Gnosis Chain has upgraded its network to avoid potential security threats

Gnosis Chain has upgraded its network to avoid potential security threats

Gnosis Chain has upgraded its network to address the vulnerability that let hackers steal $11 million from two DeFi protocols on its network last month.

“All application builders on Gnosis Chain can now assume tokens bridged via the native bridge are not prone to the reentrancy attack anymore, which caused the hacks of Agave and Hundred Finance,” Stefan George, co-founder and chief technology officer at Gnosis said.

Gnosis Chain (formerly known as xDai Chain) is a prominent Ethereum sidechain maintained by GnosisDAO. According to DeFiLlama, their network has more than $287 million in cryptocurrencies locked up in apps.

The hard fork went live today at block number 21,735,000, according to Gnosis Chain, at roughly 6:30 a.m. UTC, according to an official post.

The hard fork triggered a proposal (GIP-31) on the Gnosis DAO governance targeted at preventing “reentrancy attacks,” a form of security flaw that targets DeFi protocols.

After two DeFi protocols on the Gnosis Chain — Hundred Finance and Agave — were apparently hacked and lost $11 million in various tokens, the proposal was made. These assaults were made possible via a flaw in a smart contract that encapsulates Ethereum-based assets on the OmniBridge, Gnosis Chain’s official bridge to the Ethereum blockchain.

Last year, a security audit discovered a mismatch between OmniBridge bridged tokens and the ERC-20 token standard, which Ethereum tokens rely on. The two biggest exploits were caused by a mismatch between the two token types.

Prior to the update, the Gnosis Chain development team indicated that a hard fork will “harden” the security of tokens that have been bridged to the sidechain, as well as safeguard sidechain applications.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Gnosis Chain has upgraded its network to avoid potential security threats

Gnosis Chain has upgraded its network to avoid potential security threats

Gnosis Chain has upgraded its network to address the vulnerability that let hackers steal $11 million from two DeFi protocols on its network last month.

“All application builders on Gnosis Chain can now assume tokens bridged via the native bridge are not prone to the reentrancy attack anymore, which caused the hacks of Agave and Hundred Finance,” Stefan George, co-founder and chief technology officer at Gnosis said.

Gnosis Chain (formerly known as xDai Chain) is a prominent Ethereum sidechain maintained by GnosisDAO. According to DeFiLlama, their network has more than $287 million in cryptocurrencies locked up in apps.

The hard fork went live today at block number 21,735,000, according to Gnosis Chain, at roughly 6:30 a.m. UTC, according to an official post.

The hard fork triggered a proposal (GIP-31) on the Gnosis DAO governance targeted at preventing “reentrancy attacks,” a form of security flaw that targets DeFi protocols.

After two DeFi protocols on the Gnosis Chain — Hundred Finance and Agave — were apparently hacked and lost $11 million in various tokens, the proposal was made. These assaults were made possible via a flaw in a smart contract that encapsulates Ethereum-based assets on the OmniBridge, Gnosis Chain’s official bridge to the Ethereum blockchain.

Last year, a security audit discovered a mismatch between OmniBridge bridged tokens and the ERC-20 token standard, which Ethereum tokens rely on. The two biggest exploits were caused by a mismatch between the two token types.

Prior to the update, the Gnosis Chain development team indicated that a hard fork will “harden” the security of tokens that have been bridged to the sidechain, as well as safeguard sidechain applications.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

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