I have a much more expansive view. Any value at risk onchain is defi. USDC onchain means that its risk adjusted value proposition is competing for market share in a highly contestable global market. A better stablecoin can replace it at any time. Get as much of the real world financial stack on permissionless blockchains as fast as possible and the market will pick the risk adjusted winners over the long term, and everyone will benefit as a result.

@colludingnode I consider HL and tron and bnb sufficiently defi. The risks are different and I am want systems that are more permissionless and censorship resistant but it doesn’t matter what I want. Users with pki will go there if that product is better.