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What Is Decentralized Finance (DeFi) and How Does It Work?

Amilcar has 10 years of FinTech, blockchain, and crypto startup experience and advises financial institutions, governments, regulators, and startups.

What Is Decentralized Finance (DeFi)?

Decentralized finance (DeFi) is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies.

In the U.S., the Federal Reserve and Securities and Exchange Commission (SEC) define the rules for centralized financial institutions like banks and brokerages, which consumers rely on to access capital and financial services directly. DeFi challenges this centralized financial system by empowering individuals with peer-to-peer transactions.

Key Takeaways

• Decentralized finance, or DeFi, uses emerging technology to remove third parties and centralized institutions from financial transactions.
• The components of DeFi are cryptocurrencies, blockchain technology, and software that allow people to transact financially with each other.
• DeFi is still in its infancy and subject to hacks and thefts because of sloppy programming and a lack of security testing before applications are launched.

How Decentralized Finance (DeFi) Works

Through peer-to-peer financial networks, DeFi uses security protocols, connectivity, software, and hardware advancements. This system eliminates intermediaries like banks and other financial service companies. These companies charge businesses and customers for using their services, which are necessary in the current system because it's the only way to make it work. DeFi uses blockchain technology to reduce the need for these intermediaries.

A blockchain is a distributed and secured database or ledger. In the blockchain, transactions are recorded in blocks and verified through automated processes. If a transaction is verified, the block is closed and encrypted; another block is created with information about the previous block, along with information about newer transactions.

The blocks are "chained" together through the information in each proceeding block, giving it the name blockchain . Information in previous blocks cannot be changed without affecting the following blocks, so there is no way to alter a blockchain. This concept, along with other security protocols, provides the secure nature of a blockchain.

Using applications called wallets that can send information to a blockchain, individuals hold private keys to tokens or cryptocurrencies that act like passwords. These keys give them access to virtual tokens that represent value. Ownership of the tokens is transferred by 'sending' an amount to another entity via a wallet, whose wallet, in turn, generates a different private key for them. This secures their ownership of the token, and the blockchain design prevents the transfer from being reversed.

Applications

DeFi applications are designed to communicate with a blockchain, allowing people to use their money for purchases, loans, gifts, trading, or any other way they want without a third party. These applications are programs installed on a device like a personal computer, tablet, or smartphone that make it easier to use. Without the applications, DeFi would still exist, but users would need to be comfortable and familiar with using the command line or terminal in the operating system that runs their device.

DeFi applications provide an interface that automates transactions between users by giving them financial options to choose from. For example, if you want to make a loan to someone and charge them interest, you can select the option on the interface and enter terms like interest or collateral. If you need a loan, you can search for providers, which could range from a bank to an individual who could lend you some cryptocurrency after you agree on terms.

Some applications let you enter parameters for the services you're looking for and match you with another user. Because the blockchain is a global network, you could give or receive financial services to or from anywhere in the world.

Decentralized finance does not provide full anonymity. Transactions do not include an individual's name but are traceable by anyone with the knowledge to do so. This includes governments and law enforcement, which, at times, are necessary for protecting an individual's financial interests.

Goals of Decentralized Finance

Peer-to-peer (P2P) financial transactions are one of the core premises behind DeFi, where two parties agree to exchange cryptocurrency for goods or services without a third party involved.

Using DeFi allows for:

• Accessibility : Anyone with an internet connection can access a DeFi platform, and transactions occur without geographic restrictions.
• Low fees and high interest rates : DeFi enables any two parties to negotiate interest rates directly and lend cryptocurrency or money via DeFi networks.
• Security and Transparency : Smart contracts published on a blockchain and records of completed transactions are available for anyone to review but do not reveal your identity. Blockchains are immutable, meaning they cannot be changed.
• Autonomy : DeFi platforms don't rely on centralized financial institutions . The decentralized nature of DeFi protocols mitigates the need for and costs of administering financial services.

Peer-to-peer lending under DeFi doesn't mean there won't be any interest and fees. However, it does mean that you'll have many more options since the lender can be anywhere in the world.

Decentralized finance, originally conceived of as a way to bring financial services like loans and banking to those who don't have access to them , has morphed into an industry where you can take part in many different sectors or endeavors. Here are a few of the most popular:

• Decentralized exchanges : The top preference for defi app users is accessing decentralized exchanges. Exchanges like Uniswap and PancakeSwap have apps that let you interact with other cryptocurrency users.
• Liquidity providers : Liquidity is the ability to sell assets quickly, a problem many cryptocurrency users have encountered. Liquidity providers are generally pools where users place funds so exchanges can provide selling opportunities for their users.
• Lending/Yield Farming: There are hundreds of defi apps available that provide lending. Generally, they operate the same way as a liquidity pool, where users lock their funds in a pool and let others borrow them, receiving interest on their loans—called yield farming. Many provide flash loans, where no collateral is required from the borrower.
• Gambling/Prediction Markets : Millions of dollars in cryptocurrency are used everyday gambling using defi apps like ZKasino, Horse Racing Slot Keno Roulett, Azuro, and UpvsDown. Prediction markets are platforms that let you place bets on the outcome of nearly any event.
• NFTs : The market for non-fungible tokens has cooled somewhat, but they are still popular with niche investors and collectors.

Becoming involved in decentralized finance might seem intimidating at first, but there are many ways to do so. The first thing you should do if you want to get into DeFi is to research the activities that interest you the most. You'll need a wallet, but because there are so many to choose from, you'll need to learn more about them and find the one that appeals to you.

Once you identify your wallet and activity, you can find a reputable exchange that provides the activity you want to get involved in or use, buy some cryptocurrency, and get started.

