Mango Markets On Solana Exploited For $100 Million, Forget Lending Protocols To Park Wealth And Consider Uniglo.io
Join Our Telegram channel to stay up to date on breaking news coverage The lending protocol ‘Mango Markets’ on Solana faced an exploit that drained $100M out of the protocol &ndash ; another blow for DeFi this week after the massive Binance Smart Chain hack. Decentralized finance is a miraculous wealth creator but is lately facing a series of exploits that isn’t boding well for its reputation. However, there is more to DeFi than lending protocols, which make up most of the hack victims . As a result, investors are increasingly eyeing audited and secure projects that offer different tokenomics, such as Uniglo.io. Lending Protocols – Curse and blessing Lending protocols and swaps are partially the reason for the last major bull run, which saw Bitcoin rallying to over $65,000. The ability to leverage positions is powerful but comes with tremendous risk. Due to that risk, the rivaling lending protocol ‘Solend’ had to bail out an overleveraged ...