There has been a decline in DeFi searches on Google, following the recent mistakes and theft in the DeFi market.
Interest in DeFi (decentralized finance) has steadily declined worldwide since September, according to Google data. DeFi searches on Google fell behind the momentum they gained in September, although the amount of TVL (total value locked) maintained its position after recent adverse events.
DeFi, which has become popular recently, has increased the interest on the Covid-19 outbreak as it swept the world. According to Google’s data, there was a sharp increase in DeFi searches worldwide in March and April, when the epidemic started. Although there has been a slight decrease in the summer, DeFi calls, which see the peak again in August and September, have shown a continuous decrease recently.
“Trends Sign Bad”
DeFi’s, a structure that has not yet completed its development, displays an image that is open to error. However, some recent problems have resulted in large losses to users and the theft or loss of large numbers of funds.
The crypto currency commentator, using the name Dark Pill on Twitter, emphasized in a post he made, that the negative situations were pointing to bad.
The Eminence platform, developed by Andre Cronje, founder of Yearn Finance, one of the popular protocols, stole $ 15 million in a hacker attack. Cronje, exposed to intense reaction from users after the attack, made a payment of $ 8 million to the damaged users.
Yam Finance, another popular DeFi, found a flaw in the repayment mechanism after investors locked in hundreds of millions of dollars. Although the error was resolved in a short time with the updates made, many investors suffered from this error.
The situation of investors who suffered losses as a result of bad events caused anxiety among potential investors, but all these negativities may have played a role in the fall of interest in DeFi in Google searches.