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Computer Science > Cryptography and Security

arXiv:2206.11821 (cs)
[Submitted on 23 Jun 2022 (v1), last revised 25 Oct 2022 (this version, v3)]

Title:A Survey of DeFi Security: Challenges and Opportunities

Authors:Wenkai Li, Jiuyang Bu, Xiaoqi Li, Hongli Peng, Yuanzheng Niu, Yuqing Zhang
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Abstract:DeFi, or Decentralized Finance, is based on a distributed ledger called blockchain technology. Using blockchain, DeFi may customize the execution of predetermined operations between parties. The DeFi system use blockchain technology to execute user transactions, such as lending and exchanging. The total value locked in DeFi decreased from \$200 billion in April 2022 to \$80 billion in July 2022, indicating that security in this area remained problematic. In this paper, we address the deficiency in DeFi security studies. To our best knowledge, our paper is the first to make a systematic analysis of DeFi security. First, we summarize the DeFi-related vulnerabilities in each blockchain layer. Additionally, application-level vulnerabilities are also analyzed. Then we classify and analyze real-world DeFi attacks based on the principles that correlate to the vulnerabilities. In addition, we collect optimization strategies from the data, network, consensus, smart contract, and application layers. And then, we describe the weaknesses and technical approaches they address. On the basis of this comprehensive analysis, we summarize several challenges and possible future directions in DeFi to offer ideas for further research.
Subjects: Cryptography and Security (cs.CR)
Cite as: arXiv:2206.11821 [cs.CR]
  (or arXiv:2206.11821v3 [cs.CR] for this version)
  https://doi.org/10.48550/arXiv.2206.11821
Journal reference: Journal of King Saud University - Computer and Information Sciences, 2022
Related DOI: https://doi.org/10.1016/j.jksuci.2022.10.028

Submission history

From: Wenkai Li [view email]
[v1] Thu, 23 Jun 2022 16:45:44 UTC (935 KB)
[v2] Mon, 8 Aug 2022 15:12:11 UTC (4,818 KB)
[v3] Tue, 25 Oct 2022 17:57:19 UTC (6,056 KB)
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