Re:$34M permanently locked into AkuDreams contract forever d...
by dcolkitt on Saturday April 23, 2022 @02:20PM
(#31136857)
Approximately $300 billion of value is secured by on-chain smart contracts. What makes it to the front page of HN probably gives a distortionary perception, in the same way that watching sensationalist news makes you think kids are being abducted left and right.
Only bad news sells. A $35 million bug makes it to the front page, but how often do you hear about Uniswap processing $1+ billion in trading every day without a single hack in 5 years.
In general, there’s actually been a sustained improving trend of fewer hacks, higher likelihood of recovery, and lower losses as a percent of assets. The headline numbers may be higher, but that’s largely a denominator effect of the meteoric growth in on-chain assets. It’d be like judging New York City based on how many murders are in the paper instead of the murder rate.
Only bad news sells. A $35 million bug makes it to the front page, but how often do you hear about Uniswap processing $1+ billion in trading every day without a single hack in 5 years.
In general, there’s actually been a sustained improving trend of fewer hacks, higher likelihood of recovery, and lower losses as a percent of assets. The headline numbers may be higher, but that’s largely a denominator effect of the meteoric growth in on-chain assets. It’d be like judging New York City based on how many murders are in the paper instead of the murder rate.