>>This isn't to say that decentralized finance is exactly the same as traditional finance, because it isn't.

This has almost nothing to do with decentralized finance. FTX was a traditional centralized financial institution catering to crypto.

The leading DeFi apps have had no problems this cycle, and that's because they're fully on-chain, with every transaction validated atomically/in-real-time to be following the protocol's accounting rules. DeFi's transparency and accountability is what the best CeFi firms strive for.