New ERC 7265 standard aims to remedy defi hacks and enables fast token stops

New ERC 7265 standard aims to remedy defi hacks and enables fast token stops

defi hacks and the loss of funds have become a big problem. To fix this weak point, the developers @tcb_00, @diyahir and @real_philology have proposed the ERC 7265 standard. This new standard offers defi protocols the opportunity to stop token transmissions quickly as soon as a hack is recognized.

The ERC 7265 standard has a protective mechanism that enables customizable installment limits. This significantly reduces the risk of direct and catastrophic losses during an attack. Teams can use this standard to protect their minutes and regain a considerable part of the funds.

The need for such a solution was emphasized by Meir Bank from Fluid Protocol. He emphasized that Defi is in danger due to frequent hacks, which often lead to a complete loss of funds.

Although the ERC 7265 standard for governance-updable protocols was developed in Defi, its acceptance and implementation as a final standard by the Ethereum core team is still uncertain. Proposed standards such as ERCS go through a process of the community check and are finally implemented by the core developers after approval.

It remains to be seen whether the ERC 7265 standard is accepted as a solution for the increasing defi hacks. If this is the case, this would have to significantly improve the potential, security and protection of the funds in Defi protocols. It could be an important step to restore the trust of users in Defi and to promote further development of the decentralized financial system.