经济安全

🔐 Security Knowledge | From the Hyperliquid Incident to the Evolution of Risk Control in Derivative Protocols
📌 Blind Spots in Traditional Risk Control
Traditional security audits mainly focus on code vulnerabilities in smart contracts, but “economic model attacks” like Hyperliquid in May 2025 indicate that the greatest threats may arise from malicious abuse of the protocol rules themselves. Attackers “legally” created a financial crisis within the rules.
✅ Three Pillars of Next-Generation Risk Control
Behavioral Analysis and Aggregate Monitoring
Identify large positions controlled by multiple related addresses with consistent intentions through on-chain analysis.
Monitor order books to detect clear patterns of orders used for short-term manipulation rather than genuine trading.
Dynamic Risk Management Parameters
Implement higher margin requirements for large-scale or highly concentrated positions to increase the cost of attacks.
Employ “progressive liquidation” or “delayed liquidation” mechanisms to avoid catastrophic bad debts during sudden liquidity exhaustion.
Protocol Governance and Security Infrastructure
Establish and fund a “Risk Guarantee Fund” to absorb unexpected losses in such extreme situations, protecting ordinary LPs.
Clarify the governance process and authority for “emergency pauses” to respond quickly when market manipulation is detected.
💎 Summary
The future of DeFi security, especially in the derivatives sector, will combine code security, financial engineering security, and behavioral game security. Protocol teams must proactively consider all potential attack paths on their economic mechanisms, just like designing products.
#衍生品风控 #经济安全 #DeFi设计 #协议治理

Senator Lummis Calls for Establishing a National Bitcoin Reserve as Bitcoin Investment Trends Spread Globally

U.S. Senator Cynthia Lummis recently spoke at the Bitcoin 2025 conference, stating that U.S. military leaders are staunch supporters of a Bitcoin strategic reserve.

After conversing with military generals, she came to the profound realization that economic power is as important as military power, especially when confronting aggressors around the world.

Lummis likened Bitcoin to 'digital gold' and suggested that the U.S. adopt a holding strategy similar to that of gold. She mentioned that President Trump supports her Strategic Bitcoin Reserve Act, which aims to inject up to 1 million BTC into the U.S. Treasury over the next five years, accounting for about 5% of the total supply.

Lummis emphasized that China's mining ban in 2021 accelerated the Bitcoin industry's shift to North America. She believes the U.S. should seize this energy advantage by establishing a national Bitcoin reserve system to gain a strategic edge in the competition of the digital economy.

Lummis pointed out that Bitcoin reserves are receiving increasing support from various states, with 30 states considering promoting this initiative this year. Among them, Arizona, Texas, and New Hampshire have already advanced legislation in 2025 aimed at designating cryptocurrency as a state-level strategic reserve asset.

It is noteworthy that this trend is also spreading globally. For instance, the UAE is investing in Bitcoin through U.S. BTC ETFs, and the Czech Republic is considering including digital assets in the central bank's asset allocation.

In summary, Lummis's core argument is that establishing a national Bitcoin reserve is the ultimate strategy to ensure the U.S. maintains an advantage in global geopolitical competition.

#比特币 #加密货币 #经济安全 #战略储备