DeFi Security Risks - 90% of exploited DeFi protocols passed audits shortly before being drained [1] - Security premiums are non-existent until a major incident occurs [1] Market Opportunities - A DeFi protocol guaranteeing deposits could attract the next $50 billion [1] Valuation Discrepancies - MakerDAO, despite never being hacked in 7 years, trades at similar multiples to protocols losing $100 million quarterly [1]