Yesterday, Pancakeswap, one of the largest exchanges running on the decentralised finance (DeFi) ecosystem experienced a DNS attack. It has been resolved since. It is hoped that the losses were minimal. The moment the attack was announced, the price of Cake, the governance token of the exchange dropped. Weak hands worried that their investment was compromised dumped their Cake into the market. It was an opportunity for bullish hodlers to get more.
One thing that the attack and its effects registered for me was how young the DeFi ecosystem still is and how bad actors still populate the blockchain space in large numbers. It also makes one wonder if some of these bad actors may not be admins of other exchanges seeking to break Pancakeswap’s monopoly over trading volume on the DeFi market space. This is pure speculation of an overzealous mind though. Just think on it for a second.
Pancakeswap controls a large portion of transactions on the DeFi space and not every developer and administrator is comfortable with such monopoly. Uniswap is quite popular for the Erc20 crowd but Pancakeswap is the one stop shop for the Bep20 crowd and the Bep20 crowd increases everyday and they are loud too. Definitely there are persons of interest who would seek to claim some of the volume from Pancakeswap. Yesterday, some level of trust for Pancakeswap may have been breached. Who knows, some persons might decide to change their choice of exchanges for their transactions. After all what does Pancakeswap has that cannot be found on other exchanges on the DeFi space?
Security is very important in the blockchain space. It is one of the reasons why getting blockchain technology to the mainstream is difficult. There have been too many cases of scams and hacks populating the blockchain ecosystem to make it a comfortable option for the traditional investor used to the security of fiat lying fallow in banks. To achieve the objective of getting blockchain apps into mainstream, security needs to be considered. How many of the new exchanges on the DeFi space has put security into consideration? How many wallets are truly safe to store value?
From a recent post by the Leo finance team, i gathered that audits are about to be implemented on the Cub Finance project as well as security measure to watch out for irregularities on the Dapp. Any security tool should be employed to protect the tokens of users. Security builds trust and with trust, everything can be given.
The issue i find to be a weakness among many of the exchanges on the DeFi ecosystem is the similarity in utility. There are liquidity pools, staking, swaps, and all that. Every exchange follows the same blueprint, basically copying each other. It is unfortunate that such an innovative experiment in financial emancipation of the common man seeks only to make profit without thought on how to move beyond what has already been established.
Cub Finance, a brainchild of leofinance.io, an app with a proven record of trying out new things and succeeding entered the DeFi space recently yet they already have plans on how to leverage that space. They key word is interoperability. Rather than isolate and seek to monopolise the market, Leofinance through its Cub Finance project is seeking through to link different chains. Their plan is to make transactions across different chains easier for the average user.
Presently changing a Bep20 token to an Erc20 token is stressful and the fees can be unimanginative but with this bridge being prepared by the Cub Finance people to enable exchanging Bep20 token for Erc20 token with less stress, a new usecase has been made for DeFi Dapps. If this is done well, Cub Finance would handle a volume of transaction that would dwarf what Pancakeswap and Uniswap handles presently. After all, the Etherum crowd still seek to experience the Binance Smart Chain space.
This Bridge is a start of more wondrous things for Cub Finance, i believe. The Cub token being the governance token of Cub Finance would definitely enjoy the privilege that Uni and Cake enjoy presently and that means the Leo token being the governance token of the Leofinance Multiverse would also gain traction. What does this mean for the Hive chain? What does this mean for other projects running on the Hive chain? Interoperability is the key word.
To be part of a community where every token running on its chain is listed in the biggest exchanges out there is a mind blowing thing to dream of. To be a part of a community with sub communities developing mad use cases all over the place is just short of god state. Leo Finance sees the future clearly and they do not hesitate to wander forward, breaking new boundaries open. To think that all of these evolved from a blockchain blogging platform!
Yet it is the blogging platform that makes it easy to shill every project that comes out of it. How many blockchain projects have their own blog for long form content where they can talk until they are hoarse about how much they love their project? #LeoFinace, #Splinterlands, #Utopis, #PeakD, #Sportstalk and so on can shill their projects all day every day and still make money from it. Which project can boast this much traction, this much audience participation? And with the launch of #ProjectBlank, bringing access to the huge Twitter userbase, the Hive chain is going to come unhinged from its tether.
One thing i am sure of is the clear intent of the Leofinance team and it is not just to make money. I believe strongly that their core mission is to force the world to take notice of the Hive chain and the blockchain space as a whole. I believe that onboarding more users into the blockchain ecosystem is more important to them than making a killing at the market. This mission is something i support. I can relate with it. I understand what it means to believe in something and to see the possibilities become reality is everything.
In addendum, I am not working for Cub Finance though i have bought some cubs and they are staked on a den. I trust their reputation and because we have shared stories over the years, i know that they will not disappoint. Where are you putting your money these days? Not the bank i hope?
I know next to nothing about cryptocurrency and blockchain technologies so do not take my opinion as truth or facts or financial advice for that matter. I am simply a poet too broke and curious to mind his business and stick to poetry and short fiction. Good morning.
Posted Using LeoFinance Beta