DeFi protocols have progressively abandoned their decentralization and openness promises in favor of « walled gardens » that lock liquidity within proprietary vaults. Hyperliquid redirects 99% of its trading fees to an internal fund, while Aave generated $907 million in annualized revenue in 2025, entirely funneled into its DAO treasury. Polygon transformed its MATIC token into an inflationary asset with POL, enabling core teams to absorb emissions at the expense of retail holders. This centralization deprives open DEXs of organic volume and strips users of the DeFi that was truly promised, all in the name of security. Some analysts note that these models offer necessary stability for novice investors, even though the logic contradicts the initial « community-first » ideals.
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