DeFi is here to change the world despite the challenges!
DeFi or Decentralized finance is a new form of finance that enables individuals to a financial market that is open, digital, decentralized, and being built across multiple blockchain projects.
Such a market enables users to have full control over their finances when it comes to the process of accessing their financial services such as payments, insurance, derivatives, trading, and more.
DeFi had a record-breaking year in growth in 2020. But can DeFi break away from the challenges it faced in terms of hacks and exit scams? A new study conducted by Ciphertrace, a cryptocurrency forensics and blockchain threat intelligence firm shows that over $100 million have been stolen from decentralized finance (Defi) this year. This essentially makes the new form of finance extremely intimidating to other crypto enthusiasts.
PolkaCover has been analyzing the movements of the DeFi marketplace over a period of a year and there are numerous opportunities to safeguard users from hacks and permanent losses. The team is working hard on building a range of insurance products that will cover all DeFi and NFT users all over the crypto sphere. PolkaCover believes that DeFi still stays strong as a beast on its own as its number continues to grow enormously due to the surge of interest in the crypto ecosystem and activity in blockchains!
According to Defi Pulse, the DeFi market is currently holding a value of over $13.42 billion, which is an increase of almost 700% since the beginning of the year. Ciphertrace encourages the growth of Defi by explaining that the hackers were attracted to the boom and it is only a sign of incredible potential.
So do not be afraid! Step into DeFi, let PolkaCover protect you from the turbulent environment, and see how your life changes for the best!
For more information on DeFi and PolkaCover read our whitepaper on our website and learn more about how we’re changing the insurance industry for our crypto users
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