After questions about the legality and ethics of decentralized finance ( DeFi), protocol Compounded Finance, which users claimed millions in COMP coins due to an error, the founder is now backing down a controversial statement while the community continues to question how decentralized DeFi is.
reported that Compound Finance passed and executed an offer on Wednesday. However, Compound Finance soon reported “unusual activities” due to a bug with a smart contract. Users were able claim millions of COMP, with USD 82m affected.
Then, on Thursday night (UTC time), Robert Leshner from Compound Labs, tweeted an unusual request that did not go down well with the crypto community.
JPMorgan asserts
A head of corporate development at JPMorgan asserts that despite the “massive” opportunities available to investment banks in decentralized finance ( DeFi), banks aren’t necessarily looking to create their own systems or alternative DeFi protocols.
Sarah Olsen, JPMorgan’s blockchain arm Onyx spoke during a panel discussion at the Second Day of Crypto Research Firm Messari’s Mainnet event, New York City. She stated that the bank will continue to work hard to find the “right intersection” between public and private infrastructure.
This argument suggests that a private infrastructure is necessary to ensure major financial institutions have access to the DeFi space.
Olsen explained that JPMorgan’s future task will be to “tap into public infrastructure” and add its expertise.
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