Opinion: Traditional DeFi is dead and will be replaced by a more mature on-chain financial market.

According to a report by CoinDesk, Sidney (Sid) Powell, co-founder and CEO of Maple Finance, stated in an interview that traditional DeFi is "dead," and the future will be truly determined by on-chain capital markets. He believes that as institutions gradually move trading, clearing, and settlement on-chain, the traditional model relying on Wall Street intermediaries and infrastructure will be continuously squeezed out. "On-chain markets will swallow Wall Street," Powell pointed out. He noted that the early DeFi model, primarily focused on speculation and simple lending, will be replaced by more institutionalized, institution-oriented on-chain financial infrastructure. Future capital market activities will occur directly on public or permissioned blockchains, rather than going through traditional brokerages and investment banks for settlement.