Decentralized finance (DeFi) was built to remove intermediaries, but new research argues it has instead created a fresh layer of middlemen—one that is increasingly concentrated. A report from CEPR and a University of Turin-linked research group warns that the market structure emerging around Ethereum (ETH) and on-chain trading is pulling DeFi back toward ‘recentralization’, undermining one of the sector’s core narratives.
The paper, titled Can Blockchain Decentralize Money, Contracts, and Finance? and published in February 2026 by a team including Prof. Bruno Biais, extends earlier concerns… Read more






