This report examines how DeFi is evolving from fragile, casino-like dynamics into infrastructure shaped by distribution advantages. It analyzes the risks of power-user dependence and forkable code, contrasts DeFi’s weaker brand moats with fintech’s regulatory protections, and highlights the emerging edge of smart contract composability. Case studies on Morpho–Coinbase and Phantom–Hyperliquid show how wallet and exchange integrations transform reach, while the rise of tokenized treasur...
