Bankless SotN#19: HARDENING! with Demian Brener from Open Zeppelin
Oct 28, 2020
Demian Brener, Founder and CEO of OpenZeppelin, dives into the intricacies of DeFi security, dissecting the recent Harvest Hack and its implications. He sheds light on the vulnerabilities of DeFi systems, particularly around price oracles and flash loans. Brener introduces Defender, OpenZeppelin's new platform that automates security measures and enhances smart contract safety. The discussion emphasizes the need for robust libraries and standardized practices to ensure trust and scalability in the ever-evolving decentralized finance landscape.
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Zapper vs. Blockfolio
- Ryan Sean Adams used to manually update his portfolio on Blockfolio.
- Now, Zapper automatically updates his DeFi portfolio by reading on-chain data.
DeFi Hardening
- The Harvest Finance exploit highlights DeFi's ongoing hardening process.
- Code is becoming more secure and efficient through events like these.
Harvest Exploit Explained
- An attacker manipulated the price of USDT using a flash loan to exploit Harvest Finance.
- This economic exploit netted them millions by repeating this cycle 32 times.