Andre Cronje says DeFi has faded into onchain finance

Sonic co-founder Andre Cronje said most DeFi protocols are no longer truly decentralized finance and are now better described as onchain finance or open finance. Cronje said true DeFi should have characteristics such as decentralization, immutability and the absence of intermediaries, but many current protocols have companies taking on roles traditionally held by financial institutions, including decision-making and risk management. He added that some protocols are still delivering genuine DeFi innovation.