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

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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 Lendf.me 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…

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