‘DeFi doesn’t exist anymore,’ just onchain finance: Andre Cronje

Flying Tulip founder Andre Cronje contends that DeFi protocols have evolved into a new financial paradigm of “onchain finance,” but have sacrificed some of their inherent immutability and decentralization.

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. 

He argued that “true DeFi” needs to be decentralized, immutable and without an intermediary, adding: “That statement isn’t really true for pretty much any other protocols running today.”

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