Blast

USDB

BLAST

Security

Read

Cybersecurity experts warn that if yield-generating pools or protocols on Lido or MakerDAO are compromised, Blast users’ associated tokens in those pools “will be compromised as well.” 
Cybersecurity experts at web3 firm Resonance Security are raising concerns related to the security implications of <a href="https://crypto.news/tag/blast-l2/" target="_blank" rel="noreferrer noopener">Blast</a>‘s reliance on third-party decentralized finance protocols. 
In a Thursday blog post, Grace Dees, a cybersecurity business analyst at Resonance Security, warned that Blast’s dependence on external protocols for generating yield brings inherent risks, noting that MakerDAO, which generates 5% yield for USDB (Blast’s <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noreferrer noopener">stablecoin</a>) holders, “has not published a security audit of their smart contracts in three years.” 
“If yield-generating pools or protocols on Lido or MakerDAO are compromised, the associated tokens of Blast users in those pools will be compromised as well,” Dees warned. The analyst noted, that even though relying on third-party integrations “is not a bad thing,” she pointed out that some of MakerDAO’s most recent public audits “even go back five years.” 
“This raised concern to me because smart contracts can be susceptible to newly discovered vulnerabilities and should be audited periodically to protect against those new discoveries,” Dees said. 
 You might also like: <a href="https://crypto.news/blast-token-jumps-20-as-fake-airdrop-scams-flood-x/"> BLAST token jumps 20% as fake airdrop scams flood X </a> 
Concerns about Blast’s security extend beyond third-party dependencies. Dees outlined issues with Blast’s LaunchBridge contract, describing it as a “custodial contract protected by a 3/5 multisig address,” rather than a rollup bridge. 
Experts stress the importance of robust security measures, including regular audits and bug bounty programs. Although MakerDAO hasn’t published a recent security audit, its bug bounty program via ImmuneFi helps “cover the security gaps in their contracts,” Dees acknowledged. 
To mitigate third-party risks, Resonance Security recommends that Blast prioritize close collaboration with their partners to develop and uphold “stringent security standards” that can save projects many headaches in the long run. 
 Read more: <a href="https://crypto.news/blockchain-fraud-group-strikes-again-launches-fresh-scheme-on-blast-network/"> Blockchain fraud group strikes again, launches fresh scheme on Blast network </a>

Resonance: Blast’s dependence on MakerDAO could lead to ‘significant financial issues’

crypto.news

Andre artikler udgivet 27. jun. 2024

The Hunt for OneCoin’s Founder: US State Dept Offers $5M Reward

Cardano Moves to ICC: Prepares for Chang Hard Fork

Machi Big Brother Invests in BLAST Tokens

Tron network deposits drop to 6-month low as TRX price rallies — Trouble in paradise?

Can Mobile Messenger Bring Web3 Mass Adoption?

BCH Price Analysis Hints Growth; Experts Predict Success of Cosmic Kittens Presale

Join our free newsletter for daily crypto updates!