Ethereum co-founder Vitalik Buterin dismissed concerns that a 51% attack on Ethereum 2.0 would be “deadly”.
This scenario stems from the growing popularity of Yearn.finance’s YETH Treasury, which has already amassed over 137,000 ETH in its first day. Arcane Assets’ director of exploration, Eric Wall, suggested that this means that storage managers at YETH are likely to end up controlling enough ether to theoretically attack Ethereum 2.0:
ITT: We find in fun ways IS storage strategists can take advantage of the fact that IS is likely to get more than enough share to attack 67% of ETH 2.0 PoS.
But Buterin downplayed the risk of 51% of attacks targeting the ETH 2.0 network, the Proof of Stake (PoS) network, arguing that the attacker “can attack once” but will be quickly cut off, otherwise he will lose control of a coin . Necessary to continue the attack:
By using the opportunity to compare the point of sale with Proof of Work (PoW), Buterin highlighted the increased risk represented by 51% of attacks on Proof of Work networks (such as Bitcoin and Ethereum 1), where there are no coins to catch and “there is no way to do this” Remove [attacker] equipment without removing someone else’s equipment. He ended the post by saying:
This is an important underrated feature of PoS over PoW. ”
Ethereum Classic (ETC), which uses PoW, has had three 51% attacks in the last month, raising serious concerns about the network’s security.
However, many in the cryptocurrency community are skeptical of Buterin’s explanation because of the difficulty of determining the correct split and the fact that the attacker will continue to control the main chain.
However, Sebastian Mungava from the social finance platform Real Vision explained that the risk of a 51% attack will be reduced over time due to increased competition in DeFi. This will make it difficult for YETH to obtain more than 51% of the ether.
The competition is fierce. The free market is likely to reduce the likelihood of its existence. More people are building. More use cases = less risk.
YETH vault allows users to block Ethereum, and then the protocol automatically switches to maximum return or interest rate strategy. Yearn Finance, the company behind YETH, is the sixth most popular DeFi venture, with $ 876 million booked, according to DeFi Pulse.