DeFi market is Growing and so Is The Volume of Hacks
Decentralized Finance (DeFi) has taken the world by storm thanks to its many advantages, primarily its ability to allow users to control their privacy and finances. This market, built on the foundations of decentralization and immutability, along with removing third-party mediators from the equation, has recorded staggering growth in 2020.
To illustrate, Uniswap — the service that provides a decentralized Ethereum-based protocol allowing users to exchange ERC-20 tokens securely — has exceeded $4 billion in Total Value Locked (TVL), reached 250,000 unique addresses, and facilitated over $100 billion worth of trades. Several DeFi lending platforms — MakerDAO, Compound, and Aave — have also enjoyed plenty of success, with each surpassing over $5 billion.