DeFi Watch

Building resilience through trustlessness. Monitoring DeFi protocols & products for centralization risk. Founded & maintained by @ChrisBlec.

[DeFi Watch @_DeFiWatch_]

⚔️ @synthetix is the 2nd largest #DeFi project with $93m TVL, now larger than @compoundfinance.

🔑 The core team holds an admin key that is capable of modifying the logic to allow for slashing funds, freezing accounts, or shutting down the system entirely.

🚨 Trust required.

[DeFi Watch @_DeFiWatch_]

Please support DeFi Watch by contributing 1 DAI to @ChrisBlec’s @Gitcoin Grant during the current matching round.

Your 1 DAI contribution will be matched by an estimated 33 DAI from Gitcoin’s CLR fund.

Thank you for your support of DeFi transparency!

https://t.co/JiypTIHAKv

[DeFi Watch @_DeFiWatch_]

The 🌟DeFi North Star🌟 page has been updated with more information on the 5 key values that we'll be examining for key DeFi products.

Feedback is still welcome on this all-inclusive list of DeFi traits.

https://t.co/CNXPk7eAin

[DeFi Watch @_DeFiWatch_]

@ChrisBlec @NexusMutual https://t.co/hVv48LFusd

[DeFi Watch @_DeFiWatch_]

We have added admin key opsec reports for @NexusMutual and @getnuo.

NXM: https://t.co/kFEf1kAqz8

Nuo: https://t.co/tZBu6KpjOt

👆Details in each post
👇Quick summaries below

[DeFi Watch @_DeFiWatch_]

Thank you to @NexusMutual and @getnuo for their cooperation in pulling this info together.

[DeFi Watch @_DeFiWatch_]

We have added admin key opsec reports for @NexusMutual and @getnuo.

NXM: https://t.co/kFEf1kAqz8

Nuo: https://t.co/tZBu6KpjOt

👆Details in each post
👇Quick summaries below

[DeFi Watch @_DeFiWatch_]

@getnuo's smart contracts are protected by a single admin key with unknown security, no timelock and no multisig protection.

The admin key is capable of making changes to critical parts of the smart contract ecosystem that could endanger user funds if used maliciously.

[DeFi Watch @_DeFiWatch_]

The following DeFi products are currently operating with powerful admin keys that have no timelock:

@AaveAave
@synthetix
@PoolTogether_
@bzxHQ
@tokensets

This means that sweeping changes are capable of being made to these smart contracts with zero notice to users.

[DeFi Watch @_DeFiWatch_]

DeFi Watch is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

You can use the info as you wish for non-commercial purposes as long as it’s attributed properly and the same license survives.

https://t.co/OiaDtEK98H

[DeFi Watch @_DeFiWatch_]

Admin key evaluations coming next to DeFi Watch:

✅ iearn finance (posted today)
🔒 Nexus Mutual
🔒 rDAI
🔒 Nuo

Also, a closer look at the capabilities of Synthetix's opaque system. Follow this Twitter account for updates.

[DeFi Watch @_DeFiWatch_]

A proactive pull request was responsibly submitted by @iearnfinance with info on their admin key configuration.

https://t.co/TjWOOakmRK launched 3 weeks ago and has over $8m value deposited.

Their complete admin key info is now available on DeFi Watch.

https://t.co/9mnAGr4nYK

[DeFi Watch @_DeFiWatch_]

DeFi Watch's first pull request has arrived!

Thank you @iearnfinance @AndreCronjeTech for taking the initiative and being eager to disclose.

We will be scrutinizing the info provided for accuracy and having a call with https://t.co/TjWOOaBYgk before adding it to the site.