EOSCommunity.org Forums

One of the biggest EOS DeFi problem

EOS
#1

Closed source contracts.

Can you imagine if AAVE, Compound, Uniswap, etc. were closed source? Do you think anyone would be trusting their funds with them?

I’ve looked at pretty much all(please let me know if I missed any with open source contracts) EOS DeFi projects and I couldn’t find one with open source contracts.

How do you think users will trust your application in this way?

Don’t be afraid of being forked or security issues, that’s exactly how the whole space will advance and it would be a huge benefit for everyone.

Another major issue I see are upgradeable contracts without burned keys or a serious multisig(the few that I saw didn’t look like very safe to me), I really don’t see how a user can trust their funds with a DeFi app with basically a rugpull function included as a feature.

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#2

I do share your concern about multisigs and smart contracts in general.

Can you let me know which DeFi projects are not open-source that you looked at?

Also which project multisigs have you looked at?

We’re building DeFi with bitcashBank ( www.bitcash.org ). Our smart contracts will be open-source. We’ll start with 2-3 multisig in the beginning, but plan the bitcashOrg DAO a couple months after so contracts will be executed by stake-based referendum.

Ethereum contracts are often designed to be upgradeable using proxy contracts so ETH developers can introduce malicious code. This is often overlooked.

#3

It seems you are right, at least now.