Despite heightened adoption and acceptance, it can’t be denied that the whole cryptocurrency industry is perceived to be a high-risk investment. In fact, many are averse to the constant market volatility, scams, hacks, rug pulls, and speculation plaguing the market.
This is, perhaps, even truer for the DeFi sector. Especially since it has fallen victim to scams and hacks amounting to over $10 billion this year.
According to cryptocurrency entrepreneur Erik Voorhees, the higher propensity for DeFi protocols to be attacked comes from their novelty. In a recent podcast, he noted that the lack of peer reviews and background information from these protocols is the primary driver behind these crimes.
Worth noting, however, that he believes this should not malign the credibility of the whole…