Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => DeFi tokens => Topic started by: RSRS on July 22, 2021, 08:11:28 AM
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As Ethereum gas fees soared to record highs during the 2021 bull market, rendering many decentralized finance (DeFi) protocols unusable for casual users, several projects were forced to deploy on other chains.
This created a huge surge in demand for cross-chain mechanisms – called bridges – able to securely transfer user assets from one chain to another. Cross-chain bridges can generally be divided into centralized custodial bridges (CCB) and Decentralized non-custodial bridges (DNCB).
As can be expected, the surging demand for cross-chain bridges resulted in the emergence of a fresh wave of protocols of varying repute. As cross-chain bridges serviced an increasingly valuable pool of user assets, it was only a matter of time before malicious actors and hackers took notice.
Generally speaking, hackers will target DNCBs because they can exploit shortcomings in protocols designed by inexperienced #DevelopmentTeam s. An experienced hacker can easily take advantage of errors in logic or loopholes embedded into the cryptography and design of a poorly designed protocol.
This brings us to today: the aftermath of multiple attacks on cross-chain bridges. Another blackeye on a battle-worn industry. To recap, only in the month of July 2021:
More information (https://cryptonews.net/en/news/defi/1132749/)