The post DeFi Is Broken, And This Project Intends To Fix It appeared first on Coinpedia Fintech News
The decentralized finance industry is often seen as the “Wild West”, because it’s a space where anyone can launch a new token or dApp and make a bunch of promises, only to pull the rug from under their investor’s feet and leave them holding bags of useless tokens.
At the same time, there are lots of serious projects that also come crashing down when they fall victim to smart contract vulnerabilities that drain their value. That’s exactly what happened to the Beanstalk protocol on April 18 2022, when an attacker exploited a one-day delay within its governance proposal contract to take out a flash loan. With this, the attacker managed to steal $181 million worth of DAI, USDC, USDT, BEAN and LUSD tokens, in what is the largest flash loan attack to date.
Security is a big problem for DeFi and it desperately needs to be fixed if people are going to feel safe investing in its gr
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