The Big 4 in cybersecurity (actually not that big if you look at the marketcaps.)

http://zwijberg.com/

Sentinel Protocol $UPP
https://www.coingecko.com/nl/coins/sentinel-protocol
Market Cap
$ 77.671.570

Quantstamp $QSP
https://www.coingecko.com/nl/coins/quantstamp
Market Cap
$ 64.619.712

CertiK $CTK
https://www.coingecko.com/nl/coins/certik
Market Cap
$ 86.904.800

Hacken Token $HAI
https://www.coingecko.com/nl/coins/hackenai
Market Cap
$ 46.612.321

The scope of hacked funds.

The radical opportunity presented by decentralized finance has garnered significant attention from investors and speculators alike. The total value locked in DeFi protocols grew over 2,500% in 2020, from around $700 million in January 2020 to over $20 billion in December 2020. TVL is a more useful metric than market capitalization when it comes to DeFi, as it accurately represents the equity that investors are willing to commit to these protocols. And their commitment didn’t end in 2020; this year alone, DeFi’s TVL more than doubled, reaching $40 billion in February.

Comprehensive security will help take DeFi from its current share of around 8% of cryptocurrency’s total market capitalization to a level rivaling the legacy financial system.

source: https://cointelegraph.com/news/default-auditing-for-defi-projects-is-a-must-for-growing-the-industry

As the name would suggest, Total Value Locked (TVL) is the aggregate amount of funds locked into a DeFi protocol. You could think of TVL as all the liquidity in the liquidity pools of a given money marketplace. For example, in Uniswap’s case, TVL means the amount of funds deposited by liquidity providers to the protocol.

TVL can be a useful data point that gives you an idea about the overall interest in DeFi. TVL can also be effective in comparing the “market share” of different DeFi protocols. This can be especially useful for investors who are looking for undervalued DeFi projects.

source: https://academy.binance.com/en/articles/7-indicators-every-defi-investor-should-know

DeFi has been one of the main drivers of crypto market momentum in 2020 and it stands to reason that the emerging financial landscape has been a magnet for scammers and hackers. Largely unaudited smart contracts coupled with cloned code have been a recipe for vulnerabilities and exploits, often resulting in millions of dollars in digital assets being pilfered.

CipherTrace CEO Dave Jevans warned of a potential regulatory crackdown: “DeFi hacks now make up more than half of all cryptocurrency hacks in 2020, a trend that is attracting attention from regulators.”

He added that of greater concern to regulators is the lack of Anti-Money Laundering compliance: “Funds stolen in the largest hack of 2020 — the $280 million KuCoin hack — were laundered using DeFi protocols.” Jevans also believes that 2021 is likely to bring clarity from regulators in terms of what actions DeFi protocols are expected to take to avoid the consequences of a failure to comply with AML, Capture the Flag, and possible sanctions.

source: https://cointelegraph.com/news/roundup-of-crypto-hacks-exploits-and-heists-in-2020

The rise of The Big 4

With the rise of DeFi it is only logical that cybersecurity will play a big role. The amount of funds that have been stolen is astronomical. Only with solid auditors such things can be prevented. We believe the four big projects listed will provide the majority of all the audits furthermore we believe the above will become key players in the Crypto/DeFi industry. Right now the combined marketcap of the big four is $ 275.808.403. Much like the ISO and NEN standards DeFi projects will have to work with a stamp of approval to gain user trust.

The recent KuCoin hack had funds stolen bigger than the whole big four combined. Not only that, KuCoin Shares has a bigger marketcap than all of them combined as well. There is more than 40 billion in DeFi liquidity pools, the security of these funds is essential and will form the backbone of the indudstry.

We see this as a clear indicator that the marketcap of this industry is severly lacking, and may rise greatly in the near future.

--

--

--

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

EasyFi Launches Dual Rewards programs with Cryption Network

Diffie-Hellman Key Exchange

{UPDATE} Deutsche Städte Hack Free Resources Generator

ENS at EthCC4: Scaling ENS, Lots of Mentions, & More

Subdomain Discovery- Black Box Testing

How To Be SAFE On The INTERNET?

Protect your Wallet from Hackers and Save your Coins

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
ZwijBerg

ZwijBerg

More from Medium

By all standards my week has been hectic, at least that is what I think BUT none the less, one…

How to Rage

Event KPI’s To Measure Your Event Success

Jobs or lack there of and what I’m after