I've seen a number of posts on Cardano DeFi and lack of use. Here's my own personal top 3 inhibitors why I minimize use of DeFi. 1. Incentives: Tokens on the other side of the DeFi strategy of Ada/CNT lose value over time, except for stables. 2. Tokens on the other side of the DeFi strategy cannot reach a CEX. 3. Tax reporting: Although there are automation tools, they are not 100% automated or even correct. Sometimes the format output does not match the Koinly or Turbotax input. Still requires export-import-export-import and/or manual construction using a 3rd party tool. Lots of double checking. The tax assistance tools need to evolve to full automation ... or eliminate tax complexities in the USA, or both. Best play in Cardano DeFi imho is lend stables on Liqwid. Simple and minimizes events while earning yield. (which means fewer transactions) Institutional investors and VCs are good for DeFi because any loses or transaction fees are easily written off as business expenses - similar to personal but different - however, in larger volumes and values makes the effort worthwhile.