According to expert DeFi Ignas, the USDC depegging shocked the foundation of decentralized peer-to-peer financial services.
Overall, the USDC crash is embarrassing to DeFi as the risk stemmed from a TradFi bank. It’s now clear to everyone that DeFi is more decentralized than we pretended it to be. So, rebranding it to on-chain finance would equalize the current reality of what DeFi really is.
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