New Ethereum Token Standard Proposed to Counter DeFi Hacks

The Ethereum community has proposed a new token standard, ERC-7265, aimed at reducing hack attacks targeting Decentralized Finance (DeFi). The ERC-7265 will enable the integration of a circuit breaker into protocols, preventing the total depletion of tokens in the event of a hack. ERC-7265 Holds Great Importance for DeFi Altcoins A group of Ethereum community members proposed a new token standard to boost the security of DeFi protocols. Dubbed ERC (Ethereum Request for Comment) 7265, this proposed standard will activate a “circuit breaker” that allows DeFi protocols to easily add a backstop that halts tokens from exiting smart contracts in the event of a hack. The proposal for the ERC-7265 token standard comes at a time when hack attacks targeting DeFi are on the rise. Current data indicates that so far, hackers have stolen approximately $3 billion in funds from DeFi protocols. This fact underscores the importance of the new […] The post New Ethereum Token Standard Proposed to Counter DeFi Hacks appeared first on COINTURK NEWS.