half the protocols on DefiLlama right now are just CeFi with a token and we all know it

The author criticizes the current state of DeFi protocols, stating that many are not truly decentralized and can be controlled by a small group of people. They propose a test to determine if a protocol is truly DeFi, citing examples such as Uniswap V2 pools. The author argues that the term DeFi has become too broad and needs to be redefined.