DeFi Surges Past $100B as Regulators Eye the ‘Wild West’ of Finance

Decentralized finance is a system of financial applications constructed on top of blockchain technology. The technology allows users to engage in a full suite of financial activities that include lending, borrowing, trading, and investing. Critics call decentralized finance (DeFi) the "Wild West of finance" It's a space where hackers have stolen over $3 billion from DeFi platforms since 2022.