DeFi Mullet

DeFi mullet is crypto slang, borrowed from the hairstyle that is "business in the front, party in the back", for a financial product that presents a familiar fintech interface to its users while relying on decentralized finance protocols to do the work underneath. A customer might open a savings feature, take a crypto-backed loan or swap currencies in an ordinary-looking app, without ever handling a wallet or seeing a smart contract, while the app routes the activity to on-chain lending pools such as Morpho or to decentralized exchanges. The model is a form of embedded finance. Supporters say it brings DeFi's open, programmable markets to mainstream users; critics note that customers may not understand the smart-contract risks involved, and that the front-end company usually still needs licences and must meet consumer-protection and compliance rules.