@SuiNetwork's approach this time has its pros and cons, but we also see its resilience in centralized unity.

1/

Recently, Sui took relatively decisive action in handling the @CetusProtocol DEX attack (223M USD): by the consensus of the majority of validators, it was decided to suspend the contract and freeze addresses to prevent further financial loss. This reflects a kind of 'Validator-Driven Freeze mechanism'.

2/

Sui employs Delegated Proof-of-Stake (DPoS) consensus, currently with 113 validators. As long as more than 2/3 of the validators agree, it can suspend specific smart contracts on the chain or even freeze addresses. Although this still appears to have a consensus system, it is also a form of centralized handling, after all, how many of these nodes are the $SUI that the SUI official supports putting in.

3/

This reminds me of the early DAO attack incident on Ethereum, where the community faced a major debate on whether to rollback. The final decision led to today's Ethereum and Ethereum Classic chains. The difference is that the choice made by Ethereum back then caused a split in the community; while this time, Sui's validators are almost all highly tied to the official foundation, resulting in unified action.

4/

This handling method is 'imperfect but effective'. It indeed prevented larger-scale capital outflows and demonstrated rapid response capability. But it also raises questions: Is this control decentralized, or a form of centralized consortium control? (It's not necessarily bad, but cannot be ignored.)

5/

Sui is regarded as one of the standout public chains in this bull market, and the Move language is believed to be superior in security to Solidity. But this incident proves that no matter how difficult an attack is on the technical architecture, it will eventually face real-world black swan events.

6/

This crisis management has its pros and cons:

• The good is that actions were swift and effectively stemmed the bleeding.

• The bad is that governance power is highly centralized, and the boundary between validators and the foundation is blurred.

It’s not a perfect score, but it's also not failing.

7/

However, this governance style may be precisely the premise that large institutional funds are willing to enter. Looking at Ethereum, which remains the chain with the largest market cap, it found a relatively stable balance between centralization and decentralization.

8/

Will Sui fall because of this incident? No.

What does not kill it will make it stronger.

But the community and developers should also remember the warning brought by this incident:

Strong technology does not equal immunity to risks; transparent governance is the true long-term moat.🙏🏼