New token standard in ERC-7265.
14 Jul 2023, 10:31
New token standard in ERC-7265 š
š§¬ The Ethereum community is proposing an ERC-7265 token standard to prevent DeFi hacks - the new standard will be able to automatically stop smart contracts when churn exceeds a set threshold.
š The development was prompted by a recent incident involving the Poly Network platform.
š§ "ERC 7265 allows teams to create a circuit breaker protecting their protocol, with customizable rate-limiting parameters for each asset. When a hack occurs, an attacker can no longer drain the entire contract in seconds. Most of the funds can be recovered."