DeFi

Blockchain as an industry needs a development and security layer. This is a huge missing piece of the puzzle, IMO.

I don’t know if it’s on-chain, but it must exist. There must be some ground level truth for engineering in our industry.

We need insurance. We need assurance.

The insurance alternative for crypto and more

👨🏻‍💻 Master of WSABI Labs 💾 Privacy Operative 🫀 HUMAN 📉 GPU Poor 🐥 DuckyScriptorrr

Agree. On the insurance-alternative side, we’re working to build this risk management layer for onchain finance and development at @nexusmutual 

The end-goal is to create FDIC-like coverage for all DeFi users and cover protocol’s natively.

This is essential if we want to onboard the masses.

Head of Community @nexusmutual | Safe Governance delegate | Researching risk in DeFi

Agreed. The part that I think a lot of people are overlooking is the need for some security buffer before it gets to insurance. A ground-level set of contracts, protocols, audits, etc. that says... anything being deployed professionally is safe. There's a 0.01-0.99% chance of vulns existing

No more 1/4 getting hacked.

Yeah, I've worked with both platforms for quite a while. TBH, though, I don't think it's the future. I think it's a band aid on a gaping wound. Until we can assure other industries that we're secure more or less at the same rate as TradFi... we're doomed.

There’s been more progress on this front, too. Sherlock’s incentive-aligned audits and their new bug bounty coverage are both a step in the right direction.
Immunefi has made big strides in the last 2 years, as well.
We have Seal 911 and other security public goods. Much better than it was on 2020.