The fate Defi Projects

[Josemendez]

Since the coming of Decentralized Finance ( Defi ) to the cryptocurrency market , there has been many concerns on the posible future for the project. A lot of attacks has been made to many Defi projects and not less than $400 has been stolen from Defi projects from April 2020 to April 2021.

The issue with DeFi projects is that being Decentralized , they are built from codes programmed to execute different tasks and when there is an error in the code , hackers can leverage on that to hack the platform.

Three days ago , Bilaxy exchange was hacked and this lead to many people losing their funds and also their faith in cryptocurrency. In your opinion , do you think that people may be forced to run away from Defi projects due to these security issues ?

 

[Dowenship]

Since the coming of Decentralized Finance ( Defi ) to the cryptocurrency market , there has been many concerns on the posible future for the project. A lot of attacks has been made to many Defi projects and not less than $400 has been stolen from Defi projects from April 2020 to April 2021.

The issue with DeFi projects is that being Decentralized , they are built from codes programmed to execute different tasks and when there is an error in the code , hackers can leverage on that to hack the platform.

Three days ago , Bilaxy exchange was hacked and this lead to many people losing their funds and also their faith in cryptocurrency. In your opinion , do you think that people may be forced to run away from Defi projects due to these security issues ?

Defi project is one of the rising project in crypto space but the attack is receiving this days Is not encouraging at all most especially for investors who and traders...

 

[Josemendez]

Defi project is one of the rising project in crypto space but the attack is receiving this days Is not encouraging at all most especially for investors who and traders...

The attack is due to the fact that DeFi products are still very new in the market and they are susceptible to errors in coding , this is where hackers capitalize on

 

[Nurudeen]

Defi project in the crypto currency exchange Business is actually going up and gaining more momentum in the market I think right now the best is just to keep hoping on it

 

[Yusuf]

The new decentralized system in the crypto currency exchange Business is just been manipulated by some hackers and I really don't think Investors will run away from it due to the hacking issue

 

[Kelly5]

The defi project is one project I have not really given down deep thoughts over for some time now. I don't really know much about their operation per say. But it sure has a brighter future

 

[Josemendez]

When you talk about defi , you referred to as a Decentralized system where you don't have any third party in the transaction . It works through the help of smart contracts

 

[Dowenship]

The attack is due to the fact that DeFi products are still very new in the market and they are susceptible to errors in coding , this is where hackers capitalize on

Are Defi products actually new to the market...i think should be the case, but we should look at the security system of this projects. This as lead to heavy hacking happening this days...

 

[Josemendez]

Are Defi products actually new to the market...i think should be the case, but we should look at the security system of this projects. This as lead to heavy hacking happening this days...

Actually defi projects are very much new to the cryptocurrency world and this is why it is having issues , especially from the coding aspect of the smart contract

 

[Kingstone]

I just began to see and understand what DeFi means. I heard one can invest in the coins like other crypto coins. Not all exchanges offer them because I have searched them on Binance.

 

[Victorial]

There is no crypto app or site that is safe. They have hacked even the most trusted exchanges like Coinbase. So hacking Defi projects is not new to me. I just pity those investors

 

[Lens]

I wouldn't want to risk my money on any sort of porous platforms. Rather, I prefer to invest my money on more secured platforms. Yes, I must have conducted some security checks.

 

[Kubiat-Abasi]

Defi actually had potentialities when it upsurge but it doesn't have much investors, perhaps the reason for its decline. Also, I won't rush to invest in all these mushroom Cryptos to avoid loss.

 

[eLdavis]

Though I do not know much about this but from what you have said, I think by now people would already have the mindset that it is not safe, which would definitely lead to decrease in those willing to invest. Have any effort been made to catch these hackers?

 

[Ub40]

The importance of good security in these exchange platforms can not be overemphasized as these are places where people invest their funds. So if the above platform is really having security issues just as mentioned above, then I don't think it is safe to use the platform for now until everything is put in order.

 

[HayKay]

I think people are even adopting DeFi more because of the potential and profitability they offer; I don't think they'll drop in value or market cap anytime soon.
It's being predicted this ecosystem would rival Ethereum smartchain soon.

 

[Ononivami]

The Defi project as a very good potential. The earlier we agree that the project has come to stay the better. The decentralised finance project has gained massive acceptance over a short period.

 

[Sotherefore]

Defi do a lot of people is a very good development with potential, for now I am just concentrating to invest in cryptocurrencies of my choice. Very soon I will also decide to invest in them. Let me concentrate.

 

[Ektalakra]

Defi coin is still new in the market and like any other crypto, it is a big target for fraud. Though the project has a good scope in the crypto world because it has gained a good reputation over a very short period.

 

[Chibson]

There are a lot of different projects that has suffered hacking in the past and the popular one was polygon network. Hackers always use that as a leverage to make money from these networks.