The Dark Side of DeFi: The Wild West of Decentralization
Decentralized finance or DeFi is a set of specialized applications and financial services based on blockchain. It is often heralded as a movement that aims to make finance decentralized and open to everyone. DeFi relies on the use of smart contracts, cryptography, and blockchain to automate processes and protocols, making it more efficient and secure than traditional banking structures. However, the DeFi infrastructure and its regulation is still under development which makes it vulnerable to attacks, ponzi schemes, and other security threats. Read All