Krippenreiter Profile picture
Nov 25, 2022 11 tweets 7 min read Read on X
[1/11] "Token Allowances" sind integraler Bestandteil einer jeden #DeFi Applikation (Swap/#DEX), da mit der erteilten Freigabe, in deinem Namen Coins & Tokens, bis zu einer bestimmten Obergrenze hin, ausgegeben werden können.

Eine Anleitung und das Security 1 x 1 in einem 🧵
[2/11] Zuallererst muss man verstehen, dass eine "Allowance" keine Private-Keys klaut.

Vergleichbar mit einer Vollmacht (Allowance), ermächtigt (Approve TX) eine Person (Wallet) eine dApp als Bevollmächtigter (SmartC.) wirksam zu handeln & erhält dafür die Vertretungsmacht V o l l m a c h t Source: h...
[3/11] Eine Eigenschaft dieser Vertretungsmacht ist es im Namen des Wallet-Inhabers die vollständige Kontrolle der "approve(ten)" #Tokens zu übernehmen, um diese im Sinne des Smart Contracts zu #swapen/#traden, zu #staken oder zu #delegieren.

⚠️ Klingt gefährlich? Ist es auch 😅 ALLOWANCE bit2me ACADEMY So...
[4/11] Grundsätzlich werden die "Approves" meist mit der Obergrenze "Unlimited" signiert. Erteile ich dem SmartC. nun die #Allowance eine unlimit. Anzahl von $WSGB zu verwalten, möchte aber eig. nur 1000 $WSGB in den SmartC. legen, könnte ein Exploit die $WSGB vollst. leer räumen Don't let him steal your So...
[5/11] Dazu kommt, dass die #Allowance nicht auto. "#revoked" wird & im Hintergrund ein "vergessenes" Sicherheitsrisiko darstellen kann, wenn diese nicht limitiert o. besser gleich ganz widerrufen wird.

Die einzige Abhilfe für $SGB war es sonst, die Wallet gleich ganz aufzugeben
[6/11] Eine dieser "aufgegebenen #Wallets" werde ich nun mithilfe von @ftso_eu wiederbeleben ❤️🥳

Dabei handelt es sich um eine Allowance für einen SmartC. im @flrfinance Ökosystem, welcher "theoretisch" in der Lage wäre meine $CAND Tokens, im Falle eines Exploits, zu stehlen. Source: https://flr.finance/
[7/11] Schritt 1⃣ — $SGB Wallet mit MM verbinden Source: @krippenreiter
[8/11] Schritt 2⃣ — evmallowance.com öffnen EVMALLOWANCE Source: https:...
[9/11] Schritt 3⃣ — Eine Error Meldung bei Vivaldi und Brave erhalten 😥 Ooopsi! Source: https://evm...
[10/11] Schritt 4⃣ — Neu probieren mit Chrome, nicht aufgeben und die Allowance revoken (Auf 0 limitieren) Source: @krippenreiter MM
[11/11] Schritt 5⃣ — @ftso_eu bei Twitter folgen und sich bedanken 🥳❤️
(Optional) Schritt 6⃣ — @krippenreiter folgen 😉 Source: https://ftso.eu/

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More from @krippenreiter

Nov 16
[1/🧵] The bull run is here and you're new to XRP and the XRP Ledger and don't know where to start? 🤨

Here's a comprehensive list of websites and the essentials you NEED to know to get started and get the hang of the ecosystem!

Follow me as I go! 👇 Source: https://xrpl.org
[2/23] — Outline —
🔸 Introduction
🔸 The "Core"
🔸 Explorers
🔸 Wallets
🔸 Services
🔸 DeFi Source: https://www.gagan.pl/crypto/xrpl-funkcja-sprawdzania-na-horyzoncie/
[3/23] — 1⃣ Introduction —

The XRPL is a decentralized, immutable, censorship-resistant, permissionless DLT that offers several native Layer-1 functions such as AMM, orderbook & tokenization.

The XRPL is NOT Ripple, as Ripple didn't exist when the XRPL was originally released. Source: https://xrpl.org
Read 24 tweets
Oct 8
[🧵] Most people lose money to the XRPL-AMM! 😢

The reasons vary, but typical beginner's mistakes are the main reason for drastic (im)permanent losses. (pun intended)

If you are an XRPL-AMM beginner, there are exactly 10 golden rules that I think most people should follow 👇 Source: @krippenreiter
[2/15] — TL;DR —

If you don't like pretty pictures, but would rather have someone explain the details to you, you can find my video version of this thread here. 👇

[3/15] — 1⃣ Golden Rule — Source: @krippenreiter
Read 16 tweets
Sep 12
[1/🧵] The institutional financial future will be completely on-chain, HOWEVER...

