How might the rise of decentralized finance (DeFi) platforms impact traditional banking institutions in the next decade?

Decentralized finance, or DeFi, represents a paradigm shift in how financial services are structured and delivered, relying on blockchain technology to enable peer-to-peer transactions without the need for intermediaries. As DeFi platforms continue to gain popularity by offering users more autonomy, lower fees, and innovative financial products, there's growing speculation about their potential to disrupt traditional banking systems. With banks historically acting as gatekeepers in the financial industry, the growing adoption of DeFi could challenge their current business models, potentially leading to increased competition and a reevaluation of their roles in the financial ecosystem. This raises the question of whether traditional banks can adapt to these changes and how they might integrate or compete with DeFi technologies to remain relevant in an evolving landscape.