DeFi needs more asset-oriented programming that make fundamental functions native to programming languages.
is growing fast. Total value locked, a measure of money managed by DeFi protocols, has grown from $10 billion to a little more than $40 billion over the last two years after peaking at $180 billion.The elephant in the room? More than $10 billion wasin 2021 alone. Feeding that elephant: Today’s smart contract programming languages fail to provide adequate features to create and manage assets — also known as “tokens.
The result is a complex balancing act. Ensuring that all interactions with the smart contract are handled correctly falls entirely on the DeFi developer. Since there are no innate guardrails built into Solidity and the Ethereum Virtual Machine , DeFi developers must design and implement all the required protections and validations themselves.So DeFi developers spend nearly all their time making sure their code is secure.
The key to DeFi being both innovative and safe stems from the same source: Give developers an easy way to create and interact with assets and make assets and their intuitive behavior a native feature. Any asset created should always behave predictably and in line with common sense financial principles.
Instead of developers writing complex logic instructing smart contracts to update lists of variables with all the error-checking that entails, in asset-oriented programming, operations that anyone would intuitively expect as fundamental to DeFi are native functions of the language. Tokens can’t be lost or drained because asset-oriented programming guarantees they can’t.
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