Ethereum’s Killer Use Case, DeFi, is Far From Going Mainstream

paul fiedler q1QPK60bv1g unsplash 630x420

Over the past few months, decentralized finance — best known as “DeFi” — has been branded Ethereum’s killer use case. Indeed, data from sites like DappRadar show that a majority of smart contract volume on the second-largest blockchain is related to many of these DeFi apps, which offer bank-like services to users. But, a series of recent issues with the budding DeFi ecosystem on Ethereum has thrown a wrench in that narrative, with these problems cementing that these protocols are not yet safe for public consumption. Ethereum Protocol Loses $25 Million in Attack On the evening of April 18th, users of Ethereum-based DeFi protocol began to notice there were issues with the nascent platform. The website threw up a banner that was in both Chinese (Mandarin) and English saying that users should not deposit funds, while data sites suggested that the protocol was being drained of its funds at…

Read the original article here