Andre Cronje, founder of Yearn.finance and the Sonic blockchain, claims that DeFi no longer exists, replaced by what he calls « onchain finance » or « open finance. » He explains that intermediaries are now companies acting as decision-makers, curators, and risk committees, replicating traditional banking structures. The European Central Bank published a working paper in March supporting this view, showing that the top 100 governance token holders controlled more than 80% of the supply in Aave, MakerDAO, Ampleforth, and Uniswap. This concentration questions the actual decentralized nature of these protocols and their exemption from European MiCA regulation. Cronje nonetheless acknowledges that some DeFi protocols continue to show genuine innovation.
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