DeFi is not decentralised, Bank of England Policy Committee member Carolyn Wilkins said in a speech at the Centre for Blockchain Research at University College London on Wednesday. Wilkins cited a study by the NBER in April 2022, which showed that the top 10 validators held between 47% and 100% of the top 50 proof-of-stake platforms by market capitalisation in a sample. The concentration of power in [proof-of-work] and [proof-of-stake] systems, along with other flaws in crypto and DeFi governance, has led to familiar problems; most importantly, business failures, illicit activity and financial losses for investors, a situation that, if left unchecked, will erode investor trust in cryptocurrencies," he said -- based financial services and their customers, and could lead to broader financial stress."