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Flying Tulip said its withdrawal safeguard is designed to fail open, while a status page lets users monitor the system in real time.<\/p>\n
Flying Tulip, a decentralized finance (DeFi) platform founded by DeFi developer Andre Cronje, has added a circuit breaker that can delay or queue withdrawals during abnormal outflows, as April DeFi losses climbed amid a string of major exploits.\u00a0<\/p>\n
According<\/u><\/a> to Flying Tulip\u2019s documentation, the mechanism is designed to slow funds leaving the protocol if outflow capacity is exceeded, giving the team time to investigate suspicious activity and limiting how much an attacker could drain in a worst-case scenario.<\/p>\n Flying Tulip said the circuit breaker works differently across products. In the first version of the circuit breaker, used in its Perpetual PUT product, withdrawals can revert and users must retry later. In the second version, used in Flying Tulip\u2019s stable asset and settlement currency, ftUSD, withdrawals are queued and become claimable after a delay instead of being rejected outright.<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n