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Decentralized Finance is in a state of disaster. There is now over $79,173,766,242 billion dollars of total value locked (TVL) and over $200 million dollars has been hacked/stolen from DeFi projects in 2020 alone. Exploits, bugs, and straight rug pull. Especially where the owner continues to hold control over the smart contract, are to blame. Let us add that ownership of a contract is actually centralized finance in the same way that a bank has the power to freeze your account.
Yield farming normally requires one to give up control of their funds (albeit temporarily) for rewards which can require ridiculously high gas fees on the Ethereum Network. Which is the exact reason why we migrated to the Binance Smart Chain ($9.75 in gas fees to claim your rewards, anyone?). Even worse, these DeFi projects are hyper-inflationary, causing two more headaches: the token's value often coming very close to zero and impermanent loss (what you put in is worth nowhere near what you get out in the end).
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Absorber Founding Team

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Last modified 1yr ago

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