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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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56146981 No.56146981 [Reply] [Original]

https://cointelegraph.com/news/defi-protocol-balancer-hit-with-frontend-attack

I think I found the issue though.

https://medium.com/balancer-protocol/what-kind-of-oracles-do-we-need-for-defi-derivatives-2e2ac5ad0273

>Oracle is one of the key ingredients of the DeFi infrastructure. Among all the solutions, decentralized exchanges are a natural one, simply because they are the hubs where trades take place and prices are discovered. In this regard, Vitalik Buterin even proposed UNI should become an oracle token.

>Due to these requirements, while Uniswap is highly expected by Vitalik, its current oracle module is not suitable for derivatives.

>The Balancer Labs team was probably the first to realize that the demands for oracle are divergent in different use cases. Therefore they have rolled out different types of oracles tailored for different scenarios. For example, algorithmic stablecoins and collateralized loans are usually pretty tolerant of latencies. Thus the TWAP-based oracle solution works just fine for them. However, that is not the case for Deri Protocol and other derivative dApps depending on oracles. If Deri were trading at prices with significant latencies, it would be front-run by high-frequency traders. Such exploitations would simply destroy the whole project.

Since when was Vitalik an expert in oracles? Can anyone explain why people treat Vitalik like a god when hes really just a scum bag with a mask on? Why does he continue to be disingenuous and influence the wrong behavior?

>> No.56146986

>>56146981
>SpamShit thread
herbed as per usual

>> No.56147000

>>56146986
based
heavily seasoned here too

>> No.56147104
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56147104

>>56146981
damn that's crazy

>> No.56147116

>>56146981
He can’t keep getting away with this

>> No.56147204

Holy based and redpilled

>> No.56147322

>>56146981
Its actually crzay how protocolls i avoid are mostly getting hacked.
Scary, but to help you i did not use:
Celsius, Balancer, Bancor, various other hacked shit
I do use
Uniswap, 1inch, pancaceswap, Aave

>> No.56147332

>>56146981
It says frontend hack. Probably a javascript injection or some stupid shit.

>> No.56147452

>>56147332
https://www.coindesk.com/markets/2023/08/22/balancer-depositors-pull-nearly-100m-in-crypto-after-vulnerability-warning/

>> No.56147470

chainlink would have prevented this

>> No.56147481

ARI PLEASE UNDERSTAND
You are hurting INNOCENT users! It is not their fault. Yes these protocols refusing to use chainlink deserve to burn, but untold numbers of innocent defi users are caught in the crosshairs. Have mercy I beg of you.