Viewpoint: DeFi can achieve large-scale popularity only by returning to the essence of P2P trading
ChainCatcher news, according to Cointelegraph, current mainstream DeFi protocols are gradually deviating from the original intention of peer-to-peer (P2P) trading, shifting towards reliance on liquidity pools, external oracles, and automated market maker (AMM) models. This shift, while enhancing capital efficiency, has led to users losing the ability to choose collateral and control risks independently. Moreover, the manipulation of centralized oracles has exacerbated systemic vulnerabilities—recently, the Hyperliquid exchange triggered a trust crisis due to human intervention in oracle pricing, causing its total value locked (TVL) to plummet from $540 million to $150 million.Industry analysts point out that the design of liquidity pools is causing DeFi to gradually converge with traditional financial systems, violating the core principles of "open transparency and permissionless interaction." The early P2P lending model allowed both parties to negotiate collateral types and interest rates through smart contracts, which better aligns with the spirit of decentralization.Despite recent impressive data (Aave's TVL surpassing $40 billion, Uniswap's cumulative trading volume reaching $3 trillion), the market urgently needs to rebuild a true P2P system: users should have the right to choose assets, set trading terms independently, and break free from reliance on centralized oracles. Only by returning to a transparent, flexible, and user-driven essence can DeFi achieve large-scale adoption.