Ethereum's New Hope: ERC 7265 Standard Aims to Slash DeFi Hacks

Members of the Ethereum community have proposed a new standard meant to improve the security of decentralized finance (DeFi) protocols and mitigate hacks. The attacks on DeFi have highlighted the urgent need for robust security measures, and a potential solution is emerging. This new standard outlines a way to minimise DeFi exploits, protecting user funds and increasing DeFi security.

ERC 7265: A Circuit Breaker for DeFi Security

A new Ethereum standard, ERC 7265, has been proposed to mitigate DeFi hacks. Dubbed ERC (Ethereum Request for Comments) 7265, the proposed standard would enable a circuit breaker, allowing DeFi protocols to easily add a back-stop in their systems. This circuit breaker mechanism could act as a vital defense against malicious exploits.

Who's Behind This Security Push?

Proposed by Diyahir, tcb_00, and real_philogy, ERC 7265 seeks to implement a crucial layer of protection. Members of the Ethereum community have proposed a new standard meant to improve the security of decentralized finance (DeFi) protocols and mitigate hacks. The implementation of a circuit breaker will hopefully enable DeFi protocols to integrate a “circuit breaker” to prevent large scale attacks

This proposal represents a significant step towards a safer and more reliable DeFi ecosystem. Stay tuned for updates as ERC 7265 progresses through the Ethereum governance process.