I have never understood what problems crypto/Blockchain/web3 is actually supposed to solve. I know it gained traction during the Libertarian/Austrian economics zeitgeist following the 2008 financial collapse. There was fear that the traditional fiat system was irreparably broken and couldn't be relied on. In reality regulators and central bankers did a pretty solid job (not perfect but they eventually got it right). DeFi was basically saying regulation is impossible to do without corruption so let's make transactions possible and regulation impossible. Not a great idea and now a fully failed experiment. Crypto as an asset class for profit was only ever an emergent property fueled by speculators. Crypto as actual currency is still valuable (mostly for criminals) so it may stay for a while but it's not going to make anyone rich ever again.