|If DeFi works, and becomes inexpensive (I hear the fees are quite high now, but they should decline) then why do we need exchanges at all? DeFi seems likely to over time cause the end of exchanges, which fits in well with the blockchain concept of eliminate the rent seeking intermediary.|
You could be right. DeFi was barely a blip on the radar a year ago. Who knows what the landscape will look like in a year or two. The regulators can't keep up with the changes. They never fully addressed the ICO debacle and are only now turning their attention to the crypto exchanges. I think that we will see some action soon on the stablecoins, but that is low hanging fruit. DeFi will make their heads explode.