Another day, another attack.
Decentralized finance (DeFi) started in 2015 when MakerDAO, now one of the leading DeFi projects, allowed crypto holders to take out loans through their platform. After years of steady growth, the pandemic boosted the breakout of DeFi in 2020, with a continued uptrend in 2021.
However, not everything went well. The boom also attracted the attention of hackers. According to TheBlock, in 2020, over $120M worth of assets were stolen through 15 different exploits.
2021 hasn’t had a great start either. We have witnessed multiple exploits already with top projects like Furucombo, Yearn Finance, Alpha Finance Lab, and C.R.E.A.M, with the latest one coming from Paid Network.
While some hacks are acts of malign genius, others are merely a result of weak security. With institutions and new users coming to crypto in waves, it’s the need of the hour to make platforms more secure and easy to use.
DeFi stats:
DeFi top headlines:
- Expanding access to DeFi. Centrifuge brings a new user experience.
- Compound introduces Gateway — a prototype for the cross-chain interest rates market.
- C.R.E.A.M launches on Fantom network.
- Synthetix launches bug bounty on Immunefi to secure contracts.
- Frontier partners with Fusible to unlock liquidity from NFTs.
- Metamask announces custom network APIs to support SKALE network.
- Yearn cancels tie-up with Cover protocol, token slips 40% in price.
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