๐ก How to get prices securely in web3
๐งตA thread
We've seen way too many hacks with this DeFi 101 issue. Please spread this message.
1. Don't ever use low liquidity tokens
2. Use a decentralized oracle like @chainlink
3. TWAPs are scary AF
And the most important one... ๐
๐งตA thread
We've seen way too many hacks with this DeFi 101 issue. Please spread this message.
1. Don't ever use low liquidity tokens
2. Use a decentralized oracle like @chainlink
3. TWAPs are scary AF
And the most important one... ๐
A
๐
DEX
๐
IS
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A
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CENTRALIZED
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PRICE
๐
ORACLE
๐
DEX
๐
IS
๐
A
๐
CENTRALIZED
๐
PRICE
๐
ORACLE
1. Don't use low liquidity tokens
Any token that has low volume (meaning, it's not traded a lot, & often its market cap is low) can be easily manipulated.
If your protocol relies on a token that can be easily manipulated, you are headed to the @RektHQ front page.
Any token that has low volume (meaning, it's not traded a lot, & often its market cap is low) can be easily manipulated.
If your protocol relies on a token that can be easily manipulated, you are headed to the @RektHQ front page.
2. Use a decentralized oracle network like @chainlink
There is a reason some of the biggest defi protocols like @AaveAave , @compoundfinance, and @synthetix_io all use Chainlink. This problem that has hacked so many protocols is LITERALLY one of the reasons why Chainlink exists
There is a reason some of the biggest defi protocols like @AaveAave , @compoundfinance, and @synthetix_io all use Chainlink. This problem that has hacked so many protocols is LITERALLY one of the reasons why Chainlink exists
3. TWAP is scary AF
When using TWAP... You better know wtf you're doing.
TWAPs are subject to pretty easy manipulation, and there is caution after caution of using them, and hack after hack.
So maybe reconsider.
When using TWAP... You better know wtf you're doing.
TWAPs are subject to pretty easy manipulation, and there is caution after caution of using them, and hack after hack.
So maybe reconsider.
https://twitter.com/Mudit__Gupta/status/1455627465678749696?s=20&t=Gjl41SFEPQQAVkIFNRv23w
https://twitter.com/euler_mab/status/1459314402059034634
4. A DEX is a decentralized exchange NOT a decentralized price oracle.
๐ฑ Scream this from the rooftops ๐ฑ
A DEX is a single point of what the price of an asset is.
If you see ANY code getting price looks something like this.
Get.
Out.
Of.
That.
Protocol.
๐ฑ Scream this from the rooftops ๐ฑ
A DEX is a single point of what the price of an asset is.
If you see ANY code getting price looks something like this.
Get.
Out.
Of.
That.
Protocol.
Please share and retweet this.
Web2 is fucking laughing at how we can't move past the same issue that has been plaguing us for years.
We as a community need to stop letting protocols go live that have these issues. It's unacceptable in 2022.
Auditors, please take notice.
Web2 is fucking laughing at how we can't move past the same issue that has been plaguing us for years.
We as a community need to stop letting protocols go live that have these issues. It's unacceptable in 2022.
Auditors, please take notice.
I'm literally like, wtf do we need to do as a community to stop this?
A DEX is a centralized price oracle.
A DEX is a centralized price oracle.
A DEX is a centralized price oracle.
A DEX is a centralized price oracle.
A DEX is a centralized price oracle.
A DEX is a centralized price oracle.
A DEX is a centralized price oracle.
A DEX is a centralized price oracle.
A DEX is a centralized price oracle.
A DEX is a centralized price oracle.
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