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Author: Barter DEFI co -founder Nikita Ovchinnik, Cryptoslate; compile: Tao Zhu, Bitchain Visiting Realm
Just as the Forbes magazine recently pointed out by the SEC’s action against UNISWAP, Defi may become the “aiming target” of the SEC.Nevertheless, this matter has caused reasonable concerns. For the future, DEFI must solve these problems.
According to UNISWAP, Wells’s notification implies potential law enforcement actions, and it is said that it has acting as unregistered securities agents and unregistered stock exchanges.SEC claims that some tokens (eg, tokens issued to the ICO) on the Uniswap constitute an investment contract, and therefore also constitute securities.UNISWAP was accused of conducting trading of these tokens without proper registration and supervision, which violated the Federal Securities Law.
SEC believes that Uniswap Labs has major control over the operation of the platform, making it the central entity responsible for trading activities.UNISWAP Labs argued that it was only responsible for the development of the front -end portal.The UNISWAP protocol itself is independent, but the autonomous code for public use.In my opinion, the fact that you can interact with the agreement without using the front end support this defense.
I have to say that considering the rumors and signs of previous existence, the Act of the US Securities and Exchange Commission was not unexpected.Despite worrying, Uniswap’s solid foundation and favorable position in the regulatory environment show that it has a strong case to display.In the short term, we may see that market uncertainty affects investor confidence and token value.
For Uniswap, the final consequences are unlikely to be serious.UNISWAP not only successfully cope with these challenges, but also strengthened its role as DEFI’s legalization and stability.For the entire DEFI, this may be a period of turbulence that lasted for many years, but UNISWAP has at least it looks ready to fight.The company’s strategic response and inherent advantages may make it stronger, and continue to be the tradition of “white knights” in the industry.
SEC’s action against Uniswap is part of the broader regulatory trend for decentralized platforms, which naturally triggers people’s concerns about excessive supervision.Unfortunately, SEC decides to focus on outstanding participants like Uniswap; however, this can at least sound alarm bells for others.
DEFI leaders should do their homework
Although it is understandable to be frustrated by the crackdown on Uniswap, reality is that the worry of SEC is indeed important.The recent report depicts a warning scene, and the Defi project has suffered amazing losses.In January, hackers and fraud have caused $ 133 million in losses; another $ 67 million in February; another $ 136 million in March.In contrast, the centralized financial platform has zero hackers or frauds in the same period.
Although DEFI is innovative, its rapid growth and adoption have exceeded its ability to effectively solve basic security problems.It is praised for its transparency and collaborative nature, but it has become a double -edged sword.Of course, the public availability of the code promotes innovation, but it also exposes the loopholes to the malicious actor. These malicious actors can study the code in their spare time.
DEFI supporters should be wise to pay attention to these concerns, and take decisive actions to strengthen industry security after the front of the front.If you do not do this, it may lead to further supervision suppression, kill innovation, and destroy the founding principle of DEFI.The committee is determined to establish its own authority and ensure that DEFI operates within the scope of securities law.The result of this conflict will definitely affect the future trajectory of the industry and the relationship with regulatory agencies.
Stay away from CEFI, still pursue real decentralization
In March, Munchables, a NFT game built by Ethereum Layer 2 blockchain Blast, suffered $ 62.5 million.The attacker manipulates the proxy contract to allocate a large number of Ethereum for themselves, and then extract most of them.The culprit is a pseudonym rogue developer hired by the company and the other three of them. They all provide guarantee for the attackers.
After the hacking attack, Researcher Zachxbt on the chain conducted a survey and determined that the four were likely to be the same person, which may be related to the infamous North Korean criminals Lazaru Group.Perhaps this exposure has caused the attacker to surrender the private key to restore the stolen funds, which happened after talking with a hacker.The incident emphasized the importance of taking strong security measures and due diligence in recruitment practice.Maintaining the control of the deployment process and thoroughly understand the code to push to the blockchain.
From a wider perspective, Munchables hackers expose the tension between decentralization and user protection.At first, the call team was required to intervene in and rolled back to the blockchain. The spirit of decentralization was completely different. In the spirit of decentralization, the transaction was immutable and unchanged.However, in this case, the scale and potential effects of user trust can be understood to adopt more interventional methods.
A journey towards a brighter future
In the end, the DEFI field must face security challenges to mature and obtain mainstream acceptance.This requires the technological improvement of smart contract development and the cultural transformation of higher transparency, accountability and risk management.
Security should penetrate every layer of operations from smart contract development to user interface design.Leaders must give priority to compliance without damage to the core principles to control this turbulent field and formulate routes to a more bright future.
The DEFI protocol must take strict auditing and penetration tests to actively identify and relieve vulnerabilities with professional knowledge of experienced network security professionals.Accepting the wrong bounty plan is another key step.The project can solve the vulnerability by inspiring moral hackers to be used before the vulnerability.
It is important that this security -centric method must be accompanied by a new commitment to communicating with regulatory agencies.By actively cooperating with regulatory agencies and showing the willingness of establishing industry standards and best practices, DEFI leaders can help shape a regulatory framework and ensure consumer protection while promoting innovation.
The road to advance is hard, but the return of a safe and compliant DEFI ecosystem is huge.Through preferential considerations, embrace collaboration, and keeping public dialogue with regulatory agencies, the industry can use the road to the mainstream and release its true potential.
