The development of blockchain industry and how to defend against attacks on DeFi

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Education is one of the keys that will allow blockchain-based financial systems to become more secure and reliable, argues the founder and CEO of HashExOfficial

market is its most promising part. According to DefiLlama data, in 2021, the DeFi market had around $200 billion of liquidity locked in smart contracts. If we view this capital as an initial investment, this market looks like a highly promising venture. Not too many global companies can boast of such a capitalization. But any young market has its teething problems. With DeFi, the main issue is a lack of qualified blockchain developers.

The DAO hack of 2016 that resulted in the loss of $150 million in investor capital and led to Ethereum’s hard fork. Since then, this vulnerability has been exploited many times in different smart contracts. To fool the smart contract, hackers return the call to the callback function to initiate this process from the beginning. Since the transaction has not been finalized on the blockchain, the function gives out another loan for the same collateral balance. Even though the solution to this problem has been on the scene long enough, many projects still fall victim to it.

 

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So much money fakers.

Give it a year

HashExOfficial Nothing more interesting in the market right now than potential metaverses. Right now, rocketcity_meta is integrating real life businesses into their metaverse to bring virtual Retails, Concerts, Gambling, Smoking and Business into reality. rocketcity

HashExOfficial We must unlearn in order to relearn. This is especially true within Web3 Crypto Blockchain DeFi UtilityNFTs LifeDeFied 🕊✨

Thanks you veryy much_,,

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