DeFi 101: How does DeFi Insurance work?

June 10, 2021

DeFi protocols have offered early users the opportunity to make incredible gains, through yield farming, staking, borrowing, lending and even betting. However, bad actors are continuously pouring over smart contracts in order to find a way to exploit them. On many occasions, the smart contract owners themselves have proven to be untrustworthy and conducted ‘rug-pulls’ — stealing all the funds locked in their protocol.

In 2020, $120million was stolen across DeFi — and that was only the beginning.

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