30 Sushi Lost Thanks to Terrible Defi UI – Trustnodes

30 Sushi Lost Thanks to Terrible Defi UI

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Sushi UI, Sep 2020

They said they all making money but this is a danger zone, and they were right with many of these defi dapps filled with traps and with an apparent disdain for their users.

Instead of having user friendly mechanisms where they can’t make mistakes, either at least not easily or the user interface (UI) doesn’t allow them at all, here one misclick and gone.

On the sushiswap dapp after wondering and wondering whether to remove liquidity, we finally did, but didn’t harvest first. So the 10 sushi we had mined by that point disappeared because we should have harvested first and then removed the liquidity token.

Also we swapped the LP token for the 0.16 eth, thinking it would give us the 20 sushis that were in that LP token pool as well. Instead we just got the eth because rather than swapping the token, we should have gone to the pool to convert the LP token into the underlying assets of eth and sushi.

So we lost 30 sushis due to our fault in part yes, but also because the user interface in these dapps seems to be very trapy with no warnings to say for example you should harvest first before withdrawing the token or you should convert the LP token instead of swapping.

Uniswap did say there would be a price slippage of 10% and we had to type confirm, in addition to saying V1 does a better job, but we though that’s maybe liquidity related, not that our sushi would be gone. Instead they should have just not offered the option at all.

Again, our fault, but it’s also the fault of devs who haven’t put up proper checks in there for people to not get very unnecessarily burned.

This is with relatively small amounts, but you can imagine others have made such mistakes with significant sums and since this is code, once it’s gone, it’s gone.

Therefore you’d expect a bit more professionalism and a bit more considerable care for other people’s money, with no need to re-invent the wheel here as ‘can’t make a mistake’ easily applies with just a few warnings in big red letters.

In addition Uniswap needs to tell people about impermanent loss before they provide liquidity in a pool, while Curve needs to tell people that what they deposit will be turned into all the assets in the pool, and what they receive back is all the assets, not just the one they deposited.

You can say now we know and relatively speaking this were ‘cheap’ mistakes, but accidental mistakes do happen by someone say thinking they in the pool tab instead of swap, or by forgetting to click harvest even though they know they should, especially if there’s some time pressure.

So the fact ethereum can’t handle much capacity currently may turn out to have a silver lining because the current dapps are very unrefined and they are very crude really.

They’re version 0.1, and we’re sure soon enough they’ll put in ‘can’t make mistake’ mechanisms, especially where it’s obvious there should be one, with all these dapps gradually improving.

So the capacity restrain may well act for now as ‘can’t make mistakes at scale,’ with a lot of potential refinements for these dapps both in regards to condensing significantly their demands on the base network resources and in simplifying to a great extent the surface through which then the code interacts with what we’ve called the underground, the pools and all that.

yETH is an example of that which all know by now, with the new field it opens looking promising because it’s arguably the ultimate noob friendly interface with just the usual investment risks then to be taken into account rather than the UI risks as well.

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