Gnosis Chain Performs The Significant Update To Defend Against Possible Safety Risks

Gnosis Chain has upgraded its network to address the vulnerability that allowed hackers to steal $11 million from two DeFi protocols on its network last month. All Gnosis Chain application builders may now presume tokens bridged via the native bridge are not prone to the reentrancy attack, Stefan George, co-founder and chief technical officer of Gnosis, told The Block.

• Gnosis Chain (formerly known as xDai Chain) is a prominent sidechain (a blockchain that runs alongside Ethereum) that is managed by GnosisDAO. According to DeFiLlama, there are more than $287 million in cryptocurrencies locked up in applications running on its network.

• In an official post, Gnosis Chain announced that the hard fork — a significant network change — went live today at block number 21,735,000, around 6:30 a.m. UTC.

• The hard fork triggered Gnosis DAO governance proposal (GIP-31) aimed at mitigating reentrancy attacks, which are a frequent form of security exploit targeting DeFi protocols.

• After two DeFi protocols on the Gnosis Chain — Hundred Finance and Agave — were apparently hacked and lost $11 million in various tokens, the proposition was made. These attacks were made conceivable by means of an imperfection in a shrewd agreement that embodies Ethereum-put together resources with respect to the OmniBridge, Gnosis Chain’s true scaffold to the Ethereum blockchain.

• Last year, a security review found a crisscross between OmniBridge spanned tokens and the ERC-20 symbolic norm, which Ethereum tokens depend on. The two greatest adventures were brought about by a confound between the two symbolic sorts.

• Prior to the upgrade, the Gnosis Chain development team indicated that a hard fork will harden the security of tokens that have been bridged to the sidechain, as well as protect sidechain applications.

Andrew Smith

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.