Ethereum's ERC777 token standard faces scrutiny after $25M Open Finance exploits

Quick Take

  • The attacks on Open Finance protocols Lendf.Me and Uniswap last weekend triggered some scrutiny of the ERC777 token standard
  • The attackers were able to initiate reentrancy attacks on protocols that supported ERC777 tokens but did not have reentrancy protection
  • Despite the vulnerability, ERC777 may offer more advantages over ERC20 in the DeFi context
The attacks on Open Finance protocols Lendf.Me and Uniswap last weekend triggered some scrutiny of the ERC777 token standard.

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