imo a lot of the market reaction right now is reasonable extrapolation from ZEC vulnerability
thinking goes, if zcash, a super advanced and well audited platform just gets 1-shotted by Mythos… what’s to stop it from happening to my token?
everybody is a little more scared now because of it, even if the hackpocalypse doesn’t materialize people are going to be nervous until protocols prove their resilience. there will be other casualties be careful out there
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cvxcrv is insanely undervalued right now. 60% off from crv spot, gives 25% apr
even if you think peg never closes, crv never appreciates, the yield it gives is unrelated to that - its LP fees. buy now, repay yourself the principle in 4 years, hold on to the income forever
prediction 2: crypto doesn't run until after the major IPOs (spacex, oai, anthropic)
that's going to unlock a ton of liquidity that is going to need somewhere to go. that cohort is relatively pro crypto and will run the prices. these wont happen all at once (spacex first, ai cos later)
fully played out by Q4
prediction: there's a lot of nerves / sell pressure in defi from people who are scared of mythos leading to waves of new hacks
once mythos has been publicly available for a few weeks and there is no insane wave of hacks we'll see a bump up
rumors are it comes out in a few weeks, so this will play out in the next 2-3 months say
Alternative take is that major DeFi protocols run some of the most battle tested software there is. Every day that TVL is locked there without being hacked is another real world security audit passed.
If you look at the type of hacks that are typically happening nowadays on major defi, they generally fall into on of two categories:
1) oracle / price hacks
2) multisig / key compromise / social engineering
These aren't the types of things that LLMs are particularly well-suited to identify. On (1) it requires a lot of systems knowledge and second order thinking on market dynamics rather than just reading through source code. On (2) that requires attacking and compromising particular individual - the best defense of course is just not exposing your protocol to multichain attacks.
If you look at the source for most DeFi contracts the actual code is pretty simple. Move tokens around, add and subtract account balances. The protocols that are exposed at that level haven't been hacked yet because the code does what it is meant to do, or they are so insignificant that nobody has bothered to look.
PSA: I now consider *all* of DeFi unsafe.
Coding agents are superhuman at finding vulnerabilities, and smart contract security is too asymmetric: defenders need to fix every bug while attackers need just one exploit to steal funds.
@skalskip92 You might not believe it, but I simply manually annotated over 2,000,000 human body parts with ultra-precise detail. Probably no one else could do that.
Is @mangomarkets going to get an audit at some point? I’m tempted to move my main strategy there but too nervous to do anything of size rn. @PythNetwork issues don’t help either