DeFi is an interesting upgrade of Finance and is looking to take over Centralized Finance, but with the insecurity features, this is going to be a pipe dream.
DEFI has awesome impact in revamping finance sector, but it's never going to replace centralized finance. Saying DEFI will replace CEFI is just like saying crypto will replace FIAT. Both DEFI and centralized finance will co-exist. We still have a long way to go for DEFI to go mainstream, since there are still security concerns to be tackled. For instance, DEFI platforms offering flash loans and staking keep getting hacked here and there. It's one of the areas DEFI projects needs to improve on.