In the last few months, almost every major project in DeFi has been divided or used over again with the help of copy and paste. Funny thing is, even these divided projects were further divided which produced near copies of every project. But, the real question here is, are these copies even worth anything? Or are they just another unscrupulous money-grabbing alternative for people?
These projects were originally started as pure copy and paste clones. And today, they have turned into a real problem in the DeFi industry. Let us ask you a simple question. What makes a company successful? Your answers might start with top management, quality leaders, clear goals and objectives, and many more. However, it really needs just one thing for a company to reach the heights of success and that is perfectionism. Making a perfect product should be the primary goal of your company. The rest like revenue and profits will automatically follow. This can become the calling card for every company.
The quality and the uniqueness of a product play a vital role in creating loyalty from the existing customer base. Everyone wants “a revolutionary product”. For example – Apple. Even after 14 years, it has a huge loyal customer base. The point being, even if someone copies the main idea of your company or the project, they will not be receiving the same results as you. The same is the case with some other sectors in the economy whether it is an IT industry, a clothing company, or a restaurant chain. In an IT industry, poor code quality or even a single error in the line of code can lead to great financial losses. And it will be a huge waste of time to maintain, modify and adjust the code. You might even have to suffer from hacking attacks.
These kinds of mistakes are not at all forgiven in the crypto and DeFi industry. Just like on 15 January 1990, almost around 50% of AT&T’s network crashed. 75 million calls went unanswered in just 9 hours. Initial reports were blaming hackers but it was much worse: a software update. An error in just one line of code in the company’s system brought down its network for a few hours creating a financial tumble for them.
Let us take an example in the DeFi industry itself. A few weeks ago, news came out about the exploitation of Binance Smart Chain DeFi protocol – Pancake Bunny via a flash loan attack. Initially, the community believed it to be a record-setting loss of $1 billion. Nobody will face any consequences except the users. This is the reason why it is essential to check the quality as well as the uniqueness of the code before choosing a DeFi project to stake it. Simply put, if the team has just copy and pasted the Uniswap code then it is obvious that something isn’t right. It won’t be a unique product. Instead, it will just be a dangerous caterwaul for you.
You need to know that when developers copy the code, they are not only copying the DeFi product but are also copying the bugs and security vulnerabilities that come with it. Apart from that, when the programmers try to copy and then edit the code, subtler semantics could emerge. Recently, there were a lot of hacking attempts done. Some of them were successful resulting in losses of around $285 million in the DeFi industry.
Thus, the final lesson is, check the code before moving forward! If you know what you want, you can decrease your chances of scammers taking advantage of you. For people who don’t know how to code, no need to worry. If the project you want has an open code and there are a lot of people interested in it then the chances are others will conduct their research on them and will share their thoughts and conclusion with the rest of the community. However, until then, we need to curb this copy and paste issue in DeFi. Things are getting out of hand and without a doubt, they are steering a lot of people out of crypto which is the exact opposite of what we want.