Decentralized finance is constantly evolving. It is unregulated, and its ecosystem is vulnerable to faulty programming, hacks, and scams. For example, one of the main ways hackers and thieves steal cryptocurrency is through weaknesses in DeFi applications.

Laws have not yet caught up with advances in technology. Most current laws were crafted based on the idea of separate financial jurisdictions, each with its own set of laws and rules. DeFi’s borderless transaction ability presents essential questions for this type of regulation. For example:

• Who is responsible for investigating a financial crime that occurs across borders, protocols, and DeFi apps?
• Who would enforce the regulations?
• How would they enforce them?

Just like other blockchain- and cryptocurrency-related projects, businesses, and activities, decentralized finance is subject to considerable hype, hoping to attract users and their money.

There is a considerable amount of money flowing through cryptocurrency exchanges, but it isn't nearly as much as you might be led to believe. Most people still use the traditional financial systems we are all used to. For example, only 0.56% of all money is tied up in cryptocurrency and decentralized finance—a very small figure that should encourage you to do your research to learn if using DeFi apps, platforms, and cryptocurrency is worth it.

It might be just what you're looking for regarding your finances. However, it might not—the decentralized finance industry is still in its infancy and evolving, making it somewhat of a gamble for most people.

What Does Decentralized Finance Do?

The goal of DeFi is to challenge the use of centralized financial institutions and third parties involved in all financial transactions.

Is Bitcoin Part of Decentralized Finance?

Bitcoin is a cryptocurrency. DeFi is designed to use cryptocurrency in its ecosystem, so Bitcoin isn't DeFi as much as it is a part of it.

What Is Total Value Locked in DeFi?

Total value locked (TVL) is the sum of all cryptocurrencies staked, loaned, deposited in a pool, or used for other financial actions across all of DeFi. It can also represent the sum of specific cryptocurrencies used for financial activities, such as ether or bitcoin.

Decentralized finance (DeFi) is an emerging financial technology that challenges the current centralized banking system. DeFi attempts to eliminate the fees banks and other financial service companies charge while promoting peer-to-peer transactions.

DeFi, like the blockchains and cryptocurrencies it supports, is still in its infancy. Significant hurdles must be overcome before it can replace the existing financial system, which has its own issues that are difficult to resolve. Lastly, financial service companies and banks are not going to be replaced without a fight—if there is a way for them to profit from the transition to a blockchain-based financial system, they will find it and make sure they are part of it.

Uniswap. " How to Add Liquidity to Uniswap V3 ."

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What is DeFi?

By Kevin Roose March 18, 2022

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The Latecomer’s Guide to Crypto

Kevin Roose

This is part of “ The Latecomer’s Guide to Crypto ,” a mega-F.A.Q. about cryptocurrency and its offshoots. Kevin Roose, a Times technology columnist, is answering some of the most frequently asked questions he gets about NFTs , DAOs , web3 and other crypto concepts.

DeFi (pronounced dee-fye) is short for decentralized finance. It’s an umbrella term for the part of the crypto universe that is geared toward building a new, internet-native financial system, using blockchains to replace traditional intermediaries and trust mechanisms.

I am falling asleep.

Don’t! I promise it’s interesting.

OK, I’ll give it a chance. What do you mean by “using blockchains to replace traditional intermediaries and trust mechanisms?”

Let’s back up a bit. To send or receive money in the traditional financial system you need intermediaries, like banks or stock exchanges. And in order to feel comfortable doing the transaction, all parties need to trust that those intermediaries will act fairly and honestly.

In DeFi, those middlemen are replaced by software. Instead of transacting through banks and stock exchanges, people trade directly with one another, with blockchain-based “smart contracts” doing the work of making markets, settling trades and ensuring that the entire process is fair and trustworthy.

So DeFi is crypto’s version of a stock exchange?

That’s part of it. But DeFi also includes things like lending platforms, prediction markets, options and derivatives.

Basically, crypto people are building their own version of Wall Street — one that is largely decentralized and deals exclusively in crypto, with crypto versions of many of the products offered by traditional financial firms, and without much of the red tape and regulations that govern the existing financial system.

Wild West Wall Street! OK, now I’m interested. How big is DeFi?

DeFi’s total value locked or T.V.L. — a standard way of measuring the value of crypto held in DeFi projects — is currently about $77 billion, according to DeFi Pulse . That would make DeFi something like the 38th largest bank in the United States by deposits, if it were a bank.

So not huge, but not small either.

Right. And T.V.L. isn’t the only way to measure DeFi’s growth. You could also look at trading activity on decentralized exchanges, which has grown by triple-digit percentages in the past year.

Or you could take a cue from regulators and politicians, who are increasingly looking to DeFi’s growth with concern. Michael Hsu, the acting U.S. comptroller of the currency, said in a speech at a blockchain conference in September that many DeFi products reminded him of the credit default swaps and other complex derivatives that were popular on Wall Street in the years leading up to the 2008 financial crisis.

And Senator Elizabeth Warren, the Massachusetts Democrat, singled out DeFi in a December crypto hearing, calling it “the most dangerous part of the crypto world.”

Why are people so worried about DeFi?

In short, because DeFi is mostly unregulated, with few of the consumer protections and safeguards that exist in the traditional financial system.

Can you give me an example of something that would be regulated in the traditional financial system, but isn’t regulated in DeFi?

The best example is probably stablecoins. Stablecoins are cryptocurrencies whose value is pegged to the value of a government-backed currency, like the U.S. dollar.

Stablecoins are a critical part of DeFi markets, because if you’re a crypto investor, you don’t want to constantly be changing tokens back and forth to dollars, or keeping all your assets in cryptocurrencies whose values might fluctuate wildly. You want a crypto coin that behaves like a boring, stable dollar, which you can use without needing to interact at all with the TradFi system.

