Ethereum Foundation Starts Trillion Dollar Security Initiative to Replace Old Systems

The Ethereum Foundation launched a new project on May 14 called the Trillion Dollar Security Initiative. It aims to improve the Ethereum network’s safety and replace outdated digital systems. The initiative focuses on helping Ethereum developers improve wallet security, smart contract protection, and infrastructure design.

Fredrik Svantes, a protocol security research lead, and Josh Stark from the Foundation’s management team will lead the effort. They will work with samczsun, Medhi Zerouali, and Zach Obront, who are long-time contributors to Ethereum.

The Foundation said,

“Achieving Trillion Dollar Security is only possible with the support of the broad Ethereum ecosystem.”

The team will provide tools and information to help developers build safer applications.

The initiative will also try to improve user experience (UX) on Ethereum. This includes fixing poor wallet interfaces and reducing risks in the transaction process.

Ethereum Still Leads in DeFi With $80 Billion in Locked Value

According to DefiLlama, Ethereum holds the highest total value locked (TVL) in decentralized finance (DeFi). Since May 2022, Ethereum has kept between 50% and 60% of the TVL across all blockchains. As of May 14, the Ethereum TVL is around $80 billion.

Ethereum Dominates DeFi TVL Share. Source: DeFiLlama

The Ethereum Foundation said many people feel safe holding over $1,000 onchain. When added up, this becomes trillions of dollars stored on the Ethereum blockchain.

This high amount of locked value shows why Ethereum security is a major concern. The new initiative will support Ethereum developers who manage such financial risk.

Pectra Ethereum Upgrade Improves Network Features

The Ethereum network recently launched its biggest upgrade since The Merge. Called Pectra, this upgrade added new features for users and developers. These include smart contract functions for external accounts, higher staking limits, and new types of data storage called “data blobs.”

The Ethereum upgrade comes at a time when the network was facing low user activity. Layer-2 chains built to speed up Ethereum were affected by bad user interfaces. The Pectra upgrade helps fix these problems by changing how Ethereum handles transactions and staking.

After the Ethereum upgrade, the ETH price rose sharply. On May 7, ETH was around $1,810. By May 14, the price increased to $2,590. This reflects a 43% rise in one week.

Project Leaders Guide Ethereum Security Shift

The team behind the Trillion Dollar Security Initiative includes experts in Ethereum’s technical ecosystem. Fredrik Svantes leads research on protocol-level security. Josh Stark helps manage community efforts. Both are part of the Ethereum Foundation.

Samczsun is known for his smart contract audits. Medhi Zerouali works with Sigma Prime, a firm that reviews Ethereum clients. Zach Obront supports Ethereum-focused education and communication.

Their task will be to give developers useful information to reduce technical risks. The Foundation plans to share updates through blogs and public calls, but no deadline has been announced.

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