Cao Yin, managing director of the Digital Renaissance Fund, said in the “Crypto Tonight” event that the elements of the DeFi agreement include account, custody, price source, decentralized transaction (DEX), lending, development and code maintenance. He believes that the exchanges OKEx and Binance, the lending platform PayPal Finance and BlockFi are undoubtedly absolutely centralized, but on the other side of the spectrum, there is no DeFi application where all “elements” are decentralized, Because at least development and code maintenance are still operated by developers, DeFi is defined relative to “absolute CeFi” where all elements and functions are centralized. So from the user’s point of view, “the so-called DeFi actually refers to those financial applications that are free to enter, do not require licenses, non-custodial assets, and on-chain liquidation. Decentralization is only a means, and openness, freedom, and trust are actually decentralization. “Crypto Tonight” is a talk show jointly launched by Winkrypto, Lianwen and Yama. In this event, 6 guests were invited to discuss topics related to decentralized finance (DeFi).