Sergey Nazarov joins today’s episode of The Breakdown to discuss the role of price oracles in recent DeFi attacks, as well as what DeFi can learn from early exchange hacks.
The DeFi world continues to dissect the recent attacks against bZx. For the most part, the amount lost in attacks is far less relevant than what the attacks suggest about how DeFi applications should be designed.
As part of this, one of the main topics of conversation is the role of price oracles – the systems by which DeFi applications verify asset prices that dictate what happens in a given smart contract. With asset price manipulation at the heart of recent attacks, this is a particularly relevant area of investigation.
Yesterday, Chainlink announcement this would help bZx upgrade its systems, taking advantage of the recent Chainlink launch “meta-oracle”. In this episode of The Breakdown, Chainlink founder Sergey Nazarov discusses:
The role of price oracles in DeFi
How Price Oracles Were Targeted in Recent Attacks
What the DeFi industry can learn from early cryptocurrency exchange hacks
You still don’t understand? Markets Daily has a much simpler explanation suitable for grandfathers that might help
Find past episodes of The outage on CoinDesk. For early access before our regular releases at 3 p.m. Eastern, subscribe with Apple Podcasts, Spotify, Pocket castings, Google Podcasts, Casting box, Stitcher, RadioPublica, IHeartRadio Or RSS.