Decentralized finance (DeFi) aimed to create a global, permissionless financial system based on peer-to-peer transactions, free from the constraints of traditional finance. However, over time, DeFi protocols have drifted away from this vision, relying on liquidity pools, external price oracles, and heavily automated market makers (AMMs). These structures have unlocked liquidity but at the cost of user control, transparency, and exposure to centrally overridden “oracles.” Today’s users are boxed into preexisting liquidity pools, often with little say over collateral assets or risk profiles. Even DeFi leaders don’t follow the most basic principles of decentralization, as demonstrated by the recent Hyperliquid exchange exploit. DeFi’s promise of a genuinely independent P2P system has been strayed from its roots, and newer DeFi protocols are abandoning many of the golden rules of decentralization. The Hyperliquid incident shattered the decentralization illusion, as a decentralized platform that retroactively rewrites rules and dictates prices cannot be considered truly decentralized. Mass adoption of DeFi requires a user-centric shift, offering a model where individuals negotiate fixed terms, choose their collateral, and eliminate reliance on centrally controlled oracle pricing. This model will appeal to crypto-native users and newcomers alike, and the demand for DeFi hasn’t gone anywhere despite the rocky market.