It’s what DeFi people jokingly call traditional finance.

Clever. So, back to stablecoins. What’s dangerous about them?

Well, regulators have argued that despite the name, stablecoins aren’t actually that stable.

As my colleague, Jeanna Smialek, explained in an article on stablecoins last year, the worry stems from the fact that stablecoin issuers aren’t legally required to back their coins one-to-one with safe, cash-like assets. Investors who buy stablecoins might reasonably assume that each USD Coin or Tether (the two most popular stablecoins pegged to the U.S. dollar) is worth $1, and that they will be able to redeem their stablecoins for actual dollars whenever they want.

But there’s nothing in the law, at present, that requires stablecoin issuers to have one-to-one backing. And if they don’t have enough reserves to cover the stablecoins they’re issuing, the whole thing could collapse if enough investors decide to pull their money out all at once.

That sounds bad!

It would be, especially since stablecoins are the backbone of DeFi trading. And there are questions among investors and regulators about whether some of the leading stablecoin issuers actually have enough assets to pay out their holders, in the event of a large-scale redemption.

So stablecoins might not be stable. What else is potentially worrisome about DeFi?

The crypto firms that issue loans, credit cards and savings accounts, without many of the protections or safeguards offered by conventional banks, are also drawing concern. Regulators in the United States have begun clamping down on firms that issue these products, saying they could represent a risk to consumers.

Regulators are also looking into decentralized exchanges , or DEXs, which allow users to swap crypto tokens with the help of market-making algorithms.

And then there are all the hacks and scams …

Yeah. DeFi, like crypto in general, is a big target for fraud. More than $10 billion was lost to hacks and scams in DeFi projects in 2021 alone, according to a report from the blockchain analytics firm Elliptic.

There typically isn’t much recourse for victims of DeFi scams. And unlike deposits in a regular bank, which are insured by the F.D.I.C., crypto tokens usually can’t be replaced or recovered once they’re gone.

So, let me get this straight. One of the fastest-growing areas of crypto is a Wild West version of Wall Street where there are no investor protections, where the things that are called “stablecoins” might not be stable, and where your money could be irreversibly stolen at any time?

That’s an unflatteringly phrased but largely accurate summary!

Why would anyone sign up for this?

Four reasons.

First, many people like DeFi because it’s so new and unregulated. Building an entirely new financial system from scratch is the kind of intellectual challenge that doesn’t come around every day, and lots of people are attracted to the sector’s wide open, blank slate potential. Plus, if you’re a clever trader or an experienced financial engineer, you could do all kinds of things in DeFi that you couldn’t do in the traditional financial system, and potentially make a lot of money very quickly.

Second, many DeFi fans argue that blockchains are technologically superior to the existing banking system, much of which runs on ancient databases and outdated code. (Most bank transactions, for example, still rely on programs written in COBOL , a programming language that dates back to the 1960s.) Crypto, they say, is the first form of money that is actually devised for the internet, and as it grows, it will need a new, internet-native financial system to support it.

Third, if you’ve bought into the crypto/web3 vision of a decentralized economy, DeFi is the financial architecture that makes all of the things you’re excited about possible. There’s no way, in the traditional financial system, for a DAO to create a membership token out of thin air and use it to raise millions of dollars. You can’t call up JPMorgan Chase or Goldman Sachs and ask them to give you a quote for Smooth Love Potion , priced in Dogecoin. (Well, you could, but they might have you committed.) But with DeFi platforms, you can find people who are willing to trade almost any crypto asset for almost any other crypto asset, with no central entity’s approval needed.

And fourth, there’s a more idealistic cohort of DeFi fans who see all of this heading in a much more utopian direction.

Decentralizing finance, these people say, could help fix what’s wrong with our current financial system, in part by eroding the power of big Wall Street banks over our economy and markets.

How would that work?

These optimists contend that because DeFi replaces human intermediaries and trust mechanisms with public blockchains and open-source software, it’s cheaper (fewer fees), more efficient (faster transaction times) and more transparent (less opportunity for corruption) than the traditional financial system.

They say it democratizes investing, placing tools in people’s hands that only professional investors had access to before. And because you can participate in crypto anonymously and without a bank’s approval, they say, DeFi is a way to provide financial services to people who aren’t well-served by the conventional banking sector, and avoid many of the discriminatory practices that have kept minorities from accessing financial services in the past.

Ultimately, the optimists say, DeFi will become safer and more robust over time, as more people use it and some of the early problems are ironed out. And just as they believe that web3 will replace greedy tech platforms with user-owned collectives, they believe that DeFi will replace today’s banks and brokerages with a better, fairer system.

That sounds great, but I’m still worried. Didn’t we learn our lesson in 2008 about the dangers of unregulated finance? Could DeFi bring about the next financial crisis?

Right now, it’s unlikely that DeFi could produce any disasters on the scale of the 2008 financial crisis. It’s still a relatively small piece of the crypto world (which is a relatively small piece of the overall economy), and many of the people pouring money into DeFi are the kind of deep-pocketed investors who could absorb even big losses.

But the possibility that DeFi could grow big enough to present a systemic risk isn’t lost on regulators, who are scrambling to make the Wild West of crypto a little less wild.

“Finance 3.0: DeFi, Dapps, and the Promise of Decentralized Disruption” Kevin Werbach, a professor at the Wharton School of the University of Pennsylvania, makes the case that DeFi will revolutionize the world of finance by “eliminating costly and controlling intermediaries from financial transactions.”

“Anyone Seen Tether’s Billions?” Bloomberg’s report on the mysterious dollar reserves of Tether, the stablecoin at the heart of the DeFi economy, helps explain why regulators are worried.

“The Defiant” This independent media company’s daily DeFi newsletter is an industry must-read.

