Defi Scams – 5 Defi Scams You Need To Be Aware Of
DeFi will survive despite scams and raw projects – eToro
EToro analysts named the main conditions for the success of a cryptocurrency project
DeFi Market Will Outlast Cryptocurrency Scams
The success of decentralized finance is an “important aspect” of Ethereum’s pricing
The decentralized finance market will continue to develop despite a large number of fraudulent schemes and crude projects
Decentralized finance (DeFi) will continue to evolve despite regulatory pressure and fraudulent schemes Cryptocurrencies are a new financial instrument that opens up opportunities for every market participant. Some consider digital assets as a source … More. This is the conclusion reached by the specialists of the eToro social trading platform in their recent report..
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EToro believes that the possibility of anonymous loan of cryptocurrencies, as well as passive earnings on interest, will remain popular. This simplicity removes the barrier to entry for new users, says eToro.
“It [the DeFi sector] pushed the market towards innovation and attracted more media attention than ever before,” the report said..
The influx of new users due to DeFi is expected to be Decentralized Finance (DeFi) – this is financial services, technology-based blockchain, which offer users access to open, efficient and … More, will affect the development of other projects due to the redistribution of new capital. At least this is indicated by the growth of the main sandbox of DeFi projects – Ethereum, whose market capitalization has already reached $ 42.5 billion..
At the same time, eToro admits that DeFi is still in its infancy, and some platforms are susceptible to hack attacks and hacks..
“Overall, DeFi’s growth looks set to continue, and the attention it has drawn to ETH will continue to drive the protocol’s future success,” analysts noted..
Recall that earlier the co-founder of the Ethereum cryptocurrency ecosystem, Vitalik Buterin, warned of the dangers associated with the use of smart contracts in the DeFi market.
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Buterin said that interest rates in DeFi are outstripping many banks due to the increased risk. Ethereum co-founder believes that even proven platforms and protocols cannot guarantee absolute protection against hacks or technical glitches..
The report also named the main conditions for the success of the DeFi project. In a “fundamentally devoid” market, eToro analysts say the crypto community and sentiment are the most important elements of success..
To confirm this theory, eToro experts drew attention to the amount of capital embedded in the DeFi market, which has already crossed the $ 11 billion mark and continues to grow rapidly..
EToro also stressed that linking the DeFi market to the Ethereum ecosystem as a deployable platform is an “important aspect” of the pricing of the ETH cryptocurrency itself..
At the time of this writing, the price of ETH / USDT is $ 376.
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