According to Andre Cronje, founder of Flying Tulip, the concept of DeFi no longer accurately describes the current state of decentralized finance protocols. Instead, Cronje contends that these protocols have evolved into a new financial paradigm, which he terms 'onchain finance'.
This evolution, as reported by CoinTelegraph, suggests that DeFi protocols have sacrificed some of their inherent immutability and decentralization in the process. The term 'onchain finance' implies a focus on financial transactions and activities that occur directly on blockchain networks.
For readers unfamiliar with DeFi, it originally referred to a set of financial services and systems that operated on blockchain technology, emphasizing decentralization, immutability, and transparency. However, as the space has grown and matured, protocols have adapted and changed, leading to this new paradigm of onchain finance.
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