Pseudonymous crypto investigator Ogle has seen numerous failures while scrutinizing DeFi hacks. He’s part of a niche industry of security experts who remedy the aftermath of attacks targeting crypto-finance projects almost daily. His expertise: tracking down culprits and recovering the stolen funds for the projects.

Preventing these heists hinges on robust smart contract code and astute security measures. In an interview with CoinDesk, Ogle explained it’s also about incentives. If an attacker perceives the personal risk of their exploit as too high, they might reconsider executing it.

This principle forms one of the cornerstones of Ogle’s forthcoming blockchain, named Glue. It aims to finance a security framework that raises the stakes for malicious actors, thereby deterring them from launching attacks.

Glue has largely remained under the radar this year despite securing a $1.4 billion valuation in a public token sale. It’s a new contender in the layer-1 blockchain space, competing for the attention of crypto traders and developers amidst a sea of rivals.

Unlike prominent platforms like Monad and Berachain, Glue lacks widespread recognition. Instead, it employed guerrilla marketing tactics (such as distributing spy-style manila envelopes at industry conferences) to generate interest.

In interviews with CoinDesk, Ogle and co-founder SnapShot outlined Glue’s philosophy, security, and design. They believe it can appeal to “regular people who don’t immerse themselves in crypto daily” as well as traditional financial professionals “who can’t afford to engage with platforms where they fear getting scammed.”

“We want to build something that genuinely has a chance of competing with traditional banks,” stated Glue co-founder Snapshot.

Glue will be centered around an activity “hub” that aggregates DeFi services for chain users. This level of curation sets Glue apart from most other blockchains, where users typically must search for what they need on their own.

“‘Centralization’ is often viewed negatively in crypto for good reason, but from a user experience perspective, I believe we can offer a more centralized interface,” SnapShot said. Ogle added that Glue Hub will facilitate seamless on-chain onboarding — “almost like Coinbase.”

This approach targets the 90% of crypto users who SnapShot claims stick to centralized exchanges, rather than the “one million – basically no one” who operate on-chain.

Glue Hub won’t be the sole place for trading. The chain is permissionless, allowing anyone to build and launch anything for anyone to use. These creations could be integrated with Glue Hub if they pass security checks, such as audits commissioned by Glue.

Audits have emerged in crypto as a kind of marketing tool. Projects commission reports from specialists who scrutinize their smart contracts to eliminate money-losing bugs. These checks aren’t foolproof — many audited projects still get exploited — but projects flaunt their clean bills of health as endorsements.

That practice has gone too far, according to Ogle, who used to run an auditing firm. Many projects only disclose favorable reports, burying the unfavorable ones, he said.

“That’s detrimental to security and the cryptosphere as a whole,” he remarked.

Ogle proposed that high-caliber projects on Glue undergo audits funded by the chain via the Glue Security Fund. This fund will be financed by a tiny tax applied to every transaction, the founders explained. It will support various security initiatives across the entire chain.

Audits don’t always prevent hacks. For instance, the lending protocol Euler lost $200 million to a hack that evaded detection in 10 audits over two years. Ogle participated in Euler’s recovery as part of the team that tracked down the hacker and negotiated the return of the stolen funds. Ogle claims a 65% success rate in recovering money for the 40-odd exploited projects he’s assisted.

“We have actual funds set aside for me and a team to pursue anyone who commits wrongdoings on Glue,” Ogle said. He later added that any security service (be it vigilante detectives, auditors, or compliance tools) can apply for grants from the Glue Security Fund. Holders of Glue’s token will decide what gets funded, he said.

The idea behind the Glue Security Fund is to deter hackers from targeting Glue projects. While they can’t catch everyone, Ogle noted, the presence of a well-funded security team might make would-be hackers think twice before attacking a target with resources dedicated to hunting them down.

Transactions on Glue will be multi-sig, requiring multiple approvals from the user for any money movement. Ogle explained that this default setup paves the way for third-party services to develop tools that enhance user security, such as flagging suspicious money movements.

This could save users from losing funds to otherwise innocuous-looking wallet interactions.