Breaking: Fei Protocol Hacked For $79 Million Loss. Why are DeFi protocols so vulnerable?🤔🤔🤔


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What I see is a lot of DeFi protocols being developed like a startup company - rush for funding, get an MVP in place, and as soon as practical start pumping up hype and airdropping. It's easy for this development to degenerate into a FOMO race.

People are in too big a hurry to actually worry about security that much. Mostly ripping off existing protocols and adding one more twist. For now it's been panning out for the devs. Throughout 2020-2021 this strategy attracted huge funding to this area.

But I have a feeling things are going to start turning around on the funding side. It's going to thin out a lot, and only the well established, cautious and clever (especially eloquent and persuasive) will survive.

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