從智能合約技術風險看去中心化金融與傳統金融

Abstract

新創技術如區塊鏈和智能合約為全新的完全去中心化和開放式金融服務開啟了大門，這些服務無需傳統金融體系中的中介機構即可運作，這也稱之為去中心化金融( Decentralized Finance, 簡稱 DeFi ) 。DeFi 是一個開放且去中心化的點對點開源金融系統。本論文將從去中心化金融的底層技術 “智能合約” 的程式碼解析出發，介紹常見的智能合約風險，再透過分析真實的駭客攻擊事件來凸顯去中心化金融潛在的技術風險與其改善的方法，最後比較除了技術風險之外，去中心化金融的優勢以及劣勢。 此論文首先透過取得開源程式碼分析，來了解哪些智能合約可能暴露在被駭客攻擊的風險中，並提出相對應提升程式碼安全性的方法。接著，透過執行文獻回顧來比較傳統金融與去中心化金融的優劣。研究結果顯示，DeFi 的優勢包括透明度、去中心化、開放性、效率、創新等；然而，其劣勢包括技術風險、缺乏監管、可擴展性、系統性風險、甲骨文問題和非法活動等。 本研究的目的是透過合約程式碼分析，使智能合約撰寫者了解常見的風險，以期未來具有低安全性的智能合約逐漸減少，並為降低去中心化金融的技術風險做出貢獻。同時，本研究也比較了去中心化金融的優劣勢與傳統金融的差異，期望能為大眾提供對於 DeFi 的有價值見解。

Innovative technologies such as blockchain and smart contracts have paved the way for Decentralized Finance (DeFi)—a fully decentralized and open financial system that operates independently of traditional financial intermediaries. This paper begins by analyzing the code underpinning DeFi's core technology, smart contracts, to identify prevalent risks. It then explores potential technical vulnerabilities within decentralized finance, drawing on real-world hacking incidents to suggest mitigation strategies. The paper also conducts a comparative analysis of the strengths and weaknesses of both traditional and decentralized finance. The initial phase of the research involves a detailed examination of open-source smart contracts to pinpoint potential security flaws and propose measures to enhance their security. This is followed by a comprehensive review of existing literature to contrast the advantages and disadvantages of traditional and decentralized finance. The findings indicate that while DeFi offers benefits such as transparency, efficiency, and innovation, it also faces significant challenges including technical vulnerabilities, regulatory gaps, scalability constraints, systemic risks, dependency on external information (oracle issues), and susceptibility to illicit activities. The aim of this study is to shed light on common vulnerabilities in smart contract code and to propose solutions that could reduce the prevalence of insecure contracts. Additionally, by comparing the pros and cons of decentralized finance with those of traditional finance, this research seeks to provide valuable insights into the evolving landscape of DeFi for both the academic community and the general public.