Security starts even before a change reaches the blockchain.
For example, a Curator can’t simply change an important parameter and apply it instantly.
First, the change is proposed; then a timelock is started; and only after the waiting period ends can it be accepted. During this time, the Guardian can cancel it.
It gets even more interesting with the oracle.
A change to the price source for an asset also goes through a timelock. This is important because the oracle determines the value of collateral and directly affects liquidation decisions.
Another layer is continuous monitoring. TermMax uses Hypernative for 24/7 on-chain analysis and has an automatic pause mechanism when a potential attack is detected.
In other words, I liked the approach itself:
not to wait for problems in the blockchain, but to create several checkpoints where a risky change can be checked or stopped before it’s executed.
@TermMax #TermMax
For example, a Curator can’t simply change an important parameter and apply it instantly.
First, the change is proposed; then a timelock is started; and only after the waiting period ends can it be accepted. During this time, the Guardian can cancel it.
It gets even more interesting with the oracle.
A change to the price source for an asset also goes through a timelock. This is important because the oracle determines the value of collateral and directly affects liquidation decisions.
Another layer is continuous monitoring. TermMax uses Hypernative for 24/7 on-chain analysis and has an automatic pause mechanism when a potential attack is detected.
In other words, I liked the approach itself:
not to wait for problems in the blockchain, but to create several checkpoints where a risky change can be checked or stopped before it’s executed.
@TermMax #TermMax
