Big news broke out in the DeFi world on March 6th, 2022: Two core contributors to a number of DeFi protocols called it quits and announced that they are terminating 25 DeFi apps and services on April 3rd.
You can view their original tweet where the news was announced below.
Some of the projects affected by this are no small players in the space. Protocols like Yearn Finance have a market cap of over half a billion dollars. Frontends remain a central point of failure when one person walking away from a project means that the core app is taken offline, leaving a community scrambling on how to move forward with source code.
We know that DeFi is revolutionizing how users interact with finance, giving them control and ownership over digital assets. And while smart contracts and underlying blockchain infrastructure remain secure, how can users trust decentralized protocols when access can be blocked or tampered with by malicious code, all through a frontend?
Skynet Labs built our Dweb app, Homescreen, as a solution.
When a user adds an application to Homescreen, all of the code and assets are downloaded and stored in the user’s personal decentralized storage, meaning the dev team is no longer a middleman for frontends.
Homescreen ensures that frontends live on even when developers go offline. Users have the ability to use older versions of an application’s frontend if code updates are rolled out that aren’t preferred, or malicious. When applications are backed up to Homescreen, users own a version of every single build, ensuring that they can access applications in a fully decentralized way.
Homescreen is both an application access point and a safeguard providing true end-to-end decentralization for users and long-term stability for communities built around DeFi protocols. We’re excited to see more and more Dapps, such as 1inch, uploading to Homescreen and empowering their users.
Want to learn more?
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- Twitter: @danielgileshelm
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