Decentralized Finance (DeFi) in the Ethereum ecosystem aims for decentralization but faces centralization risks. Many DeFi protocols rely on centralized oracles, stablecoins, and governance models. For instance, Chainlink dominates oracle services, creating a single point of failure. Stablecoins like USDT and USDC, issued by centralized entities, underpin much of DeFi’s liquidity. Governance tokens often concentrate voting power among whale holders or core teams, undermining community control. Ethereum’s infrastructure, with major node operators and mining pools, also leans toward centralization. While DeFi offers open access and permissionless innovation, these bottlenecks raise concerns about resilience and autonomy. True decentralization requires diversifying oracles, decentralizing stablecoin issuance, and enhancing governance inclusivity.