How might the rise of decentralized finance (DeFi) reshape traditional banking systems in the next decade?

As decentralized finance, or DeFi, gains momentum, it offers a groundbreaking paradigm where financial services are available directly on blockchains without intermediaries, effectively challenging traditional banking systems. This innovative approach promises increased accessibility, reduced costs, and the democratization of financial services to the unbanked. However, it also brings forth questions about regulatory frameworks, security, and the adaptability of existing financial institutions. This inquiry explores the potential transformations, opportunities, and challenges that the proliferation of DeFi could pose to traditional banks and financial markets over the next ten years.