In tradfi, the government bails out large institutions when their collapse or toxic debt poses a systemic risk. In defi, the Ethereum Foundation would be the entity with the most to lose from systemic failure and a complete loss of confidence, so naturally it would be in their interest to, at least in part, bail out the defi industry from time to time when the hacks were not due to gross negligence. But no, they do absolutely nothing to help ensure the survival of the only thing that makes their shitchain relevant besides shitcoins.And if a bunch of competitors hadn'put up their own money to come to Aaves rescue, trust in defi would have gone down the shitter forever and Ethereum would have become irrelevant for anything besides shitcoin gambling
>>62159106Ef has peanuts left, they are irrelevant.
>>62159106you didn't unironically lose money on that kelp dao incident, right? restaking plebs deserve everything they get for gambling with their staking collateral.
It amazes me how ignorant everyone is of cryptocurrencies.
>>62159124Even if they don't have money to throw around, they are still viewed as the top dog, and the absolute least they could do when something like this happens is to function as a central coordinator for fund-raising efforts across the industry to help patch up holes that poses an existential threat to the whole industry
>>62159131No, I dont touch synthetic shit. But because rsETH was used as collateral for stablecoin loans, etc throughout defi, the whole system froze up for a week (until Aave and their partners were able to secure enough money to make all the rseth holders whole)
>>62159143by announcing that they bail them out in those situations the EF would just create an incentive for insider attacks. as long as it wasn't caused because of some issue with the EVM i don't see how they are responsible. maybe if a major client fucks up massively (like prism does sometimes) i could imagine the EF to help out, but not for smart contract bugs.
>>62159185>i don't see how they are responsibleThe government isn'directly responsible when some rinky dink regional bank decides that risk assessment is gay and boring, and often collapses with an enormous amount of toxic debt. But they have to step in, to either A) directly take care of the toxic debt to ensure stability. Or B) coordinate meetings between other banking CEOs to force them into either acquiring or merging the junkyard company
>>62159185This.
