Ethereum co-founder Vitalik Buterin is trying to allay concerns about a critical 51% attack on Ethereum 2.0 when using mass storage of DeFi protocols.
The question of the possibility of a 51% attack on Ethereum 2.0 was raised due to the growing popularity of the storage
yETH from Yearn.finance, to which users transferred more than 130,000 ETH on the first day of its existence, and now the number of ETH blocked in it has exceeded 250 thousand.
Eric Wall, head of information security at Arcane Assets, suggested that yeth storage administrators will probably control enough ETH to theoretically launch an attack on Ethereum 2.0. He tweeted:
“We have discovered several ways that yeth storage administrators can take advantage of if they control enough coins to make a 67% attack on PoS ETH 2.0.”
In response, Ethereum co-founder Vitalik Buterin said that an attacker “will be able to attack once.” However, it will be quickly cut off from the network or lose control over the amount of coins needed for the attack due to the soft fork. Buterin said:
“We need to put in the past the myth of the fatality of a 51% attack on PoS made by a single object. The reality is that they will be able to attack once, and then they will either be cut off from the network, or there will be a soft fork, they will lose their coins, and therefore they cannot attack again.”
Taking the opportunity to compare PoS with PoW, Buterin emphasized the increased risk that 51% attacks pose to proof-of-work networks, such as Bitcoin and Ethereum 1.0, since there are no coins to take away, and “there is no way to cut off the attacker’s equipment from the network without harming other users’ devices.” In conclusion, the Ethereum co-founder wrote:
“This is an underestimated fundamental advantage of PoS over PoW.”
However, some members of the cryptocurrency community were skeptical of Buterin’s explanation due to the difficulty of determining the correct fork, and the fact that the attacker will continue to control the main chain.
At the same time, Sebastian Moonjava from Real Vision explained that the risk of a 51% attack should decrease over time due to increased competition in DeFi. This would make it harder for the yeth store to gain control of more than 51% of ETH. He noted:
“The competition will be fierce. A free market will reduce the likelihood of such a development. More people are creating apps. More use cases – less risk.”
Yeth storage allows you to
users can put ETH in it to get a yield at a flexible or fixed interest rate. According to DeFi Pulse, Yearn Finance is the fifth largest DeFi Protocol with $917 million worth of crypto assets blocked. In addition, the project has released a yfi token to manage the Protocol, the price of which continues to grow.
The issue of 51% attacks has recently stirred up the cryptocurrency community again, as the Ethereum Classic network was exposed several times last month.
such an attack.