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Ethereum Community Members Propose new Standard to mitigate DeFi Hacks

July 4 (Cointime) -According to The Block, members of the Ethereum community have proposed a new ERC-7265 standard to improve the security of DeFi protocols. The proposed ERC-7265 standard will enable a "Circuit Breaker" that allows DeFi protocols to easily add backup plans to their smart contracts and prevent tokens from leaving the contract in the event of a hack. As the ERC-7265 standard is a proposed standard, it remains to be seen whether the Ethereum core team will accept and implement it as the final standard.

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