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Smart Contracts and DeFi Investigations Flashcards

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  1. What is a smart contract in the context of blockchain technology?

    Answer: Self-executing code deployed on a blockchain that automatically enforces agreement terms

    Smart contracts are self-executing programs stored on a blockchain that automatically enforce and execute the terms of an agreement when predetermined conditions are met.

  2. Which blockchain platform is most commonly associated with smart contract functionality central to DeFi investigations?

    Answer: Ethereum

    Ethereum pioneered smart contract functionality and remains the dominant platform for DeFi applications, making it central to most DeFi investigations.

  3. What does the ERC-20 standard define in the Ethereum ecosystem?

    Answer: A technical standard for fungible tokens on Ethereum

    ERC-20 defines a common standard for fungible tokens on the Ethereum blockchain, enabling interoperability between tokens and decentralized applications.

  4. In DeFi, what does TVL (Total Value Locked) measure?

    Answer: The total value of assets deposited in a DeFi protocol's smart contracts

    TVL represents the total value of cryptocurrency assets deposited and locked within a DeFi protocol's smart contracts, indicating the protocol's size and adoption.

  5. What is a 'rug pull' in the context of DeFi fraud?

    Answer: When developers abandon a project and abscond with investor funds

    A rug pull occurs when cryptocurrency developers abandon a project and abscond with investor funds, typically after creating artificial hype and attracting liquidity.

  6. What is a flash loan attack in DeFi?

    Answer: An exploit using uncollateralized loans taken and repaid within a single transaction to manipulate protocols

    Flash loan attacks exploit uncollateralized loans that must be borrowed and repaid within a single blockchain transaction, enabling attackers to manipulate prices or drain liquidity pools without upfront capital.

  7. Which tool is commonly used by investigators to analyze Ethereum smart contract source code, transactions, and token transfers?

    Answer: Etherscan

    Etherscan is the primary blockchain explorer for Ethereum, allowing investigators to view verified smart contract source code, transaction histories, token transfers, and contract interactions.