How is DeFI exactly Decentralized ?

[libert19]

and Big Dex usually show all the code and does not make them private so everyone can see the code and how the exchange work.

Can you show example of private smart contract?

[1714302304]

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[1714302304]

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[dansus021]

Can you show example of private smart contract?

Im not expert but I think this is the one example https://bscscan.com/address/0x026222b0954457b5b12fa5fd8471238cf4e6749c#code

Correct me I am wrong

[kelonmusk]

From what you've described, it seems like you're using Metamask to connect to a DeFi exchange, but even after connecting your wallet, you still need to make a deposit in order to trade.

And once you make that deposit, the funds are removed from your Metamask wallet and placed into the exchange's account balance. This can feel a bit nerve-wracking, especially if you're worried about the exchange going bankrupt and your assets being lost.

I can see why you might be skeptical of these DeFi exchanges, especially if they still feel centralized to you. However, one of the key features of DeFi is that it's designed to be more decentralized than traditional financial systems.

This means that instead of relying on centralized institutions like banks or exchanges, DeFi aims to create a more open and transparent financial system that's accessible to anyone with an internet connection.

Of course, there are still risks involved in using DeFi, just like there are risks involved in any financial system.

But, one of the benefits of using DeFi is that it can offer greater transparency and control over your assets, since you're not relying on centralized institutions to manage your funds.

[merekamo]

The main hype around DeFi exchanges comes from the fact that they're decentralized in the sense that there's no central authority controlling the platform.

You're right, when you deposit your assets into the exchange, you're essentially putting your trust in that platform. In my opinion, the key difference between a DeFi exchange and a traditional, centralized exchange is the fact that DeFi platforms are built on blockchain technology, which allows for transparency, security, and a more trustless environment.

So, while you do need to deposit your funds onto the platform, the underlying technology ensures that everything is secure and transparent.

[Bitstar_coin]

The only decentralize aspect of defi is not going through the normal kyc of centralize platform, other than that, it is close to a centralize platform because most of the operation are still handled by the team.
Most of them are DAO on name only and not in practice, you find most important decisions are carried out by the team without any community vote.
My take is they are slightly decentralize and not completely.