#FLUID This recap is quite interesting; the risk for #defi is no longer just about whether the code has vulnerabilities. It's more about issues at the infrastructure level.
The recent Resolv incident was triggered by a breach in the off-chain signing system, resulting in nearly 80 million "unsecured USR" being minted, which completely crashed the market, with USR plummeting to $0.0025.
What's even more troublesome is that these discounted assets were mispriced through outdated oracles, and after entering the leverage system, it triggered a chain reaction. Fluid had to absorb nearly $20 million in bad debt, but the overall risk exposure was close to $100 million.
Fortunately, the protocol quickly stepped in to "put out the fire," fully supporting liquidity, ultimately stabilizing the situation, and user funds didn't face major issues.
The key takeaway from this incident is: DeFi is now about whether the system can quickly coordinate and stem losses when things go awry, rather than just the safety of the contracts. When the infrastructure collapses, the chain reaction is scarier than a hacker attack.🚨
The recent Resolv incident was triggered by a breach in the off-chain signing system, resulting in nearly 80 million "unsecured USR" being minted, which completely crashed the market, with USR plummeting to $0.0025.
What's even more troublesome is that these discounted assets were mispriced through outdated oracles, and after entering the leverage system, it triggered a chain reaction. Fluid had to absorb nearly $20 million in bad debt, but the overall risk exposure was close to $100 million.
Fortunately, the protocol quickly stepped in to "put out the fire," fully supporting liquidity, ultimately stabilizing the situation, and user funds didn't face major issues.
The key takeaway from this incident is: DeFi is now about whether the system can quickly coordinate and stem losses when things go awry, rather than just the safety of the contracts. When the infrastructure collapses, the chain reaction is scarier than a hacker attack.🚨