I'm updating the Golden trio of onchain safety:
1) Own a hardware wallet, with the new clear signing framework, screen output will go from gibberish to human-readable.
2) Import your hw into @ambire, they cooked, I migrated to it and it's now the best wallet for the EVM experience, check their simulation.
3) create a @safe, even if 1/1 at first, use tenderly simulation.
Bonus: generate a hotwallet without any funds, make it a proposer on your safe and give the private key to your agent to generate the transactions and batchs for you, no more clicking buttons, no more clunky UIs, just prompt then verify simulations at each layer and sign at the end.
Voila, this setup makes you safe, 100x your crypto UX and makes unc Kim sad.
The Arbitrum Security Council has taken emergency action to freeze the 30,766 ETH being held in the address on Arbitrum One that is connected to the KelpDAO exploit. The Security Council acted with input from law enforcement as to the exploiter’s identity, and, at all times, weighed its commitment to the security and integrity of the Arbitrum community without impacting any Arbitrum users or applications.
After significant technical diligence and deliberation, the Security Council identified and executed a technical approach to move funds to safety without affecting any other chain state or Arbitrum users.
As of April 20 11:26pm ET the funds have been successfully transferred to an intermediary frozen wallet. They are no longer accessible to the address that originally held the funds, and can only be moved by further action by Arbitrum governance, which will be coordinated with relevant parties.
DeFi, with its transparency (its “handbook” is practically sitting next to the vault) and constant DPRK stress testing, will become the most resilient backbone of global finance within five years.
Traditional finance, on the other hand, without the safety net of governments and taxpayer bailouts, how long could it really hold up?
Those who say "crypto is dead" or "DeFi is dead" don't know what they are talking about.
Banks never operated in such harsh conditions, and they always get saved by the Big Printer. As a result, their infra is horrifically bad.
In DeFi, we have to make sure that our stuff is solid, and only the fittest survives
The previous frontend swap on Aave had a small dick energy hard limit of 30% slippage or the swap was reverted.
Fortunately, for the low price of 8 figures of fees diverted, -60% on the token and a killed DAO.
Users can now enjoy the big DeFi energy of 99% slippage.
https://t.co/ysUtVB3pGr
given how things are going in the space right now, this probably won’t be the last time we see something like this, on cowswap 🤡
if time allows, might write something to explain it
Earlier today, a user attempted to buy AAVE using $50M USDT through the Aave interface.
Given the unusually large size of the single order, the Aave interface, like most trading interfaces, warned the user about extraordinary slippage and required confirmation via a checkbox. The user confirmed the warning on their mobile device and proceeded with the swap, accepting the high slippage, which ultimately resulted in receiving only 324 AAVE in return.
The transaction could not be moved forward without the user explicitly accepting the risk through the confirmation checkbox.
The CoW Swap routers functioned as intended, and the integration followed standard industry practices. However, while the user was able to proceed with the swap, the final outcome was clearly far from optimal.
Events like this do occur in DeFi, but the scale of this transaction was significantly larger than what is typically seen in the space.
We sympathize with the user and will try to make a contact with the user and we will return $600K in fees collected from the transaction.
The key takeaway is that while DeFi should remain open and permissionless, allowing users to perform transactions freely, there are additional guardrails the industry can build to better protect users. Our team will be investigating ways to improve these safeguards going forward.
Over the past few years, beyond all the exciting new technologies and revolutionary ideas about reshaping the financial system, @poapxyz has also been one of the most inspiring parts of the crypto space.
Physical souvenirs may feel more tangible for most people, but POAP managed to create a surprisingly powerful sense of atmosphere and connection. That’s not easy to do. For me, collecting a POAP has always been the thing I look forward to the most whenever I attend a conference, without exception.
POAP also added a bit of warmth and humanity to what is otherwise a very hardcore, technical industry.
They’re also one of the few teams that didn’t chase every trend or pivot wildly along the way. Staying focused on their original vision and continuing to build toward it takes real discipline, and I have a lot of respect for that 🫡
Thank you to the POAP team. I’m looking forward to seeing what you build next!
Over the past year, we facilitated $8.7B in trades on @CoWSwap alone (vs. Wintermute’s $26B), delivering $43.7M in positive slippage back to our users.
Next stop: Bringing RWAs on-chain to make stock trading seamless. Let’s make everything 24/7!
6 years ago today was @EthCC 3. @aave just launched flashloan and was about to take off.
@The3D_ and @eboadom hosted a workshop at a nearby coworking space (I can’t remember whether @Marczeller was there)
6 years later - how did things end up in this situation?