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Dissimilar Redundancy in DeFi

In: Mathematical Research for Blockchain Economy

Author

Listed:
  • Daniel Perez

    (Imperial College London)

  • Lewis Gudgeon

    (Imperial College London)

Abstract

The meteoric rise of Decentralized Finance (DeFi) has been accompanied by a number of financially devastating attacks on its protocols. There have been over 70 exploits of DeFi protocols, with the total of lost funds amounting to approximately 1.5bn USD. In this paper, we introduce a new approach to minimizing the frequency and severity of such attacks: dissimilar redundancy for smart contracts. In a nutshell, the idea is to implement a program logic more than once, ideally using different programming languages. Then, for each implementation, the results should match before allowing the state of the blockchain to change. This is inspired by and has clear parallels to the field of avionics, where on account of the safety-critical environment, flight control systems typically feature multiple redundant implementations. We argue that the high financial stakes in DeFi protocols merit a conceptually similar approach, and we provide a novel algorithm for implementing dissimilar redundancy for smart contracts.

Suggested Citation

  • Daniel Perez & Lewis Gudgeon, 2023. "Dissimilar Redundancy in DeFi," Lecture Notes in Operations Research, in: Panos Pardalos & Ilias Kotsireas & Yike Guo & William Knottenbelt (ed.), Mathematical Research for Blockchain Economy, pages 109-125, Springer.
    • Handle: RePEc:spr:lnopch:978-3-031-18679-0_7
    DOI: 10.1007/978-3-031-18679-0_7
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