PANews reported on December 21 that, according to CoinDesk, Maple Finance co-founder and CEO Sidney (Sid) Powell stated in an interview that traditional DeFi is "dead," and the future will truly be determined by on-chain capital markets. He believes that as institutions gradually move trading, clearing, and settlement on-chain, the traditional model relying on Wall Street intermediaries and infrastructure will be continuously squeezed out. "On-chain markets will swallow Wall Street," he said.

Powell points out that the early DeFi model, which focused on speculation and simple lending, will be replaced by more institutionalized, institution-oriented on-chain financial infrastructure. In the future, capital market activities will occur directly on public or permissioned blockchains, rather than going through intermediaries such as traditional securities firms and investment banks before settlement.