A growing number of DeFi protocols are abandoning consumer-facing products to become backend infrastructure providers for large technology companies. This DeFi-as-a-service concept emerged around 2023 with white-label solutions for fintechs. Mass consumer adoption remains hampered by the crypto literacy requirements that even the most user-friendly DeFi apps still demand. For investors holding governance tokens of protocols making this pivot, the implications are mixed: enterprise contracts bring stable recurring revenue but reduce visibility and narrative appeal. The token utility question also arises, as governance tokens designed for retail users voting on protocol parameters become ambiguous when primary customers negotiate terms through legal contracts.
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