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Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets

Posted 2021-02-05

The term decentralized finance (DeFi) refers to an alternative financial infrastructure built on top of the Ethereum blockchain. DeFi uses smart contracts to create protocols that replicate existing financial services in a more open, interoperable, and transparent way. This article highlights opportunities and potential risks of the DeFi ecosystem. I propose a multi-layered framework to analyze the implicit architecture and the various DeFi building blocks, including token standards, decentralized exchanges, decentralized debt markets, blockchain derivatives, and on-chain asset management protocols. I conclude that DeFi still is a niche market with certain risks but that it also has interesting properties in terms of efficiency, transparency, accessibility, and composability. As such, DeFi may potentially contribute to a more robust and transparent financial infrastructure.

Fabian Schär is a professor for distributed ledger technologies and fintech at the University of Basel and the managing director of the Center for Innovative Finance at the Faculty of Business and Economics, University of Basel. The author thanks two anonymous reviewers for their valuable comments and especially Florian Bitterli, Raphael Knechtli, and Tobias Wagner for their support with data collection and visualization and Emma Littlejohn and Amadeo Brands for proofreading.

INTRODUCTION

Decentralized finance (DeFi) is a blockchain-based financial infrastructure that has recently gained a lot of traction. The term generally refers to an open, permissionless, and highly interoperable protocol stack built on public smart contract platforms, such as the Ethereum blockchain (see Buterin, 2013). It replicates existing financial services in a more open and transparent way. In particular, DeFi does not rely on intermediaries and centralized institutions. Instead, it is based on open protocols and decentralized applications (DApps). Agreements are enforced by code, transactions are executed in a secure and verifiable way, and legitimate state changes persist on a public blockchain. Thus, this architecture can create an immutable and highly interoperable financial system with unprecedented transparency, equal access rights, and little need for custodians, central clearing houses, or escrow services, as most of these roles can be assumed by "smart contracts."

DeFi already offers a wide variety of applications. For example, one can buy U.S. dollar (USD)-pegged assets (so-called stablecoins) on decentralized exchanges, move these assets to an equally decentralized lending platform to earn interest, and subsequently add the interest-bearing instruments to a decentralized liquidity pool or an on-chain investment fund. 

The backbone of all DeFi protocols and applications is smart contracts. Smart contracts generally refer to small applications stored on a blockchain and executed in parallel by a large set of validators. In the context of public blockchains, the network is designed so that each participant can be involved in and verify the correct execution of any operation. As a result, smart contracts are somewhat inefficient compared with traditional centralized computing. However, their advantage is a high level of security: Smart contracts will always be executed as specified and allow anyone to verify the resulting state changes independently. When implemented securely, smart contracts are highly transparent and minimize the risk of manipulation and arbitrary intervention.

To understand the novelty of smart contracts, we first must look at regular server-based web applications. When a user interacts with such an application, they cannot observe the application's internal logic. Moreover, the user is not in control of the execution environment. Either one (or both) could be manipulated. As a result, the user has to trust the application service provider. Smart contracts mitigate both problems and ensure that an application runs as expected. The contract code is stored on the underlying blockchain and can therefore be publicly scrutinized. The contract's behavior is deterministic, and function calls (in the form of transactions) are processed by thousands of network participants in parallel, ensuring the execution's legitimacy. When the execution leads to state changes, for example, the change of account balances, these changes are subject to the blockchain network's consensus rules and will be reflected in and protected by the blockchain's state tree.

Smart contracts have access to a rich instruction set and are therefore quite flexible. Additionally, they can store cryptoassets and thereby assume the role of a custodian, with entirely customizable criteria for how, when, and to whom these assets can be released. This allows for a large variety of novel applications and flourishing ecosystems.

The original concept of a smart contract was coined by Szabo (1994). Szabo (1997) used the example of a vending machine to describe the idea further and argued that many agreements could be "embedded in the hardware and software we deal with, in such a way as to make a breach of contract expensive…for the breacher." Buterin (2013) proposed a decentralized blockchain-based smart contract platform to solve any trust issues regarding the execution environment and to enable secure global states. Additionally, this platform allows the contracts to interact with and build on top of each other (composability). The concept was further formalized by Wood (2015) and implemented under the name Ethereum. Although there are many alternatives, Ethereum is the largest smart contract platform in terms of market cap, available applications, and development activity.

DeFi still is a niche market with relatively low volumes—however, these numbers are growing rapidly. The value of funds that are locked in DeFi-related smart contracts recently crossed 10 billion USD. It is essential to understand that these are not transaction volume or market cap numbers; the value refers to reserves locked in smart contracts for use in various ways that will be explained in the course of this paper. Figure 1 shows the Ether (ETH, the native cryptoasset of Ethereum) and USD values of the assets locked in DeFi applications. 

Figure 1 Total Value Locked in DeFi Contracts (USD and ETH)

NOTE: M, million.

SOURCE: DeFi Pulse.

The spectacular growth of these assets alongside some truly innovative protocols suggests that DeFi may become relevant in a much broader context and has sparked interest among policymakers, researchers, and financial institutions. This article is targeted at individuals from these organizations with an economics or legal background and serves as a survey and an introduction to the topic. In particular, it identifies opportunities and risks and should be seen as a foundation for further research.

Read the full article .

Cite this article

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Igor makarov and igor makarov associate professor of finance - london school of economics and political science antoinette schoar antoinette schoar stewart c. myers-horn family professor of finance and entrepreneurship - mit sloan school of management discussants: gary b. gorton and gary b. gorton frederick frank class of 1954 professor of management & professor of finance - yale school of management eswar prasad eswar prasad senior fellow - global economy and development @eswarsprasad.

