‘DeFi doesn’t exist anymore,’ just onchain finance: Andre Cronje
Andre Cronje says most DeFi is no longer truly decentralized. He argues “true DeFi” must be decentralized, immutable, and free of intermediaries, but says most current protocols now rely on companies, risk committees, and other centralized decision-makers, making the sector closer to “onchain finance” or “open finance.” He also noted growing debate over emergency controls like circuit breakers, which he sees as evidence that DeFi has moved away from its original model. DeFi activity has also weakened, with total value locked falling from about $167 billion in early October 2025 to around $75 billion. Broader skepticism exists too: the ECB has questioned whether DAOs are actually decentralized, citing governance-token concentration in major protocols and raising doubts about whether some should remain outside MiCA regulation.
