$97,428.00
-1.98%$3,400.01
3.27%$254.39
-0.20%$651.16
4.42%$1.45
0.23%$0.419273
4.53%$0.999413
-0.12%$1.048
7.42%$3,396.18
3.12%$0.211457
5.23%$41.54
4.51%$6.25
13.62%$0.0000257
3.64%$0.489782
46.54%$4,034.17
3.10%$97,191.00
-1.82%$8.47
33.48%$17.38
13.81%$502.41
2.88%$3,404.13
3.32%$3.41
-1.64%$0.00002026
0.37%$8.61
3.59%$6.10
7.59%$97.98
7.86%$12.65
5.22%$10.79
15.84%$3,581.76
3.34%$0.153901
11.08%$11.26
8.31%$0.196603
3.78%$0.999045
0.16%$0.567499
18.74%$29.55
5.37%$7.68
6.18%$0.152471
1.26%$1.002
-0.09%$508.59
4.33%$1.39
13.21%$0.00004797
-1.62%$24.70
-0.03%$0.853882
10.38%$0.04152846
22.77%$3.64
-2.05%$5.43
14.70%$3.23
4.21%$8.13
11.20%$51.47
11.05%$2.04
5.29%$7.07
30.33%$160.11
0.89%$0.875422
2.76%$2.20
4.15%$27.38
12.04%$1.56
14.89%$172.67
5.69%$0.857059
21.75%$0.00024752
0.54%$0.287049
15.46%$0.236707
6.45%$0.51961
10.28%$1.59
6.62%$0.996536
-0.19%$3,414.50
3.47%$1.87
11.73%$5.52
5.23%$0.645881
8.56%$3,782.74
2.89%$5.99
0.23%$3,555.96
2.95%$97,546.00
-1.82%$0.162183
4.11%$2.32
7.87%$97,295.00
-1.18%$1.11
2.19%$3,495.32
3.15%$0.41137
4.15%$1.036
6.16%$1,660.57
2.25%$98.97
7.81%$1.45
-1.24%$21.61
21.09%$11.68
5.32%$10.91
7.32%$69.21
3.68%$314.28
-0.08%$0.03344967
16.87%$0.566169
18.11%$0.844439
17.15%$0.00000131
13.48%$0.02301293
3.68%$1.36
12.15%$0.02515084
27.14%$0.02291994
9.86%$0.571256
11.29%$0.760242
3.68%$1.13
2.54%$1.13
1.38%$1.52
20.51%$3.15
-0.47%$6.81
14.48%$97,318.00
-2.32%$1.12
17.14%$269.00
0.14%$5.98
12.98%$0.427935
20.14%$12.81
11.15%$0.00000261
2.37%$0.172563
6.82%$3,394.20
3.20%$14.34
6.93%$35.79
18.27%$0.521786
21.82%$1.39
7.46%$3.87
4.46%$97,212.00
-1.84%$96,754.00
-1.08%$0.813851
6.63%$1.27
11.10%$3,508.91
3.83%$258.55
0.03%$0.00004489
2.05%$1.35
2.61%$0.423633
5.17%$5.32
6.88%$0.00970228
-0.74%$0.719302
7.10%$39.33
6.71%$0.177104
16.67%$0.00792361
12.21%$0.05418
16.04%$0.795784
-5.84%$0.085254
12.59%$0.998701
-0.12%$0.00179274
2.03%$0.213368
13.97%$48.20
9.43%$0.00724553
-1.91%$0.260016
9.54%$273.53
4.69%$3,402.48
3.31%$1.51
20.34%$2.08
16.46%$20.50
6.39%$2,719.27
0.26%$3,400.10
3.14%$2.11
6.18%$0.779236
10.33%$0.00011991
5.15%$2.26
16.20%$0.00941658
1.91%$0.99415
-0.34%$0.095208
11.08%$40.00
84.02%$0.506734
15.36%$0.01384548
7.22%$3,683.85
3.34%$1.68
20.17%$0.164906
9.17%$1.30
7.49%$0.196956
7.23%$0.583548
8.58%$0.286766
14.81%$0.999148
-0.17%$32.66
0.63%$3,406.16
3.40%$63.89
17.39%$0.07501
14.40%$0.07965
-1.56%$96,312.00
-2.84%$0.499783
9.11%$2.20
6.71%$2,729.84
0.62%$1.06
1.85%$97,814.00
-1.20%$0.00753779
2.27%$3,391.50
3.58%$0.557331
8.65%$0.00000025
4.12%$0.00145406
-2.21%$2.68
9.30%$0.0000005
4.29%$0.998921
-0.24%$97,202.00
-1.66%$3,406.51
3.42%$8.34
1.16%$0.370211
9.05%$0.06965
5.18%$3.56
-2.57%$1.13
16.65%$0.02426819
14.51%$3.82
2.64%$0.240991
10.33%$3,649.12
3.54%$1.064
-0.71%$0.798355
10.63%$0.0083183
10.85%$0.01404371
9.53%$0.999409
-0.16%$12.00
15.05%$3.87
9.04%$2.08
14.18%$2.00
17.69%$3,410.74
3.35%$8.59
8.46%$1.024
6.75%$3,563.88
3.55%$0.999726
-0.08%$0.4435
0.66%$0.606879
10.76%$0.00235777
12.29%$48.98
5.30%$0.04387512
6.45%$0.233477
18.04%$1.003
-0.40%$33.62
14.98%$0.00498763
7.44%$3.70
8.64%$6.53
0.11%$1.061
-0.67%$0.399876
-18.49%$95.51
-1.85%$1.028
22.60%$3,754.78
3.56%$0.459288
5.97%$0.387563
-6.19%$3.65
8.73%$0.03812823
15.03%$1,956.40
-2.03%$0.251782
13.36%$0.375759
5.25%$0.00
8.41%$3,613.65
3.57%$0.370183
-5.84%$0.334276
3.25%$0.03848743
-0.76%$1.003
-0.13%$97,229.00
-1.87%$0.02512907
14.13%$4.69
3.57%$0.408514
17.28%$0.00630743
5.41%$0.702796
7.56%$0.363284
21.32%$0.891526
2.25%$0.03535221
4.62%$1.35
-0.12%$56.92
18.13%
Litecoin founder Charlie Lee has criticized the decentralized finance (DeFi) industry, calling it the “worst of both worlds.” His critique comes after a trader exploited several DeFi protocols to take home a staggering $1 million—in just two trades.
This is why I don't believe in DeFi. It's the worst of both worlds. Most DeFi can be shut down by a centralized party, so it's just decentralization theatre. And yet no one can undo a hack or exploit unless we add more centralization.
So how is this better than what we have now? https://t.co/F1HMSeqb6q
— Charlie Lee [LTC⚡] (@SatoshiLite) February 16, 2020
As Decrypt reported, the trader used a clever set of instructions—all executed in one big transaction—to exploit the existing DeFi ecosystem. And then did it again.
After the operation, bZx, which maintains the Fulcrum protocol, posted an update stating that it will use an “admin key” to remedy the situation—exposing that the supposedly decentralized protocol isn’t decentralized at all.
Charlie Lee echoed this exact concern. He said that, if most DeFi can be shut down by a centralized party, then it’s just “decentralization theatre.” At the same time, he noted that undoing a hack or exploit always requires centralization, making DeFi no better “than what we have now.”
But his comments were controversial. Several users pointed out that there are many different DeFi projects and he shouldn’t judge all of them by a few—or one, in this case—examples. Most commenters also acknowledged that DeFi is still a nascent technology experiencing its growing pains. But at the end of the day, with $1 billion on the line—DeFi must do better.
