CeFi (centralised finance)
CeFi
Custodial financial services for crypto — exchanges, lenders, brokerages — operated by an identifiable corporate entity.
Distinct from DeFi in that user assets sit in operator-controlled wallets, smart-contract risk is replaced by counterparty risk, and access can be denied or seized. The 2022 wave of CeFi failures (Celsius, BlockFi, Voyager, Gemini Earn, Genesis) sharpened how markets price these risks.
See on StableLens
/cefi — live data, risk grade, and methodology citation.