How to secure $70 billion in DeFi: Aave's approach to Web3 security at scale | Ernesto Boado (BGD Labs)

What happens when you're responsible for $70 billion in user funds and every code change requires approval from hundreds of token holders? Ernesto Boado discovered that managing AAVE's security feels identical whether it's $10 million or $70 billion at stake—the key is abstract thinking that prevents paralysis while maintaining rigorous procedures. As co-founder of BGD Labs and former CTO of Aave, Ernesto reveals how they've kept the world's largest DeFi protocol secure through systematic auditor evaluation, strategic upgrade decisions, and a hands-on approach to security research relationships. His contrarian take on bug bounties and practical insights into decentralized governance offer a blueprint for scaling security in the trillion-dollar DeFi ecosystem. Topics Discussed   Systematic auditor evaluation introducing "wildcard" security firms rather than relying on traditional "big three" vendors to avoid dependency and test new partnerships. Psychological scaling approach where $70 billion TVL feels identical to $10 million in development decision-making to prevent analysis paralysis while maintaining security rigor. Security researcher relationship building through consistent code engagement over multiple submissions and honest bounty evaluation rather than adversarial dynamics. Decentralized upgrade governance requiring documentation clear enough for unfamiliar auditors to understand, using explanation clarity as the ultimate readiness test. Development tooling evolution from Truffle/Remix in 2018 to Foundry adoption in 2022, reflecting DeFi's maturation from experimental to production-ready infrastructure. Strategic formal verification approach targeting specific system components while avoiding generalized application that delivers diminishing security investment returns. Contrarian perspective on bug bounty programs as currently broken due to adversarial relationships between security researchers and protocol teams. AI impact predictions for systematic vulnerability detection and improved documentation while recognizing limitations in finding complex multi-component exploits.