DeFi and the Future of Finance

ISBN-13: 9781119836018 / Angielski / Twarda / 2021 / 208 str.

Campbell R. Harvey; Ashwin Ramachandran; Joey Santoro

Spis treści

1 Introduction 4Five Key Problems of Centralized Financial SystemsImplications2 The Origins of Modern Decentralized Finance 6A Brief History of Finance 6Fintech 6Bitcoin and Cryptocurrency 7Ethereum and DeFi 93 DeFi Infrastructure 9Blockchain 10Cryptocurrency 10The Smart Contract Platform 11Oracles 12Stablecoins 13Decentralized Applications 144 DeFi Primitives 14Transactions 15Fungible Tokens 16Nonfungible Tokens 19Custody 20Supply Adjustment 20Incentives 22Swap 25Collateralized Loans 27Flash (Uncollateralized) Loans) 285 Problems DeFi Solves 28Inefficiency 29Limited Access 30Opacity 31Centralized Control 32Lack of Inoperability6 DeFi Deep Dive 34Credit/Lending 34Decentralized Exchange 49Derivatives 55Tokenization 657 Risks 68Smart Contract Risk 68Governance Risk 70Oracle Risk 71Scaling Risk 72DEX Risk 73Custodial Risk 74Regulatory Risk 758 Conclusions: Losers and Winners 7

O autorze

CAMPBELL R. HARVEY, PHD, is Distinguished Professor of Finance at Duke University and a Research Associate at the National Bureau of Economic Research. Since 2013, he has been a teaching pioneer in the blockchain space winning the UBRI Global Blockchain Educator of the Year in 2020.ASHWIN RAMACHANDRAN is a General Partner at Dragonfly Capital. He is a graduate of Duke University.JOEY SANTORO is the founder of Fei Labs. He is a graduate of Duke University.