Cardano founder Charles Hoskinson says a great DeFi extinction will occur in the next five to ten years

Cardano founder Charles Hoskinson has projected that due to a poor level of engineering, most decentralized finance (DeFi) projects will be extinct in the next five to ten years.

Speaking during YouTube live session, Hoskinson stated that many projects in the space rely on “a hope and a prayer” mindset instead of focusing on rigorous engineering, and consequently they won’t stand the test of time.

According to the Input-Output boss, the current DeFi projects can be considered low quality, an aspect that is wearing down users.

He noted that the low quality of the projects is evident by the total value of hacks in the sector in 2021 alone while singling out the Ethereum space for having key weak points that contributed to almost $10.5 billion in losses.

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