The recent $285 million hack in the DeFi space has raised questions about the industry's decentralization promise. On-chain metrics suggest that the attack was a result of a smart contract vulnerability that went unnoticed. This incident highlights the growing concern that DeFi protocols may not be as decentralized as they claim to be. Industry observers note that the increasing complexity of smart contracts has created a larger attack surface, making it more challenging for protocols to ensure the security of their users' funds.