Blockchain's value lies in transparency, but is Defi transparent now? It's just a semi-transparent data dashboard model: You know the APY, but do you know what it's based on—Zimbabwe dollars or USD? You know the APY, but not the APL: Average Annualized Loss. You know the APY, but not whose APY it is—pull the plug on the internet, and it all turns into CEX. Semi-transparent Crypto = no value. Even the stock market discloses company operations.