If it’s been audited, why can a project still get hacked?
Many protocols use proxy contracts to upgrade their smart contracts. The multisig account that controls upgrade permissions is itself a potential risk.
Key takeaway: When you come across a new protocol offering much higher annualized returns than similar projects, check whether it’s been audited, whether the team is public, and whether the contracts can be upgraded at will.
Ethereum, where $ETH is located, was one of the first public blockchains to support general-purpose smart contracts.
Understand how it works before you act. Don’t make a trade on impulse.
#ETH
Many protocols use proxy contracts to upgrade their smart contracts. The multisig account that controls upgrade permissions is itself a potential risk.
Key takeaway: When you come across a new protocol offering much higher annualized returns than similar projects, check whether it’s been audited, whether the team is public, and whether the contracts can be upgraded at will.
Ethereum, where $ETH is located, was one of the first public blockchains to support general-purpose smart contracts.
Understand how it works before you act. Don’t make a trade on impulse.
#ETH