Another stark reminder of the crucial need for immense security at the protocol level.

29 Aug 2023, 17:44

Another stark reminder of the crucial need for immense security at the protocol level! As seen with industry heavyweights like @CurveFinance and @Balancer , no protocol—regardless of size—is insusceptible to exploits. The recent @Balancer exploit underscores the importance of having an ultimate layer of security for end-users, regardless of whether they've been warned of potential risks. /unoreinsure/status/1696579524148752861/photo/1 Not everyone can constantly monitor the protocols they're invested in; safety standards must be in place. In traditional finance, retail rest easy by trusting that their funds are protected to a certain extent due to insurance; DeFi needs a similar approach. Uno WatchDog aims to address this need with leading services like continued audits, insurance policies, active monitoring, and Discord audits – all designed to minimize fund loss risks while providing peace of mind. /unoreinsure/status/1696579524148752861/photo/2 We can never fully anticipate or enumerate the latent vulnerabilities that might exist within even the most reputable protocols. However, we can mitigate these risks effectively with the right strategies. Consider, for instance, the incident with @UmbNetwork . The insurance coverage alone was substantial enough to compensate for 91% of the affected wallets post-hack. Calculation table for the coverage claim: /unoreinsure/status/1696579524148752861/photo/3 Understanding that our industry can only endure a finite number of these damaging incidents is crucial. With each occurring hack, we see major protocols becoming targets. And as a consequence, the need for robust precautionary measures has never been more pressing.