Opinion: Only by returning to the essence of P2P trading can DeFi achieve large-scale popularity.

According to Cointelegraph, the current mainstream DeFi protocols are gradually deviating from the original intention of peer-to-peer (P2P) trading and turning to rely on liquidity pools, external oracles and automated market makers (AMMs). While this shift has improved capital efficiency, it has led to the loss of collateral options and the ability to manage risk, as well as the increased vulnerability of the system due to centralized oracle manipulation – the Hyperliquid exchange's total value locked (TVL) plummeted from $540 million to $150 million due to a recent crisis of confidence triggered by human intervention in oracle pricing. Industry analysts point out that the design of liquidity pools makes DeFi gradually converge with traditional financial systems, violating the core principles of openness, transparency, and permissionless interaction. The early P2P lending model allowed both parties to negotiate collateral types and interest rates autonomously through smart contracts, which aligns better with the spirit of decentralization. Despite recent impressive numbers (Aave TVL surpasses $40 billion and Uniswap has $3 trillion in cumulative trading volume), there is an urgent need to rebuild a true P2P system where users can choose their assets, set their own trading terms, and move away from relying on centralized oracles. Only by returning to the transparent, flexible, and user-led nature of DeFi can DeFi achieve mass adoption.