1/ ⭐️ @ConsenSysCodefi & @ArmorFi Team Up To Make DeFi Safer ⭐️
The collaboration will create a comprehensive, 360-degree view of the smart contract threat landscape which involves crowdsourcing risk assessment, and plans for a DAO.
The collaboration will create a comprehensive, 360-degree view of the smart contract threat landscape which involves crowdsourcing risk assessment, and plans for a DAO.
2/ The teams will be updating @ConsenSysCodefi's #DeFiScore rating in an effort to invite the community to help build the future of #DeFi safety.
3/ The move is the first step in a larger initiative to create a collaborative "DeFi Defense DAO" to increase safety and transparency for #DeFi through a community-driven product risk history and scoring resource.
4/ @corbpage - Head of Product at @ConsenSysCodefi
“As crypto and DeFi go increasingly mainstream, we are proud to be building an imperative safety standard with Armor to give users everywhere better risk assessment tools to make smarter decisions with their tokens.”
“As crypto and DeFi go increasingly mainstream, we are proud to be building an imperative safety standard with Armor to give users everywhere better risk assessment tools to make smarter decisions with their tokens.”
5/ DeFi is currently a risky landscape: protocols range from fly-by-night scam operations to serious ones without much distinction, hacks have been a regular occurrence, users have lost funds, and objective information about DeFi protocols is hard to uncover across platforms.
6/ An improved risk framework and more easily accessible, objective protocol information will help investors everywhere more easily navigate safer investments.
7/ @MitchellAmador @immunefi CEO:
“Quantifying the value of good security practices will encourage projects to reflect on whether they’re doing all they can to protect their users.”
“Quantifying the value of good security practices will encourage projects to reflect on whether they’re doing all they can to protect their users.”
8/ Protocols and smart contracts containing large amounts of valuable assets are routinely targeted and face the following risks:
⭐️ Smart contract risks
⭐️ Centralization risks
⭐️ Financial risks
⭐️ Smart contract risks
⭐️ Centralization risks
⭐️ Financial risks
9/ Jack Clancy, Engineer at @Consensys
“Not only will these risk assessment tools help the average crypto participant make more intelligent decisions, but it also incentivizes individual projects to boost their overall security and trustworthiness.”
“Not only will these risk assessment tools help the average crypto participant make more intelligent decisions, but it also incentivizes individual projects to boost their overall security and trustworthiness.”
10/ To further involve the community, the teams plan to form a #DAO and draft a set of @gitcoin bounties for community feedback to build on the risk score with goals for improvements like...
11/ ⭐️ Aggregating data points for each risk factor from existing reputable and reliable sources
⭐️ Validating or invalidating the source of the data
⭐️ Automating or implementing a trigger-based process from validating and updating data
⭐️ Validating or invalidating the source of the data
⭐️ Automating or implementing a trigger-based process from validating and updating data
12/ ⭐️ Adding/removing/hiding risk factor data points
⭐️ Deploying additional data sources and data categories
⭐️ Generating an overall 0–10 score based on parameters set for each protocol
⭐️ Displaying risk factor data and a score for each protocol.
⭐️ Deploying additional data sources and data categories
⭐️ Generating an overall 0–10 score based on parameters set for each protocol
⭐️ Displaying risk factor data and a score for each protocol.
13/ This initiative will also use the new @Coordinape tool built by the @iearnfinance team which enables decentralized and transparent distribution of rewards autonomously allocated by the community of contributors doing the work.
docs.coordinape.com
docs.coordinape.com
14/ @ArmorFi co-founder @AzeemFi
“Harnessing community involvement in creating a better DeFi risk score assessment is something we’re honored to help steward in our focus on building an ecosystem of interoperable protocols and products to secure mass adoption of DeFi.”
“Harnessing community involvement in creating a better DeFi risk score assessment is something we’re honored to help steward in our focus on building an ecosystem of interoperable protocols and products to secure mass adoption of DeFi.”
16/ To learn more about joining ConsenSys Codefi and Armor in their mission to make DeFi safer, join the DeFi Defense DAO Telegram group.⬇️⬇️
t.me/DeFiSafetyDAO
t.me/DeFiSafetyDAO
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