Thanks for your comment as usual.
On the contrary, I think we can see huge success in that field in undeveloped countries. Where many people have an access to steem/hive wallet. However they do not have own bank account.
Having a wallet does not give you access to basic financial instruments like loans, insurance, equities and etc. While in most countries, having a bank account mean you can then apply for those financial instruments. Hence a crypto wallet is not equal to a bank.
I still do not understand difference between DeFi and most ICO. Isn't both mostly working as a store of value?
ICO is basically crowdfunding. DeFi is financial instruments build on a decentralized blockchain like Ethereum. They are very different concepts.