DeFi sector is booming, and new projects pop up like mushrooms after the rain.
Unsurprisingly, they can go both ways : either to a great success or crashing down, allowing others to learn from their mistakes through the beauty of open source.
This month saw Iron Finance and SafeDollar algorithmic stablecoins on Polygon network losing their pegs and causing significant losses, both as a result of a bank run.
In May the trend was flash-loan attacks on protocols built on Binance Smart Chain (BSC): Pancake Bunny (yield aggregator), Belt Finance (AMM), BurgerSwap (DEX) were all exploited in this way.
Some protocols, however, resist and get stronger by the day, which have earned them the status of “DeFi blue chips”. Among them Maker DAO, Aave, Uniswap, Compound, Yearn to name a few.
We at DCenter are following DeFi development closely and regularly update the list of DeFi blue chips and contender protocols, as well as useful Apps to keep track on your wallets or dedicated newsletters. Don’t’ hesitate to check on it.
What is DeFi? Learn more on Decentralized Finance.