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Interestingly, the same survey revealed that many users believe that social media and financial systems could benefit from more decentralization when provided with education. This suggests that understanding the core valuation of decentralization might be growing, but awareness remains limited.
Challenges in DeFi: Centralization Under the Surface
Decentralized Finance (DeFi) was envisioned as a trustless, permissionless alternative to traditional banking. However, many protocols under the DeFi umbrella are plagued with central points of failure—be it through smart contract bugs, admin privileges, weak governance, or custodial controls.