There is an interesting phenomenon pointed out by Haseeb from Dragonfly Capital. Despite it being the same Balancer hacking incident, the responses from each chain are significantly different.
Sonic → Reset the hacker account itself (the strongest measure)
Things visible from here
In idealism, “Code is Law,” but the actual chains are in motion. Especially in smaller ecosystems, there is a stronger tendency to prioritize security and user protection over the absoluteness of protocols.
In other words, while advocating for the democratization of cryptocurrency, when the time comes, we rely on centralized decision-making. It may seem contradictory, but this is the reality of cryptocurrency networks in progress.
I am more concerned about how the regulators will view this.
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After the Balancer hack, the "true intentions" of the Practical Blockchain were revealed.
There is an interesting phenomenon pointed out by Haseeb from Dragonfly Capital. Despite it being the same Balancer hacking incident, the responses from each chain are significantly different.
What happened:
Things visible from here
In idealism, “Code is Law,” but the actual chains are in motion. Especially in smaller ecosystems, there is a stronger tendency to prioritize security and user protection over the absoluteness of protocols.
In other words, while advocating for the democratization of cryptocurrency, when the time comes, we rely on centralized decision-making. It may seem contradictory, but this is the reality of cryptocurrency networks in progress.
I am more concerned about how the regulators will view this.