March 23, 2022

The paper summarized here is part of the Spring 2022 edition of the  Brookings Papers on Economic Activity (BPEA) , the leading conference series and journal in economics for timely, cutting-edge research about real-world policy issues. The conference draft of the paper was presented at the  Spring 2022 BPEA conference . The final version was published in the Spring 2022 issue by Johns Hopkins University Press. The recording of the conference session can be found below. Read all papers published in this issue  here . Submit a proposal to present at a future BPEA conference  here .

The fast-growing decentralized finance (DeFi) system—the collection of finance applications built on blockchain technology—holds promise for a new financial architecture that can eliminate the need for traditional intermediaries (such as banks, brokers, and exchanges) and reduce rents (excess profits) in the financial sector. But it also generates formidable challenges for regulators, according to a paper discussed at the Brookings Papers on Economic Activity (BPEA) conference on March 24, 2022.

“DeFi applications might have the potential to democratize finance by creating a level playing field among providers of financial products and services,” write the authors—Igor Makarov of the London School of Economics and Antoinette Schoar of the Massachusetts Institute of Technology.

But, they warn in Cryptocurrencies and Decentralized Finance (DeFi) , the reduction of rents might not materialize automatically. Rents are often the result of inherent constraints to competition that arise from network externalities (the phenomenon that the value of a financial service or DeFi app increases as its use becomes more common) and economies of scale. These constraints exist both in the traditional financial system and the new architecture, and thus require careful regulation.

The permissionless and pseudonymous design of DeFi applications can severely limit the ability of regulators to oversee the industry and restrict unscrupulous actors. DeFi generates challenges for enforcing tax and money laundering laws and preventing financial malfeasance, and as a result can create negative spillovers on the rest of the economy.

The paper explains how decentralized finance works and the mechanics behind it, such as the security protocols of different cryptocurrency blockchains and smart contracts (embedded computer code that automatically executes transactions when predetermined conditions are met). The authors lay out potential benefits and challenges of the new system, including the difficulty of providing effective consumer financial protections.

The authors then highlight ways to regulate the DeFi system which would “preserve a majority of features of the blockchain architecture but support accountability and regulatory compliance.” They propose regulatory oversight of validators—the blockchain network participants who ensure the integrity of the blockchain ledger (the decentralized record of transactions) and who are paid in cryptocurrency for verifying transactions. Regulators could certify validators to ensure they check that addresses on cryptocurrency networks belong to certified entities and then only process transactions to and from certified addresses.

“If regulators wait too long, in effect cryptocurrencies and DeFi applications can become too-big-to-regulate.”

How the technology and regulation of the DeFi system evolve has important consequences for the global economy and ultimately to the United States’ standing in it, the authors write. They note that the United States enjoys “significant economic and strategic benefits” from the central role of the dollar and U.S. financial system and conclude, “therefore it is in the U.S. interest to encourage innovation and modern financial technologies but at the same time set standards that protect consumers and maintain the transparency and accountability of the system.”

However, the exponential growth of cryptocurrencies and the growing political clout of the crypto community means time is short for finding regulatory solutions, the authors caution. “If regulators wait too long,” they write, “in effect cryptocurrencies and DeFi applications can become too-big-to-regulate.”

Aknowledgment

David Skidmore authored the summary language for this paper.

Makarov, Igor and Antoinette Schoar. 2022. “Cryptocurrencies and Decentralized Finance (DeFi).”  Brookings Papers on Economic Activity,  Spring. 141-196.

Gorton, Gary. 2022. “Comment on ‘Cryptocurrencies and Decentralized Finance (DeFi)’.” Brookings Papers on Economic Activity,  Spring. 197-205.

Prasad, Eswar. 2022. “Comment on ‘Cryptocurrencies and Decentralized Finance (DeFi)’.” Brookings Papers on Economic Activity,  Spring. 206-212.

Gary Gorton is the Frederick Frank Class of 1954 Professor of Finance at the Yale School of Management. He was a cofounder and board member of TNB USA Inc. (The Narrow Bank), which was a Connecticut-based depository institution. The views expressed in the comment are those of the discussant and do not necessarily reflect those of Yale School of Management.

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What is DeFi?

Key takeaways

• Decentralized finance, or DeFi, is an emerging network of peer-to-peer financial services that uses blockchain technology to facilitate lending, borrowing, staking, and trading.
• Advocates believe DeFi may revolutionize the traditional financial system by cutting out intermediaries like banks and credit card companies.
• Skeptics cite regulatory uncertainty, technical complexities, and potential risks of hacks and fraudulent activity.

DeFi advocates have ambitious goals—many of them wish to rewire traditional financial systems like banking and credit card payments. They believe blockchain technology can help replace most, if not all, of the predominant parts of the financial establishment.

How do DeFi advocates plan on achieving this? And why should even the most passionate supporters be cautious right now? Let’s dive in.

What is DeFi and how does it work?

DeFi is an umbrella term for apps, platforms, and organizations that enable users to lend, borrow, stake (we’ll cover more on what staking is shortly), and trade crypto assets.

These functions are accomplished with smart contracts and blockchain technology . Smart contracts are digital contracts that can be programmed so that a predetermined action happens once certain requirements are met.

Here’s an example of how this works. Let’s say Jane wants to take out a loan. Typically, she might apply for one through her bank. With DeFi smart contracts , however, Jane can connect directly with a lender without the need for a bank. That’s because all the logistics of the loan, including the terms and the ability to track repayments, can be programmed into the smart contract.

DeFi aims to apply this way of operating to as many aspects of traditional finance as possible. Advocates think it can provide an open, transparent, and efficient alternative to the established financial system. Anyone with a smartphone or computer can take part, no matter where they’re located. There are no third-party entities that decide who can or can’t participate.

