A survey of DeFi security: Challenges and opportunities

Li, Wenkai; Bu, Jiuyang; Li, Xiaoqi; Peng, Hong-Li; Yuanzheng, Niu,; Zhang, Yuqing

doi:10.1016/j.jksuci.2022.10.028

Cited by 16 publications

(14 citation statements)

References 76 publications

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“…It has been widely used in wireless sensor networks (WSNs) for various applications, including data aggregation, routing, and energy optimization. While APSO can provide efficient solutions for optimization problems in WSNs, it also introduces certain DeFi security implications and vulnerabilities that need to be addressed [58]. Here are some security implications of the APSO algorithm in WSNs deployed in sensitive applications, along with potential security vulnerabilities and proposed mitigation strategies:…”

Section: Security Implications Of the Proposed Apso Algorithmmentioning

confidence: 99%

Accelerated Particle Swarm Optimization Algorithm for Efficient Cluster Head Selection in WSN

Ahmad,

Hussain,

Shah

et al. 2024

CMC

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Numerous wireless networks have emerged that can be used for short communication ranges where the infrastructure-based networks may fail because of their installation and cost. One of them is a sensor network with embedded sensors working as the primary nodes, termed Wireless Sensor Networks (WSNs), in which numerous sensors are connected to at least one Base Station (BS). These sensors gather information from the environment and transmit it to a BS or gathering location. WSNs have several challenges, including throughput, energy usage, and network lifetime concerns. Different strategies have been applied to get over these restrictions. Clustering may, therefore, be thought of as the best way to solve such issues. Consequently, it is crucial to analyze effective Cluster Head (CH) selection to maximize efficiency throughput, extend the network lifetime, and minimize energy consumption. This paper proposed an Accelerated Particle Swarm Optimization (APSO) algorithm based on the Low Energy Adaptive Clustering Hierarchy (LEACH), Neighboring Based Energy Efficient Routing (NBEER), Cooperative Energy Efficient Routing (CEER), and Cooperative Relay Neighboring Based Energy Efficient Routing (CR-NBEER) techniques. With the help of APSO in the implementation of the WSN, the main methodology of this article has taken place. The simulation findings in this study demonstrated that the suggested approach uses less energy, with respective energy consumption ranges of 0.1441 to 0.013 for 5 CH, 1.003 to 0.0521 for 10 CH, and 0.1734 to 0.0911 for 15 CH. The sending packets ratio was also raised for all three CH selection scenarios, increasing from 659 to 1730. The number of dead nodes likewise dropped for the given combination, falling between 71 and 66. The network lifetime was deemed to have risen based on the results found. A hybrid with a few valuable parameters can further improve the suggested APSO-based protocol. Similar to underwater, WSN can make use of the proposed protocol. The overall results have been evaluated and compared with the existing approaches of sensor networks.

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Section: Security Implications Of the Proposed Apso Algorithmmentioning

confidence: 99%

Accelerated Particle Swarm Optimization Algorithm for Efficient Cluster Head Selection in WSN

Ahmad,

Hussain,

Shah

et al. 2024

CMC

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“…The decentralized and secure nature of blockchain has rendered it accessible and cost-effective, particularly benefiting unbanked and underbanked individuals, thereby promoting financial inclusion [2,3,27,28]. The advent of Bitcoin, coupled with blockchain, revolutionized financial transactions by eliminating the need for mutual trust.…”

Section: Blockchain Technology In the Financial Industrymentioning

confidence: 99%

“…In the realm of DeFi, software is distributed in a decentralized manner across networks, ushering in a new era of open financial infrastructure [31]. By harnessing blockchain technology, DeFi protocols facilitate various transactions within their systems, including loans, stablecoin, tokenization, asset management, payment, insurance, staking, and exchanges [3]. These protocols establish a decentralized and inclusive financial infrastructure, offering global access to self-sovereign and censorship-resistant financial services.…”

