Giovanni Vicioso, the global head of CME Group's cryptocurrency products, stated at the Singapore Token2049 "Institutionalization of Digital Assets" roundtable discussion: I believe that DeFi will replace traditional finance, but they should coexist. Some institutions have truly adapted to DeFi, but I think more work needs to be done, especially in regulatory agencies. There needs to be relevant regulations and clear definitions of how these developers design these protocols to ensure that they can operate normally and attract institutional participation.