Most DeFi platforms are known as protocols, a term which describes the functions and rules of the service. Users mostly conduct transactions with DApps (short for decentralized applications), which are software-based apps built upon blockchains, most commonly on the Ethereum network . In simple terms, they’re like the apps on your smartphone or computer, but they operate with blockchain technology.

DeFi has gained significant attention in recent years, but the community’s aspiration to disrupt traditional finance faces skepticism for a variety of reasons. Critics warn that many DeFi projects are highly speculative and volatile. Furthermore, unlike traditional finance, DeFi platforms do not offer insurance—users potentially risk losing their investments in the event of a hack or a smart-contract failure. Additional drawbacks, according to skeptics, include regulatory concerns and scalability limitations.

Centralized finance vs. decentralized finance

As you learn about DeFi, you may come across the distinction between centralized finance and decentralized finance . Centralized finance—sometimes referred to as “CeFi” or “TradFi” by the crypto community—describes the world of traditional banks, brokers, insurers, and credit card companies.

Many DeFi supporters think CeFi has shortcomings, including creditworthiness requirements, high fees, lengthy wait times for wire transfers, limitations on access to funds, and other factors. They believe the remedy, of course, is DeFi—an ecosystem where developers are also able to create new products and services without the need for approval from centralized entities.

Yet this also means that DeFi lacks many of the built-in protections that existing centralized finance systems have. These include benefits like regulatory oversight, customer support, and more user-friendly interfaces. In addition, blockchains which host DeFi platforms can become congested, which may lead to higher transaction fees and slower confirmation times.

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What are some DeFi use cases?

DeFi is currently being applied to a variety of financial services. A few of these include:

DeFi supporters envision a future where smart contracts can automate payroll, accounts receivable, and royalty payments to ensure accuracy and timeliness. They believe this will also help cut down on the administrative costs required to manage these items.

For skeptics, the decentralized nature of DeFi comes with a lot of risks. For example, unlike centralized financial services, DeFi protocols don’t have customer support. There’s no central team that can resolve disputes or reverse transactions in case of error. This may make using DeFi for significant financial activities (i.e., payroll) riskier or less practical than traditional methods.

Decentralized exchanges (DEXs)

How do DEXs operate? Most crypto trading occurs via centralized exchanges (CEXs). Decentralized exchanges (DEXs), however, aim to allow trading without a centralized authority. They run on smart contracts, which supporters believe can make trading more trustworthy and allow participants to stay anonymous.

However, while decentralization may offer greater privacy, a main trade-off is that there is regulatory uncertainty, which can lead to greater risk of scams and frauds. For example, smart contracts are a relatively new technology and can potentially face technical vulnerabilities. In the last few years, several high profile DeFi protocols have been hacked for over 9 figures in losses. Skeptics believe it’s not worth putting your financial assets on the line assuming these kinds of risks.

Also, since DEXs have fewer participants than CEXs, users may experience lower trading volumes and lower liquidity, in addition to potential price disparities. Furthermore, custody of assets is also directly linked to users’ wallets —instead of an account on a CEX—leading to potential security risks.

Lending and borrowing

Advocates believe DeFi can make it easier for more people to access lending, as approval doesn’t rely on many of the strict criteria required by traditional lenders. DeFi lending involves supplying crypto to protocols which, in turn, can be borrowed in exchange for interest. Borrowers must provide collateral in the form of other crypto assets, which are sometimes worth more than the value of the amount they want to borrow. Why would a borrower do this? Hypothetically it supplies crypto liquidity to a borrower who may not wish to sell the specific crypto assets that are being put up for collateral.

As previously noted, DeFi lending platforms don’t have the typical consumer requirements that exist in traditional finance, which can be a double-edged sword, as those requirements are often implemented to protect the consumer. Additionally, crypto volatility may create unfavorable conditions for both borrowers and lenders.

Yield farming

Yield farming allows participants to earn crypto by supplying liquidity across multiple DEXs to increase returns. Users can choose to lock up their crypto in accounts known as liquidity pools, which helps make trading on DEXs run more smoothly.

However, skeptics note that DeFi products are currently complicated to use, requiring a deeper, more sophisticated knowledge of the crypto landscape and its unique ins and outs. Without technical knowledge of how smart contracts work, less experienced users may be at greater risk of making mistakes, and the slightest errors may result in losing access to their assets forever. In addition, yield volatility on certain platforms can potentially lead to rapid devaluation of returns.

Staking cryptocurrencies is a process that involves committing or “locking up” your crypto assets for specific periods of time to support a blockchain network and confirm transactions. Staking allows users to earn crypto rewards on the amount they lock up. This helps blockchains because the crypto that’s locked contributes to the network’s stability and security.

Still, given that some protocols require staked crypto to be locked up for a predetermined time, users may experience reduced liquidity and flexibility with their assets. In addition, due to the potential security vulnerabilities of smart contracts, stakers may be at risk of losing their locked-up funds.

Real estate transactions

Traditionally, buying and selling real estate can involve multiple intermediaries, which can make the process expensive and slow. DeFi supporters hope that smart contracts can open the door for faster and more cost-efficient transactions that don't need third parties. They also believe they can be used to verify ownership of the property more effectively than existing methods.

Given DeFi is still in its infancy, using it for large transactions like real estate may pose certain challenges, including security risks with smart contracts. In addition, the concept of tokenized real estate on blockchain is fairly new and may create obstacles for buyers and sellers. The property market is highly regulated and tax structures may create greater complexity for transactions, especially across different geographic regions.

What to consider before participating in DeFi

Before using any DeFi protocols, first learn how they work . As mentioned earlier, many of these platforms can be complex and intimidating for new users. For example, most DeFi activities require the use of a crypto wallet , which can be a complicated tool to figure out in and of itself. Remember: Even the slightest mistake could result in losing access to your assets for good. So be sure you‘re confident about how a platform functions before using it.

