What is known about him

This solution makes it possible to integrate the so-called "chopper" into smart contracts, which automatically works. It stops the movement of coins when the limit of the exit rate of crypto assets is reached.

The ERC-7265 standard will make it possible to save the largest amount of assets if hackers can crack the blockchain. This was stated by the creator of the Fluid Protocol, Meir Bank. He also noted that those assets that will be withdrawn will be much easier to restore.

The development was carried out by specialists Diyahir, philogy and bd.

Bank also noted that everyone noticed problems with DeFi. There are a lot of hacks going on in them with disastrous results. Protocols, as a rule, lose absolutely everything. Funds blocked in smart contracts merge in just a few minutes.

The Block publication reports that in early June, almost $3 billion was stolen from DeFi protocols in total. In just a year, the amount has grown by almost $ 800 million.

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