DeFi

Two booming DeFi protocols have released similar code. Was it copied? – DL News

Published

9 months ago

8 May, 2024

Two booming DeFi protocols have released similar code. Was it copied? – DL News

Riding the hype surrounding EigenLayer, fluid restoration protocols are growing at a rapid pace.
The code released by two liquid restoration protocols, Renzo and Kelp DAO, appears similar.
One of the protocols told DL News that its code had been copied.

Nearly identical lines of code released by two protocols that sit atop Ethereum’s sparkling liquid catering business have raised questions about their authorship amid a long-running debate over open source development culture of cryptography.

A DL News Analysis and interviews with developers not involved in the situation revealed identical “comments” nestled in the code of both protocols – a sort of note left by the developers – which suggest that one team copied it from the ‘other.

The code, published by competitors Renzo and Kelp DAO, enables what is called native restoration.

This feature allows users to bypass deposit caps that limit access to EigenLayer, the multi-billion dollar protocol that pioneered reinvestment on Ethereum.

It’s a heady time for the liquid restocking industry, and the protocols that leverage EigenLayer are ride the hype. Several have debuted in recent weeks, and older protocols, like Renzo, Ether.Fi and Kelp DAO, are growing rapidly.

Renzo has offered native recovery since December, while Kelp DAO teased its own native restore feature last week.

Not yet open source

“Kelp DAO’s native recovery solution is not active and the final code repositories are not yet open source,” a Kelp DAO spokesperson said in an emailed statement.

“Multiple intermediate versions of the code are used for testing/R&D before mainnet launch. Developers should use the final codebase deployed to mainnet as a reference.

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Kelp did not respond to a request for additional comment on the similarities.

Meanwhile, James Poole, Renzo’s chief technology officer, said DL News that the Renzo code was protected by a license which prohibits competitors from using it “in production”.

“There is no doubt that sections of Renzo’s code were copied into the Stader/Kelp DAO source code,” Poole said.

“If there are any questions about where our code base comes from, we would be happy to share our full GitHub repository with a third party for review.”

Comments and timestamps

The suspicious code was posted to GitHub, an online platform that allows software developers to create, store and share their work.

Timestamps on GitHub show that some of the native Kelp DAO rollback code was added in January, several weeks after Renzo released similar code.

But developers can backdate their additions. Additionally, Renzo’s code was, somewhat unusually, added in a few massive chunks, while Kelp DAO’s is showing steady “organic” growth, according to developers who spoke to DL News.

That’s because Renzo developed his software in a private repository, Poole explained.

“Many projects in the field follow the same model for reasons of competitiveness and optics,” he said. “Developing code can be a complicated process. »

Given the limits of publicly available data and the ease with which some GitHub data can be falsified, it’s difficult to prove who copied who, said Molly White, a software engineer and affiliate at Harvard’s Berkman Klein Center for Internet & Society . DL News.

But one Audit of Renzo code released in December by crypto security firm Halborn suggests that Renzo did not backdate his additions, White said.

“The Halborn audit and the verifiable timeline of it makes me lean much more strongly toward taking kelp from Renzo rather than the other way around,” she said.

Kelp did not respond to a request for comment regarding White’s conclusion.

Like Uniswap v4, Renzo’s code is covered by a Business Source license, which protects the code in question from third-party use and profit for a certain period of time.

But that shouldn’t prohibit its use for testing, according to Moish Peltz, an intellectual property attorney at the New York law firm Falcon Rappaport & Berkman.

“My interpretation of BSL is that it allows for non-production use,” he said. DL News. “But the details will depend on the actual code involved.”

The code for Kelp DAO’s native staking functionality is protected by the more permissive GNU General Public License, or GPL, which allows commercial use by competitors provided their copy also uses the GPL or a similar license.

The open source debate

It’s the latest example of a problem plaguing an industry that touts open source development: To what extent should projects borrow or use someone else’s code, or tolerate a direct competitor doing so?

“If you’re just looking to pull the rug out or make a quick buck, it’s likely to cause an argument. And you’re an asshole.

Copying or borrowing another project’s code is generally encouraged in crypto, according to Matias Nisenson, CEO of DeFi Wonderland, a developer collective.

“It’s all about the value you bring to the ecosystem and the original developers,” he said. “If you’re just looking to pull the rug or to make some quick money, it will probably cause an argument. And you’re an asshole.

But developers who copy others’ code in good faith, believing they can improve on the work of the original developers, are often praised, provided they comply with licenses that govern how the code can be used, he said. for follow-up.

There are myriad examples in action: Reflexer, the team behind the experimental RAI project and HAI stablecoins, encourages forks. Spark protocol copied code from Aave lending protocol and now send Save part of your income.

“It’s always welcome to check with the developers first and see what they think of your ideas,” Nisenson said.

“The opposite scenario could also be true: someone wants to add value to an ecosystem and the original developers aren’t open to their ideas, so you develop them and build your vision. It’s fair game.

Still, crypto’s borrow-at-will philosophy sometimes causes friction. The problem flared up several times last year.

Open source advocates have criticized DeFi titan Uniswap for announcing a new iteration of its decentralized exchange under a Business Source license, effectively suspending its commercial use by competitors for four years.

Executives at crypto lending protocol Maple Finance complained that Circle was using their code without attribution. Circle says DL News at the time, he had not copied Maple’s code.

And Stader Labs, the parent company behind Kelp DAO, defended himself against accusations its liquid staking protocol was a “fork” or copy of competitor Rocket Pool.

Stader said the code in question was only a fraction of a much larger product built by Stader.

“Incorporating open source elements is a very common practice in software development, and even more so in the open source blockchain ecosystem,” Stader wrote in a blog post.

Aleks Gilbert is DL News’ DeFi correspondent in New York. Do you have any advice? Contact him at aleks@dlnews.com.

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Related Topics:clean diaper ethereum staking

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DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

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DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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