A Key Figure in the DeFi Sector Issues a Critical Call to Ethereum and Solana! “Get Involved!”

The DeFi sector is experiencing one of its worst periods since the 2022 crash, most recently with the KelpDAO attack resulting in losses of $290 million.

While the KelpDAO attack has shaken the cryptocurrency sector, critical statements have come from Michael Egorov, the founder of Curve (CRV) Finance, one of the most established DeFi protocols.

Accordingly, Curve founder Michael Egorov called for DeFi security standards across the industry.

Egorov stated that recent security incidents in the DeFi space, stemming from centralized points of failure, are occurring frequently and seriously damaging the sector’s reputation.

The founder of Curve stated that the hacking incidents were actually preventable and that common DeFi security standards should be established across the industry.

In his statement, Egorov, citing the Aave and rsETH hacks as examples, emphasized that security cannot be ensured solely by checking code; infrastructure robustness must also be made transparent and standardized.

He emphasized that DeFi projects, auditors, and risk teams need to share best practices.

At this point, Egorov called on all DeFi stakeholders, stating that giants like the Ethereum (ETH) Foundation and the Solana (SOL) Foundation should step in to build a secure ecosystem.

Egorov argued that the Ethereum and Solana Foundations should take the lead in establishing common security guidelines for the DeFi sector.

The Curve founder also suggested that the industry could learn from traditional finance, which has long dealt with central points of failure and developed frameworks to protect against them.

*This is not investment advice.