Mantle recently hosted a Twitter Spaces Builder Session with TurtleShell, a project on a mission to enhance web3 security. Joining John (@0xjooohn) from the Mantle team this time were Philipp (@phil10013), Vdaubry (@vdaubry), and Valerio (@valerio_eth) from TurtleShell. Discussions centered around web3 security, proactive measures, and the TurtleShell team's contributions to enhancing security in the web3 ecosystem. Through this recap, we’ll summarize major takeaways from the AMA session.
*Some sentences have been edited for clarity and brevity.
Introduction
Valerio: I'm Valerio, co-founder of TurtleShell. We've been on this journey since ETHDenver, and it's amazing to be part of Mantle Ecosystem as a grant recipient. Alongside Vincent and Philipp, we've been working tirelessly on TurtleShell.
Vincent: I'm Vincent, working alongside Valerio and Philipp.
Philipp: I'm Philipp, part of the team as well.
Why BUIDL in Web3?
John: It's great to have you all here. What keeps you excited about building in the web3 space?
Valerio: Web3 is like a second family to me. It's not just my professional path; it's where I want to be. The quality of engagement in the bear market is amazing, and we aim to improve web3 security with TurtleShell.
DeFi Firewall and EIP 7265 Update
John: Could you share some updates on how TurtleShell's DeFi firewall works?
Vincent: Our DeFi firewall is now an on-chain smart contract module tracking TVL inflows and outflows. If there's an unrealistic outflow within a short time frame, the firewall triggers. This complements our work on EIP 7265, which standardizes these firewalls, known as circuit breakers.
Sharing Security Practices and Preventing Hacks
John: Speaking of security, what about sharing security practices and experiences?
Philipp: We're open to discussions, not limited to security. We want to hear from founders and protocol teams about their security practices. And Valerio had a great idea: monitoring hacks and sharing insights.
Questions, Hackathons, and Recent Hacks
John: Can you tell us about the hackathon experiences, especially at ETHWarsaw?
Vincent: ETHWarsaw was surprising: We became finalists for the first time. We presented the Circuit Breaker UI, offering non-technical users a dashboard to manage circuit breakers in production. It's a game-changer.
John: That's an exciting development. Valerio, could you explain the Curve hack and how TurtleShell might have prevented it?
Valerio: The Curve hack was a surprise to everyone. The attack came from an externally modified Viper compiler. TurtleShell aims to prevent such hacks by tracking TVL and detecting unusual outflows.
Philipp: The hack emphasized that even with high-security standards, vulnerabilities can exist. But TurtleShell focuses on preventing outflows, the hacker's target.
John: Moving on, how does TurtleShell track liquidity and handle various hack possibilities?
Vincent: We primarily track TVL outflows, which is a common factor in hacks. But TurtleShell's versatility allows us to monitor other security metrics indicative of potential hacks, like price manipulation within AMMs.
Valerio: Community governance can propose updates to these thresholds, giving control to the community.
Decentralized Firewall, Security Solutions and On-Chain Audits
John: Could you provide insights into TurtleShell's contributions to EIPs?
Philipp: EIP 7265 defines circuit breakers, and our recent PR added new possibilities for improving this standard. We're creating a decentralized solution for web3 security.
Vincent: And the analogy with TradFi's circuit breakers is fascinating. It's about security, whether for irrational market activity or preventing hacks.
John: TurtleShell's dedication to web3 security and their contributions to EIPs paint a promising picture for the future of DeFi. As the web3 ecosystem evolves, projects like TurtleShell are at the forefront of safeguarding user funds and ensuring protocol security.
In Summary
In this Twitter Space, the speakers from TurtleShell provided valuable insights into web3 security, their proactive measures, and their contributions to Ethereum's ecosystem. Their passion for solving security challenges in the crypto world shines through, offering hope for a more secure future in the web3 space. Stay tuned for more exciting developments in this ever-evolving field. Mantle will be at Devconnect in Istanbul. Any builders who are planning on participating, come find us, talk to us, and tell us what you're building!
