The problem of course, is that crypto banks don’t actually exist in the world of crypto, but in a nicely furnished entry lounge, or when markets are down - in the exit parking lot. Centralized crypto lenders are in the business of peddling DeFi products, but its foundational building blocks aren’t on blockchain infrastructure.

In other words, a crypto bank’s promise of yields is fundamentally an off-chain, unverified claim that users have to take on faith. You’re missing the point of Web3.