The value of decentralized finance has risen sharply this year, because today’s defi lock-in value (TVL) has exceeded 14 billion US dollars. At the same time, a large number of defi platforms are being attacked by a large number of loans, and there are too many new defi projects, it is difficult to track all these projects. And, although many defi supporters claim that these platforms provide greater privacy, the current examples show that almost everything is visible on the chain that connects Ethereum addresses to identities and companies.
In the field of decentralized finance, exploits and rapid loans are becoming commonplace
In 2020, defi exploded, and there are now countless platforms and applications with billions of dollars in assets providing new financing. The growth seen by defi is unheard of and is similar to the initial coin offering (ICO) in 2017. However, one of the biggest differences is that many defi projects are not just white papers and tokens, because Maker, Uniswap, Aave, and other companies provide varying degrees of utility.
November 22, 2020 statistics Show defi TVL has exceeded 14 billion US dollars. By the end of August, the total TVL of the defi ecosystem was only 7 billion U.S. dollars, which means that the defi economy has doubled in just three months. Large-scale growth is not without problems, and even blatant anti-fraud. Experienced Ethereum users seem to have exhausted countless defi projects, which liquidate funds through complex fast loans.
In this week alone, news.Bitcoin.com reported on two major emergency loans, and these attacks have been reported many times before.Five days ago, the Value Defi project saw Quick loan attack Earned $6 million on DAI.This is after the team Tweet The project had “prevention of Flash loan attacks” and the tweet was subsequently deleted. A lot of emergency loans and anti-fraud actions have taken place, and this has become a routine activity.
On November 21, 2020, the popular Twitter account “I am a nomad” ask When the next defi vulnerability exploited three options for investigation, he had 65,000 followers. The three options include “today”, “tomorrow” and “within seven days”. Soon after tweeting, Larry Cermak, director of research at The Block Response To tweet.
“Soon,” Cermak replied, sharing an article about the use of the Defi platform Pickle Finance for nearly $20 million.
Uncovered eyes and on-chain transactions
And, a few days ago, Twitter handled @n2ckchong (Nick C) shared an interesting view on how many defi worlds can be seen on the chain.
“The beauty (and frightening thing about defi is that we can see everything that happens on the chain and link the address to the identity and company,” Nick C Tweet on Wednesday. In a Twitter thread, Nick C showed a breakdown of Ethereum addresses from Three Arrows Capital (3AC), Jump Trading, and Polychain Capital.
of The first tweet allegations 3AC is one of the “largest compound suppliers” and also pointed out that 3AC has US$100 million in WBTC, US$50 million in ETH, and US$6 million in stablecoin DAI. Nick C said: “3AC also supplied Aave with 275 YFI and $13 million of LINK, and planted SUSHI with the newly acquired SUSHI for 1.5 million.” “3AC [also] Achieved 351k LINK in the following period [the] Recently dropped. “He added. In another tweet, Nick C subdivided some superficial estimates from Polychain Capital’s default actions.
He further wrote: “Polychain Capital has been the largest buyer of YFI in the past few weeks.” “They have received 570 YFI (2% of the total supply) in the past five weeks at an estimated cost of $12~14k They also have 48,000 ETH and 1,315 MKR on that address,” Nick C said. Twitter thread also provides a break down Jump Trading’s counter litigation actions and Nick C pointed out that Jump Trading is a “large prop trading company based in Chicago.” The researchers continued to add:
[Jump Trading] It is also a large investor in Ethereum tokens.
Nick C (Nick C)’s insights won him many followers on Twitter, and he shared his views on the three major companies and resistance actions.After publishing the topic, Nick C gained thousands of followers. He Said He “will continue to post high-signal content when he is free.”
The views shared by Nick C on Wednesday showed how the defi economy displays highly visible content on the chain and is far less private than most people imagine.
What do you think of all the defi attacks these days and the visibility of millions of dollar on-chain transactions and transactions? Let us know your thoughts on this topic in the comments section below.
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@n2ckchong, Aave, address, composite, decentralized finance, DeFi, Defi system, ETH, ETH Defi, Ethereum, company, I am a nomad, identity, Jump Trading, Larry Cermak, Maker, Nick C., on-chain transaction , Pickle Finance, PolyChain Capital, SUSHI, Three Arrows Capital, uniswap
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