Chainlink’s Recent Multisig Changes
Chainlink, a renowned decentralized oracle network, recently faced backlash from the crypto community due to modifications in its multisig (multi-signature) wallet. The primary point of contention was the change in the number of required signatures on the multisig wallet, which shifted from a 4-of-9 configuration to a 4-of-8 setup. This alteration was discreetly made, catching the attention of crypto enthusiasts, including the notable crypto researcher, Chris Blec.
The Backstory and Implications
The multisig wallet’s purpose is to ensure security by demanding multiple signatures to validate any transaction. The recent change was highlighted when an individual pointed out the removal of a wallet address from Chainlink’s multisig system, which was done without any prior announcement from the company. Chris Blec voiced his concerns, suggesting that such modifications could potentially allow for manipulation of Chainlink’s price feed. He further emphasized that this move could centralize what is intended to be a decentralized system. However, there’s another side to the coin. Some users argue that a 4-out-of-8 multisig wallet might be more secure than its 4-out-of-9 counterpart. They believe that merely increasing the number of required signatures doesn’t necessarily improve security but might introduce redundancy.
My Perspective on the Matter
From my point of view, while the concerns raised by Chris Blec and others are valid, it’s essential to consider the broader picture. Chainlink promptly addressed the concerns, with a representative explaining that the change was a part of a routine signer rotation process. The spokesperson further clarified, “The rotation of signers was completed, with the Safes maintaining their regular threshold configuration.” It’s also worth noting that Blec has been a consistent critic of Chainlink in the past. He has expressed concerns about Chainlink’s potential impact on the Decentralized Finance (DeFi) ecosystem, especially given its influence on major DeFi platforms like Aave and MakerDAO. As I see it, while it’s crucial to maintain transparency in such changes, it’s equally important to understand the reasons behind them. On a positive note, despite the controversy, Chainlink’s (LINK) price has seen a 20% surge since September 12, hinting at a bullish market sentiment.
