More than 30 DeFi Protocols Unite to Highlight Interoperable Nature of Web3

The projects involved in the recent campaign see DeFi as a more cooperative ecosystem, rather than a competitive one.

SushiSwap's CEO, Jared Grey, noted that DeFi is designed to challenge the current financial system which has traditionally created barriers and limited economic freedom. By utilizing the technology's composability, DeFi can democratize and provide more fair, secure, and transparent financial tools and products to a global audience.

Grey also emphasized that it's crucial for those within the DeFi community to spread the correct message about the industry. This is why the collaboration of over 30 builders in the DeFi space is significant and timely.

It is important to note that in the past year, DeFi projects have been a major target for exploits and attacks, with a report from Beosin showing that DeFi received the highest number of attacks in 2022.

This resulted in a 47.4% increase in security losses in 2022, amounting to $3.64 billion. Despite this, the industry is expected to continue facing exploits from new projects entering the market and increasingly sophisticated hackers. However, the DeFi space began the year with positive growth, according to a report by DappRadar.

To further boost DeFi and Cosmos adoption, a new $150 million ecosystem fund was established by Injective in January.