It will be trust-based, gated, and fully compliant with:
🔸 KYC—AML—CTF—APF—OFAC

How do you stay compliant on the decentralized and permissionless XRP Ledger that's neutral to its users? 👇 Source: @krippenreiter
[2/18] — Regulatory Compliance —

Institutions who want to work with Ripple to use their tech stack must be careful not to get into trouble while using blockchain technology.

For this, Ripple has pledged NOT to:
🔸 Launder money
🔸 Finance terrorism
🔸 Evade sanctions Source: https://www.mentu.com.py/blog/1807/implementando-el-compliance
[3/18] — KYC —

For institutions who wish to directly use the XRP Ledger, it's critical to always "[K]now [Y]our [C]ustomer".

Just as when you set up a bank account, an institution will not accept complete anonymity or even pseudonymity and will ask for your identity. Source: https://www.investopedia.com/terms/k/knowyourclient.asp
Read 19 tweets
May 21
[1/🧵] Did you know that there is scientific research on the optimal fees for geometric mean market makers (G3M), one of which is the XRPL-AMM?

💡 We are doing it all wrong, and here's everything you need to know to revive the AMM. 👇 Source: @krippenreiter
[2/20] — Basics —

First of all, among every complaint about the XRPL-AMM, trading fees are something over which we have power.

The voting mechanism of the design passes control to the top eight largest LP-Token holders in each pool, allowing them to regulate trading fees. Source: https://xpmarket.com/amm/pool/USDC-rcEGREd8NmkKRE8GE424sksyt1tJVFZwu/XRP/voting
[3/20] — Facts —

Fees
🔸 Charged for swapping
🔸 Range: 0% - 1%
🔸 Smallest reasonable value: 0.001%

Weight
🔸 Percentage ownership of a pool
🔸 Range: 0% - 100%
🔸 Smallest reasonable value: 0.001%

↪️ The trading fee comes from the weighted mean of the largest 8 active votes Source: https://xpmarket.com/amm/pool/USDC-rcEGREd8NmkKRE8GE424sksyt1tJVFZwu/XRP/voting
Read 21 tweets
May 6
[1/🧵] The XRP Ledger is about to level up! 🔥

With all of the proposals, discussions, and development going on right now, here is a thorough, high-level summary of what is in the pipeline 👇 Source: @krippenreiter
[2/18] — DID —

Status: 🟢 Voting (new bugfix in v2.2.0)

DID is for sharing & controlling your own individual digital identity on the XRPL, while the personal data that your ID links to is held off-chain.

Use Cases:
• Reusable KYC
• Permissioned, regulated, and compliant DEX Source: https://www.w3.org/TR/did-use-cases/#uc
[3/18] — XChainBridge —

Status: 🟢 Voting (new bugfix in v2.2.0)

Allows for cross-chain asset transfers across distinct independent ledgers, such as a mainchain (e.g. XRPL) and a sidechain (e.g. EVM-Sidechain).

Use Cases:
• (w)XRP to be the native asset on a sidechain
• EVM-InteroperabilitySource: https://github.com/XRPLF/XRPL-Standards/tree/master/XLS-0038d-cross-chain-bridge
Read 19 tweets
Apr 5
[1/🧵] @Ripple announced today that they will introduce a new stablecoin pegged 1:1 to the US dollar.

🔸 Does this imply that XRP is doomed? 🤨

Let's learn together to fully understand the bigger picture. 👇 Source: @krippenreiter
[2/22] — Outline —

🔸 Ripple News
🔸 Stablecoin Basics
🔸 Key Differences - XRP
🔸 Facts and Figures
🔸 XRPL-AMM
🔸 Summary Source: https://www.gagan.pl/crypto/xrpl-funkcja-sprawdzania-na-horyzoncie/
[3/22] — 1⃣ Ripple News —

Ripple has announced plans to launch an enterprise-grade, compliant, multichain-compatible, 100%-backed USD stablecoin, marking a significant milestone in their expansion into new verticals.

Runs on...
🔸 XRPLedger
🔸 Ethereum

Read 23 tweets

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