Campos is a smart contract developer at Hydrogen Labs. He said work began on the proposed standard during an April hackathon in Tokyo, alongside Meir Banks, the co-founder of Hydrogen Labs.
The idea for the DeFi circuit breaker was inspired by similar circuit breakers that have been used by global stock exchanges for decades. “In DeFi, we aren’t trying to calm the markets which is the intention of the [New York Stock Exchange’s circuit breaker] rather we want to prevent hack losses,”Other developers working on the standard include Philippe Dumonet, founder and CEO of DeReg and Blagoj Dimovski, the co-founder and former CTO of Diagonal Fiance.
Campos said the standard is still being shaped at this stage but is confident it will be ready “within months” which would put it in “a really good stage” to be integrated into protocols.