- DeFi now has over 470 exchanges and 7,609 coins.
- However, the fast growth rate in DeFi is leading to many scams.
- The decentralized and permissionless nature of DeFi makes it hard to recover funds.
The Decentralized Finance (DeFi) space is fairly new and growing at an exponential rate. As such, scam projects are starting to become an increasing cause for concern. Here is how you can easily spot a DeFi scam.
According to CoinGecko, DeFi currently has 475 listed exchanges, 7609 coins, and a market cap of $1,615,395,404,539. Thus, with so many options it can be difficult to separate the good projects from the bad.
Of note, the decentralized and permissionless nature of DeFi also makes it very difficult to recover your funds in case of a scam. As such, prevention is always a better course of action.
First, when choosing a DeFi project ask yourself if the project adds anything to the DeFi spa...
This article was first published on coinquora.com