Also, note that crypto may be more susceptible to market manipulation than securities, and DeFi platforms may be more vulnerable to security concerns than centralized finance platforms. Crypto holders and DeFi users do not benefit from the same regulatory protections applicable to registered securities. Crypto is also not insured by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation, meaning you should only buy crypto or interact with DeFi protocols with an amount you're willing to lose.

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Les matchs à ne pas manquer : Swiatek au défi Osaka

Voici une sélection de quatre matchs que l’on vous suggère de surveiller de près, ce mercredi à Roland-Garros. 

L’actuelle numéro un mondiale et l’une de celles qui l’a précédée au sommet du classement : Iga Swiatek et Naomi Osaka s’affrontent aujourd’hui et c’est seulement le deuxième tour…

Iga Swiatek (n°1) - Naomi Osaka : court Philippe-Chatrier, 3e rotation

Si pour une raison quelconque, vous voulez contrarier Naomi Osaka , parlez-lui de son tableau. Elle ne se projette pas au-delà de sa prochaine adversaire. Trop de stress. Trop de pression. Mais quand elle est arrivée à Paris et que tout le monde n’arrêtait pas de lui en parler, elle a commencé à se poser des questions. Et ce n’est qu’à ce moment-là qu’elle a réalisé qu’elle était dans la partie haute. " Je blaguais en disant ‘Bon, ce n’est pas comme si je jouais Iga ’, a-t-elle raconté après son premier tour. Et tout le monde s’est tu… J’ai dit ‘Ah ok…’ "

Effectivement, elle jouera bien Iga Swiatek , tenante du titre et patronne de la WTA. Ce sera leur troisième affrontement (elles comptent une victoire chacune) mais le premier sur terre battue. Mais ce n'est pas spécialement une bonne nouvelle... Revenue sur le circuit il y a cinq mois après avoir donné naissance à une petite Shai, la Japonaise monte indéniablement en puissance mais a encore du chemin à parcourir pour retrouver son meilleur niveau. Peu importe, elle est impatiente de défier la patronne du circuit.

" Je l’ai beaucoup regardée quand j’étais enceinte , a confié Osaka. Et honnêtement je trouve que c’est un honneur de l’affronter à Roland-Garros parce qu’elle a gagné trois fois ici. C’est un grand honneur et un challenge pour moi. "

C’est un immense défi pour quiconque est opposée à Swiatek sur n’importe quel court en ce moment. Elle n’a pas perdu un match depuis le 20 avril ( défaite en demi-finales de Stuttgart ) et reste sur une série de 15 victoires consécutives. Mais avant son match contre Osaka, ancienne numéro un mondiale et gagnante de quatre titres du Grand Chelem, elle ne prend rien pour acquis. Elle qui est aussi une fan de la Japonaise. 

" Je suis très impressionnée par son retour. Je trouve que c’est une superbe personne et son jeu est très sympa à regarder aussi. Je ne l’ai jamais affrontée sur terre, c’est vrai. Mais nos matchs sur dur ont toujours été très intenses et difficiles. Je suis juste contente qu’elle soit de retour et rejoue bien. "

Et si jamais quelqu’un pense qu’Osaka (actuellement 134e mondiale) doute de ses capacités contre une telle adversaire, il se trompe. Ce n’est pas ainsi que pensent les championnes. " J’ai toute confiance en mes capacités , a commenté l'intéressée. Je pense que je peux gagner chaque match que je joue. C’est ce qui m’a amenée aussi loin." Sortez le pop-corn !

Caroline Garcia (n°21) - Sofia Kenin : court Philippe-Chatrier, 1ère rotation

Dans les sports d’équipe, jouer à domicile est un avantage. Mais au tennis, toute l’attention est focalisée sur un seul individu et la pression peut être difficile à gérer. Donc quand Caroline Garcia va défier la finaliste de l’édition 2020 , elle sait qu’il y aura de la tension. " Evidemment que j’aurai de la pression sur les épaules , a-t-elle déclaré. Je sais que mon niveau de jeu me permet de battre n’importe qui mais suis-je capable de le faire sur deux semaines ? Je ne sais pas. "

Sofia Kenin , elle, sait qu’elle peut tenir ce niveau sur tout un tournoi depuis sa victoire à l’Open d’Australie 2020 . Si elle n’a jamais réitéré cette performance, l’Américaine a déjà prouvé qu'elle était une guerrière. Après une série de défaites au premier tour cette saison, elle a finalement remporté deux matchs d’affilée à Rome (dont un contre Ons Jabeur). Juste à temps pour être prête pour Roland-Garros.

➡️ Mercredi 29 mai : le programme des Français

Coco Gauff (n°3) - Tamara Zidansek : court Suzanne-Lenglen, 4e rotation

C'est fou de se dire que Coco Gauff n’a toujours que 20 ans. La championne en titre de l’US Open et finaliste de Roland-Garros 2022 semble faire les gros titres depuis des années. Elle avait seulement 14 ans quand elle est entrée dans la lumière ici en remportant le tournoi juniors. Quatre ans plus tard, elle était en finale du simple dames.

En pleurs après sa défaite contre Iga Swiatek ce jour-là, elle a maintenant un titre du Grand Chelem dans sa besace. Son objectif est simple : remporter le plus de Majeurs possible, comme son idole Serena Williams. Solidement installée à la troisième place mondiale, elle a expédié son premier tour en 52 minutes . De quoi partir confiante avant d’affronter Tamara Zidansek . La demi-finaliste de l'édition 2021 tentera de surfer sur ses trois victoires en qualifications ajoutées à celle face à Alison van Uytvanck au premier tour pour créer l’exploit.

