Concrete’s vaults cannot be summed up as “the funds are controlled only by users themselves.” An old Medium article claimed that the project had no multisig risk, no admin keys, and no possibility of human intervention.
But Concrete’s current official documentation says that deposits are transferred into multisig custody strategies backed by Gnosis Safe or Fordefi wallets. The fact that users can initiate deposits does not mean they have exclusive control over the underlying assets at all times.
The official architecture documentation also states that if strategies using asynchronous accounting are not updated on time, deposits, withdrawals, and asynchronous withdrawal batch processing may be blocked. Whether the operator updates them on time can affect deposits and withdrawals for these vaults.
This dependency does not apply to every strategy, nor does it justify concluding that funds have been lost. Giving authority to a multisig does not eliminate custody and operational dependencies.
$CT #Concrete #DeFi
But Concrete’s current official documentation says that deposits are transferred into multisig custody strategies backed by Gnosis Safe or Fordefi wallets. The fact that users can initiate deposits does not mean they have exclusive control over the underlying assets at all times.
The official architecture documentation also states that if strategies using asynchronous accounting are not updated on time, deposits, withdrawals, and asynchronous withdrawal batch processing may be blocked. Whether the operator updates them on time can affect deposits and withdrawals for these vaults.
This dependency does not apply to every strategy, nor does it justify concluding that funds have been lost. Giving authority to a multisig does not eliminate custody and operational dependencies.
$CT #Concrete #DeFi