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.”
It’s an idea that Cronje has been raising for months. Earlier this year, he said much of DeFi is “no longer DeFi” in the strict sense, as builders debate whether circuit breakers and other emergency controls are now necessary to protect users from exploits.
Total value locked (TVL) in DeFi more than halved over the past 10 months, to $75 billion at the time of writing from $167 billion in early October 2025,
