DeFi news - The Good, the Bad and the Ugly - Avalanche, Solana and the others
Defi good bad ugly

DeFi news - The Good, the Bad and the Ugly - Avalanche, Solana and the others

By Cryptofab | Cointune | 14 Sep 2021


As some of you, I am constantly searching for the best DeFi chains and protocols in order to safely earn yield farming rewards with good interest APY.

What did happen recently in the DeFi world? Let's have a look:

  • The Good: according to rugdoc.io, 3 protocols only are rated with "Least risk" - Aave, Curve and Uniswap. As these protocols offer relatively low APYs, it might be worth to switch to the "Low risk" or "Some risk" option... However, it is just a rating, please Do Your Own Research as usual
  • The Bad: on the Avalanche chain, Zabu Finance was exploited for USD 3.2 million worth of funds. This protocol had not been audited. As usual, it shows the importance of checking if the protocol is audited or not (and to check the audit report) or to check yourself the code if you can...
  • The Ugly: on the Solana chain, Luna Yield recently committed a “rug pull”. The investors who put funds into the project lost USD 6.7 million... No audit had been done, like for all the protocols on Solana. Furthermore, the protocol was listed on SolPAD platform... they promised a compensation

On top of that, when trying to connect to Solana today (e.g., through Phantom wallet), the response was "We're unable to connect to Solana"... So please be cautious with the new promising blockchains, some of them are really unstable. Working well in a lab environment is not the same as in the real life...

For more insight into blockchains and DeFi, please click here.

 

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Cryptofab
Cryptofab

I do not want to change the world, but I can contribute to it.


Cointune
Cointune

Crypto, DeFi and passive income.

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