Ethereum’s $1 trillion security initiative aims to attract institutional capital, but the chain’s transparent mempool enables $1.8 billion in malicious MEV extraction.
Opinion by: Loring Harkness, Head of Commercial at brainbot GmbH and Shutter
Earlier this year, the Ethereum Foundation launched a $1 trillion security initiative, a development in its wider campaign to tailor the chain’s image for its new audience of non-crypto retail investors, Wall Street and traditional financial institutions.
On paper, the initiative is nothing but a good thing. Ethereum, recognizing its shortcomings, is refreshing. The proposed approach also offers a clear path to being “far greater” regarding security — a direction that will provide the industry we hope to attract to crypto with peace of mind. For Ethereum’s security problem, however, too much transparency is fundamentally the problem.