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There was nothing DeFi about Terra. They coopted the term. The chain was completely centralized and controlled by them.



The problem is that most of the DeFi is either actually centralized in some way and are lying to the clients, or they are truly decentralized and therefore any bug in the programming will take it down immediately, see dozens of "hacks" of DeFi bridges just last year alone, each one in tens or hundreds of millions in equivalent.




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