MakerDAO clarifies its relationship with third-party front-end providers.

02/25/2023 13:37 • Metaverse Matters • 89 views

On February 25, it was reported that because Jump Crypto and Oasis jointly recovered 120000 ETH Wormhole stolen funds through reverse attack, MakerDAO issued a Twitter statement that in view of the recent transactions related to Maker Vault 30100 and Oasis front-end, it was necessary to explain the differences between MakerDAO, Maker protocol and third-party front-end providers. MakerDAO cannot control any front-end providers or products that enable end users to access Maker Vaults.

MakerDAO statement: Oasis cannot be controlled, and the hacker of the Jump reverse attack does not involve its smart contract

Analysis based on this information:

The recent recovery of 120000 ETH Wormhole stolen funds through the reverse attack by Jump Crypto and Oasis has led MakerDAO to clarify its relationship with third-party front-end providers. In a Twitter statement issued on February 25, MakerDAO explained that it cannot control any front-end providers or products that enable end-users to access Maker Vaults.

MakerDAO is a decentralized autonomous organization (DAO) that runs on the Ethereum blockchain. It operates the Maker Protocol, which is a decentralized lending platform that allows users to generate the Dai stablecoin by locking up collateral, such as ETH. MakerDAO’s governance system is based on a token, MKR, which is used to vote on proposals and participate in the protocol’s risk management.

Third-party front-end providers are platforms that offer users an interface to interact with Maker Vaults. These providers include Oasis, Compound, InstaDApp, and others. By using these platforms, users can perform various actions, such as generating DAI or managing their collateral. However, these front-end providers are not operated or controlled by MakerDAO.

MakerDAO’s relationship with third-party front-end providers is similar to the relationship between the Ethereum blockchain and dApps. Just as Ethereum cannot control the dApps that are built on its blockchain, MakerDAO cannot control the front-end providers that use its protocol. MakerDAO only provides the underlying protocol, and it is up to the users to decide which front-end provider they want to use.

The recent recovery of 120000 ETH Wormhole stolen funds highlights the importance of security in the DeFi ecosystem. While MakerDAO cannot control the front-end providers that use its protocol, it is still responsible for ensuring the security of the protocol itself. MakerDAO has a community-funded emergency fund, the Maker Foundation, which is responsible for maintaining and improving the protocol’s security.

In conclusion, MakerDAO’s statement clarifies its relationship with third-party front-end providers. While MakerDAO cannot control these providers, it is still responsible for ensuring the security of its protocol. The recent recovery of stolen funds highlights the importance of security in the DeFi ecosystem, and MakerDAO’s emergency fund plays a crucial role in maintaining and improving the protocol’s security.

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