2022 flushed out CeFiDeFi (celsius, ftx, blockfi) and the obvious cases got cleared
now we're moving down the spectrum, where ai is accelerating discovery of the same failure modes inside teams that called themselves defi: security tools find bugs faster, fuzzers probe deeper, and agents test edge cases that humans miss
most of these patterns are web2-style: human errors, weak oracles, fragile admin and governance, repo hygiene, etc. decentralization still matters as the structural floor, and what's failing are the teams that took shortcuts past it while claiming to embody it
RWAs aren't exempt either, where the bar is the same: transparency, attested backing, clear user ownership rights, real redemption paths. the ones that meet it become defensible infrastructure, while the ones that don't, end up as CeFiDeFi in another wrapper
CROPS is what survives the flush test
the ai scare in crypto is an IQ test
I can not think of anything more bullish for crypto than finally being forced to treat security and privacy as the core properties of the entire industry
I'm sure there'll be some rough battles, but the war will be won