After FTX, crypto investors want decentralized solutions. But is DeFi ready?
A majority of the hacks in the DeFi ecosystem have occurred on cross-chain bridges, which Jordan Kruger, CEO and co-founder at DeFi staking protocol Vesper Finance, believes shouldn’t be considered as DeFi exploits.
Lang Mei, CEO of AirDAO, told Cointelegraph that nascent DeFi tech is prone to some bugs and issues but one must remember that the majority of hacks “have been related to either lending or cross-chain bridging, it can be immensely challenging to prevent vulnerabilities in technology which is both radically new and often has a highly-accelerated development schedule due to competition.”
“Most thorough smart contract security audit only gets you so far — some exploits result from the way smart contracts interact between themselves in the wider ecosystem, not just from their intrinsic design flaws,” he said, stating, “That said, the DeFi space is definitely now in a better shape than it used to be, and it’s working out its own best security practices on the go, growing more and more reliable by the hour.
“Over time, given innovations in UX and security as well as DeFi’s inherent features of transparency, DeFi could permanently overtake centralized platforms, but this dynamic also depends on the wild card of regulations," Amador added. “The cryptocurrency space continues to be the wild, wild west of finance. Here are a few pointers to ensure funds are safe: Never connect your wallet to a website you don’t trust, hold your keys in a trusted place such as a hardware wallet, never trust anonymous strangers on the internet when asking for help, and always [do your own research]!”
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