每转移一美元，加密 DeFi 黑客攻击造成的损失比 TradFi 泄露高出 8,500%

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. Related Reading Six years after “DeFi Summer” is the sun already setting on the decentralized finance revolution? DeFi hits "trust squeeze" as hacks erode credibility and TradFi's tokenization surge could push it into something darker Apr 20, 2026 · Liam 'Akiba' Wright The sector has now lived through years of bridge exploits, price manipulation, smart contract failures, wallet compromises, governance fights, and public liquidity stress. At the same time, institutions are adopting tokenization, digital cash, and settlement rails while leaving much of the permissionless political project behind. The most defensible take is now much narrower than the old promise. DeFi proved that public settlement, automated markets, composability, and transparent ledgers can operate at meaningful scale. It has yet to prove that those properties, by themselves, create a safer, more decentralized, or more accessible finance than the system it set out to challenge. Related Reading The keys to sovereignty: Why this time is different New infrastructure empowers Bitcoin holders to earn yields while maintaining control over their digital assets. Feb 9, 2025 · Laura Wallendal Th