Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, Web3 and crypto regulation.

Today in crypto, Flying Tulip founder Andre Cronje said that DeFi protocols have evolved into a new financial paradigm of “onchain finance,” but have sacrificed some of their inherent immutability and decentralization. Meanwhile, Bitwise’s Matt Hougan expects revenue-capture mechanisms to spread across DeFi applications and layer-1 networks over the next 12 to 24 months and Hong Kong’s regulated stablecoin market moved into distribution as HashKey began offering HKDAP to eligible investors.

Most decentralized finance (DeFi) protocols are no longer truly decentralized, according to Andre Cronje, founder of DeFi platform Flying Tulip and creator of Fantom Network.

“I don’t think DeFi exists anymore outside of those very small niches,” Cronje told Cointelegraph during Thursday’s Chain Reaction X Spaces show. 

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