At the Token2049 conference, representatives from Hyperliquid, Ethena, and Aave engaged in a panel discussion on the future of decentralized finance (DeFi). Key topics included the increasing issuance of stablecoins, the integration of perpetual futures into traditional markets, and the mainstream adoption of on-chain yield products. The panelists also examined the evolving dynamics between DeFi and centralized finance (CeFi), highlighting the importance of systemic risk management and the 'groupification' of DeFi protocols. The discussion underscored the critical role of infrastructure, composability, and resilience in developing the next generation of financial systems. The balance between decentralization and scalability was also a focal point, as participants emphasized the need for robust frameworks to support the growing DeFi ecosystem.