DeFi

Decentralized finance (DeFi) has the potential to reach mainstream adoption and empower people worldwide financially. However, without regulations and identity control, it can easily become a platform for scams, fraud, and money laundering. The paradox is that by introducing stricter control on who can access DeFi products, the industry loses its "decentralization" factor. After all, this is what set it apart from traditional centralized finance (CeFi) in the first place. This is where KYC (Know Your Customer) standards come in…

Smart contracts are the innovation that propelled blockchain technology to where it is today. This invention fulfills the agreement between all the parties in a deal without the need for intermediaries. As a result, it boosts the security and immutability of a blockchain network, allowing numerous and diverse applications to develop. Unfortunately, smart contracts are not flawless and could lead to million-dollar losses if hackers can exploit their tinniest loopholes. For example, some famous attacks on smart contract code glitches…

The decentralized finance (DeFi) space has developed substantially in the past three years. However, the threat of hacks and scams still looms on the horizon, leading to FUD (fear, uncertainty, and doubt) in users and projects. Fortunately, smart contract audit and KYC services can tilt the balance towards this sector's secure, more lucrative future. Auditing companies ensure that investors get behind real and feasible projects. Moreover, KYC standards guarantee the reliability of development teams and reduce malicious participants. These are…

Solidproof is among the most trusted blockchain security and smart contract auditing companies in the crypto market today. The Germany-based company aims to fix the security and transparency issues smothering the crypto space. But, unfortunately, as the industry attains more progress, so do the opportunities for bad actors to victimize honest investors. According to a yearly report on crypto crimes by Chainalysis, $14 billion of all transactions in crypto in 2021 were associated with scams or money laundering. These figures…

DeFi, or decentralized finance tokens, continue to be the center of attention in the crypto realm. As a result, many individuals have started to make the most out of DeFi coins. After all, DeFi coins make it possible to address outdated issues in the financial sector. The truth is that DeFi coins have had consistent demand, and this trend continues to head in an upward direction. But once you’re interested in investing in decentralized finance, choosing the “right” DeFi token…

When experts claim “data is the new oil,” it may be hard to understand all the statement's implications. But, in short, information and data are receiving a higher valuation on the market year after year. A few decades ago, Wall Street saw energy-related companies among those with the highest market cap. Today, attention has moved towards data-based companies, such as social networks. Of course, the other side of the data coin is that information online is becoming more sensitive. Unfortunately,…

The debate on undercollateralized vs. collateralized loans continues as investors look for the best ways to make money in cryptocurrency. Decentralized Finance (DeFi) took the crypto industry by storm in 2020. Since then, the sector has spurred numerous lending tools that blew the doors wide open to cryptocurrencies for everyone. Suddenly, newbies and expert investors could access crypto funds with minimum investment. Today, loans in DeFi are accessible to anyone willing to borrow or lend. They only need to decide…

Hodling is the favorite sport of long-term crypto investors. However, keeping your assets in a crypto wallet for years can have negative consequences. Firstly, unless their value increases, you do not accrue any profits. Secondly, it limits market liquidity and, therefore, hinders its growth. Fortunately, you can help solve both problems with collateralized loans. This short guide to crypto lending discusses how collateralized loans work in decentralized finance. Read on to discover how to use this DeFi tool in your…

Deploying a smart contract on the blockchain without auditing can quickly spell "suicide" for most projects. Nowadays, hackers are constantly looking for potential code errors and vulnerabilities. Furthermore, most users have the experience of knowing they cannot trust unaudited DeFi and crypto protocols. Fortunately, no project has to launch unaudited, especially with the abundance of professional auditors in the industry. These experts can investigate smart contracts, detect errors or vulnerabilities, and suggest fixes. Simply put, they increase a protocol’s chances…