What are you guys thought? Do you think DeFi will offer better lending options compared to traditional finance? And what do you guys don’t like about DeFi?
One thing which i dont like is Hacks here and there . There should be more robust platform and more integrated approach
While it does offer better yields generally and ways to take on more risk for nore yield ( like looping etc ) I also feel it has various risks like the risk of being exploited first and foremost and also the dependency on the blockchain, for example Onyx is on Ethereum currently and therefore Ethereum’s scalability issues also become limiting for Onyx and also if you make your own app-chain the liquidity just keeps getting fragmented. These are the primary risks I personally feel.
Yeah, hacking here and there shouldnt be exist in a decentralised space. Projects should invest more in security as well as features. But that would cost a lot. I hope Onyx does have some decent whale backing to keep the project going.
whale backup with proper security checks regularly and strong team of devs .
scalability is not issue anymore, we have layer solutions we can easily integrate to those layer 2
Can someone from the team answer me about this question, please? Everytime you push an update to Onyx, does the code get audited? Or Onyx is audited once a year? Regular audit could keep Onyx safer and more robust.
its already a form of compound . so it is need to audit each code update ?
Yeah, I still think it better to know whether the code is secure and robust enough after a certain period of time. I know it costly but as retail investor with no knowledge related to coding, an audit is still better than nothing.
why not trying to put a proposal for another audit and see the reaction ? or talk with alex
L2s fully sacrifice decentralization is the primary issue with L2s.
This is a cool topic guys. I think it is just so early still for the whole industry. Probably the fragmentation of it is giving me the most worry. There is so much fragmentation both over the different chains and the different liquidity and collateral pools. It is amazing that we can get the amazing rewards now but the industry definitely comes with more risk than tradfi.
Base has sacrificed the decentralization ? in this sense even eth is not fully decentralized
This is good read on this topic
The irony is once we have a one-stop shop DeFi platform then that very DeFi platform will become centralised because there is no other option. Maybe alternatives exist but it cannot offer the same quality as that one
Base is built using OP stack. Optimism runs centralized sequencers with admin keys, therefore, super centralized.
seriously ? OP is not decentralized
There is a lot in the works to integrate different protocols but those protocols need to be open from the start to become interconnected.
Yeah, I agree. You said those protocols need to be open from the start but isn’t all crypto project has their github on their website? Or maybe I’m missing something?