The rapid growth of DeFi platforms in 2024, reaching a $108B market cap, highlights their potential as cost-effective financial solutions. However, the question of whether DeFi can fully replace traditional banking systems remains complex. While DeFi offers transparency, accessibility, and innovation, barriers such as regulatory uncertainty, scalability issues, and user education still hinder mass adoption. For DeFi to truly compete with traditional banks, it must address these challenges, improve security measures, and develop user-friendly interfaces that build trust and bridge the gap between decentralized finance and mainstream users.