I believe the hardest question for DeFi in 2026 is whether the original dream is still alive.
The collective bargain was simple. Users would hold their own keys. Code would execute the rules. Markets would stay open. Ledgers would be visible.
Intermediaries would lose power because financial services could run on public smart contracts rather than private balance sheets.
That framing explains why decentralized finance grew so quickly after 2020. It also explains why the current moment feels so deflating.
I’d like to preface this piece by saying that I believe decentralized finance is an essential part of the world I want to live in. However, I’m also not a zealot for a system that has failed to deliver on its promises.
I believe in “strong opinions, loosely held,” and my conviction on DeFi is pretty loose right now.