Section: Defimentioning

confidence: 99%

“…Blockchain technology offers a plethora of advantages, including enhanced credibility, transparency, accessibility, and cost-effectiveness, thereby positioning it as a viable solution to tackle the persistent issue of financial inclusion faced by the unbanked population [2]. Blockchain technology finds widespread adoption across diverse sectors such as education, healthcare, and finance, showcasing its versatility and relevance [3]. Furthermore, blockchain technology's presence as a potent enabler fosters anticorruption efforts, adding another layer of societal significance [4].…”

Section: Introductionmentioning

confidence: 99%

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A Review on Decentralized Finance Ecosystems

Alamsyah,

Kusuma,

Ramadhani

2024

Future Internet

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The future of the internet is moving toward decentralization, with decentralized networks and blockchain technology playing essential roles in different sectors. Decentralized networks offer equality, accessibility, and security at a societal level, while blockchain technology guarantees security, authentication, and openness. Integrating blockchain technology with decentralized characteristics has become increasingly significant in finance; we call this “decentralized finance” (DeFi). As of January 2023, the DeFi crypto market capitalized USD 46.21 billion and served over 6.6 million users. As DeFi continues to outperform traditional finance (TradFi), it provides reduced fees, increased inclusivity, faster transactions, enhanced security, and improved accessibility, transparency, and programmability; it also eliminates intermediaries. For end users, DeFi presents asset custody options, peer-to-peer transactions, programmable control features, and innovative financial solutions. Despite its rapid growth in recent years, there is limited comprehensive research on mapping DeFi’s benefits and risks alongside its role as an enabling technology within the financial services sector. This research addresses these gaps by developing a DeFi classification system, organizing information, and clarifying connections among its various aspects. The research goal is to improve the understanding of DeFi in both academic and industrial circles to promote comprehension of DeFi taxonomy. This well-organized DeFi taxonomy aids experts, regulators, and decision-makers in making informed and strategic decisions, thereby fostering responsible integration into TradFi for effective risk management. This study enhances DeFi security by providing users with clear guidance on existing mechanisms and risks in DeFi, reducing susceptibility to misinformation, and promoting secure participation. Additionally, it offers an overview of DeFi’s role in shaping the future of the internet.

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“…Presently, LLMs are employed for the detection of these smart contracts [13], enhancing the security of the NFTs' underlying assets. DeFi [8] and NFTs, as emerging financial systems, still have issues in the realm of security. Particularly concerning is market manipulation in NFT sales, where malicious actors exploit wash trading to artificially inflate prices and profit from legitimate transactions.…”

Section: Introductionmentioning

confidence: 99%

Characterizing the Solana NFT Ecosystem

Kong,

Li,

2024

Companion Proceedings of the ACM Web Conference 2024

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Non-Fungible Tokens (NFTs) are digital assets recorded on the blockchain, providing cryptographic proof of ownership over digital or physical items. Although Solana has only begun to gain popularity in recent years, its NFT market has seen substantial transaction volumes. In this paper, we conduct the first systematic research on the characteristics of Solana NFTs from two perspectives: longitudinal measurement and wash trading security audit. We gathered 132,736 Solana NFT from Solscan and analyzed the sales data within these collections. Investigating users' economic activity and NFT owner information reveals that the top users in Solana NFT are skewed toward a higher distribution of purchases. Subsequently, we employ the Local Outlier Factor algorithm to conduct a wash trading audit on 2,175 popular Solana NFTs. We discovered that 138 NFT pools are involved in wash trading, with 8 of these NFTs having a wash trading rate exceeding 50%. Fortunately, none of these NFTs have been entirely washed out. CCS CONCEPTS• Applied computing → Media arts; • Security and privacy → Trade Security.

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A survey of DeFi security: Challenges and opportunities

Cited by 16 publications

References 76 publications

Accelerated Particle Swarm Optimization Algorithm for Efficient Cluster Head Selection in WSN

Accelerated Particle Swarm Optimization Algorithm for Efficient Cluster Head Selection in WSN

A Review on Decentralized Finance Ecosystems

Characterizing the Solana NFT Ecosystem

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