Can DeFi Survive Mythos?
The existential threats facing DeFi, the risk users are taking on, and the nascent solutions.
It's funny. Institutions are finally arriving onchain, and the thesis that decentralized lending becomes the default primitive for financial applications has never been more credible.
And yet, plenty of crypto-natives are shrinking from DeFi or pulling out altogether. The risk factor continues to outpace the reward, and the events of the past ten days have only made it worse.
As most know by now, on April 1, attackers drained roughly $285 million from Drift Protocol, a Solana-based perps exchange, in about ten minutes.
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David Christopher
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
