Will DEFI Outlive Hacks?

The DeFi industry has suffered a great deal when it comes to its vulnerability to attacks, this has however been major striking points for authorities to spread fear in the current market. After the polygon network attack of $600M(probably above) in crypto, which was however reported returned, lots more headlines have had Defi attacks in topic quotes.

On September 21, 2021, an Avalanche-based decentralized finance (defi) platform Vee Finance announced that it suffered from an incident that siphoned 8,804 ether and 213 bitcoin out of the system. The team has suspended the defi platform contracts and stressed that the stablecoins have not been “affected by the attack.”

Not alone that, a similar exploit was observed two days back, where pNetwork was hacked and 277 WBTC was being stolen. However, pNetwork did offer the hacker a 12.5% bounty which equates to $1.5 million for the theft. The numbers by the day see great increases and the question is: will DEFI Outlive Hacks?


IMG

That's something nobody can actually give a definite response to, but a truth point is how this all could help shape the industry for a stronger economy unwrapped. The technology across networks has however been proven to have a vulnerable set up, it points everyone to the direction where developers need to work triple the efforts to secure the networks, or better still, there's a need for better builders to be employed.

These Hacks are likely most put in place as a form of advertisements, in the sense that network bridgers are using this medium to acquire relevant positions on the growing economy. As more projects get compromised, more people are being employed to build around it. The counting up figures will eventually equate to a high level upgrade on network security and asset protections. In coming times, it's obvious that computer science will see increased interest and the next generation is bound to have a lot of coding freaks and top level developers. Now how is this going to change the world?

Digitalization

The future is obviously digital and there's actually nothing anyone can do about it. The world will see great numbers in digital innovations, and there's only but little anyone can tell of what parabolic era we'd be dipping our toes into. Rapid growth is what blockchain technology would see and digital inputs will see great demands. The world would therefore grow through an internet based economy, where power is shared across an open source network. This will lead to better governance set ups and that will cause a drift in the world's financial sectors. Obviously, early adopters would place themselves in positions with a head start and will undoubtedly have the best running ups. This is however a new age unraveled and it's something never seen before.

Posted Using LeoFinance Beta



0
0
0.000
2 comments
avatar

One of the biggest problems is that coders are having to use a language that most are not familiar with nor is it very established. Solidity is not a very solid language, at least it has not proven to be the case.

It is why Blocktrades idea for a smart contract platform is so sensible. Let developers create the contracts in languages they are very familiar with. That will allow us to avoid the holes that come from ignorance of the language.

Of course, that wont solve all the problems but at least many of the mistakes should be caught.

Posted Using LeoFinance Beta

0
0
0.000
avatar

It is why Blocktrades idea for a smart contract platform is so sensible. Let developers create the contracts in languages they are very familiar with. That will allow us to avoid the holes that come from ignorance of the language.

Interesting, this is certainly going to make it risk minimal, considering the case of Solana, where's the network outage was as a result of an IDO project on the chain.

0
0
0.000