Denis Shapovalov - Frances Tiafoe (n°25) : court 14, 2e rotation

Un duel qui sent bon le spectacle ! Deux ex-top 10, anciens demi-finalistes en Grand Chelem ( à Wimbledon 2021 pour le premier, à l'US Open 2022 pour l'autre ) et adeptes d'un style de jeu empli d'agressivité. Si Denis Shapovalov , à l'aise dans les échanges en puissance, pointe aujourd'hui au 118e rang mondial, son adversaire n'arrive pas vraiment plus confiant. Depuis sa finale à l'ATP 250 de Houston, Frances Tiafoe n'a remporté qu'un seul match sur terre, à Lyon. Mais ce showman invétéré, armé de son redoutable revers, voudra à coup sûr gagner avec la manière et retrouver le troisième tour pour la deuxième année consécutive Porte d'Auteuil.

Ben Shelton (n°15) - Kei Nishikori : court 7, 1ère rotation

Il est difficile d’imaginer une confrontation mettant aux prises deux joueurs plus opposés. D’un côté, la fougue et le tempérament explosif de Ben Shelton . De l’autre, l’expérience et le calme de Kei Nishikori . Treize années séparent les deux hommes, qui vont se croiser pour la première fois à l’occasion d’un deuxième tour très indécis. 

Tombeur d’Hugo Gaston pour son entrée en lice, le jeune Américain apprivoise de mieux en mieux la terre battue, en témoigne son titre décroché à Houston début avril. Nishikori, quant à lui, a arraché sa première victoire à Roland-Garros depuis trois ans en venant à bout du qualifié Gabriel Diallo au terme d’un premier tour à rallonge dimanche (7/5, 7/6(3), 3/6, 1/6, 7/5). Trois fois quart de finaliste Porte d’Auteuil, le Japonais a l’occasion d’atteindre le troisième tour d’un Grand Chelem pour la première fois depuis l’US Open 2021.

Découvrez l'application Roland-Garros Officiel

La Worldwide Developers Conference débutera le 10 juin avec une Keynote

Keynote Apple

Présentation « Platforms State of the Union »

Accès aux spécialistes

Vidéos et guides des séances

Défi Swift Student Challenge

Prix Apple Design Awards

Apple Developer

Texte de l’article

28 mai 2024

MISE À JOUR

La conférence annuelle en ligne aura lieu du 10 au 14 juin et promet une semaine incroyable de technologies et d’innovations

Aujourd’hui, Apple a annoncé le programme de la Worldwide Developers Conference (WWDC), qui comprendra une Keynote et une présentation « Platforms State of the Union », et a dévoilé les découvertes et expériences qui attendent les développeurs et développeuses au cours de la semaine. Cette conférence en ligne gratuite réunit la communauté mondiale des développeurs et développeuses d’Apple pour leur donner un aperçu des dernières technologies et des derniers outils et cadres de travail à venir pour iOS, iPadOS, macOS, tvOS, visionOS et watchOS. Tout au long de la semaine, les développeurs et développeuses pourront entendre des ingénieurs, des concepteurs et d’autres experts d’Apple dans le cadre de plus de 100 séances de discussion technique, de consultations approfondies et de forums en direct pour obtenir des conseils sur le développement d’applications et de jeux novateurs sur diverses plateformes à l’échelle de tous les produits Apple.

Le 10 juin à 13 h (HAE) L’édition 2024 de la WWDC débutera avec le dévoilement des nouveautés qui seront offertes sur toutes les plateformes Apple au courant de l’année. La Keynote sera diffusée en continu sur apple.com/ca/fr , sur les applications Apple Developer et Apple TV ainsi que sur la chaîne YouTube d’Apple. Elle sera également disponible sur demande dès la fin de la diffusion en continu.

Le 10 juin à 16 h (HAE) Après la Keynote, la présentation « Platforms State of the Union » examinera plus en détails les dernières avancées d’iOS, d’iPadOS, de macOS, de tvOS, de visionOS et de watchOS ainsi que les nouveaux outils qui donneront encore plus de pouvoir aux développeurs et développeuses d’applications Apple. La diffusion en continu de la présentation « Platforms State of the Union » pourra être visionnée par l’intermédiaire de l’application et du site Web Apple Developer. Un enregistrement sera disponible après la fin de la diffusion en continu sur l’application, le site Web et la chaîne YouTube Apple Developer.

Les membres de l’Apple Developer Program et de l’Apple Developer Enterprise Program peuvent communiquer directement avec des experts d’Apple par l’intermédiaire de laboratoires en ligne et de consultations approfondies pour obtenir des conseils sur la mise en œuvre des dernières technologies, le respect des pratiques exemplaires et l’amélioration de leurs applications et de leurs jeux. Il également possible de communiquer avec les ingénieurs et les concepteurs d’Apple en direct au moyen d’Apple Developer Forums pour obtenir du soutien technique.

Avec plus de 100 séances de discussion technique organisées tout au long de la semaine, l’édition 2024 de la WWDC offrira aux développeurs et développeuses la possibilité d’écouter des ingénieurs, des concepteurs et d’autres experts d’Apple pour approfondir leurs connaissances des dernières technologies et des derniers cadres de travail. Les séances seront disponibles sur l’application, le site Web et la chaîne YouTube Apple Developer. Cette année, les développeurs et développeuses pourront également accéder à des guides préparés par des experts qui leur offriront un tour d’horizon des principales annonces de la conférence, de la nouvelle documentation aux séances et bien plus encore.

Apple est fière de soutenir les développeurs et développeuses à l’aide du défi Swift Student Challenge, qui est l’un des nombreux programmes d’Apple visant à encourager les technologues, créateurs et entrepreneurs de demain. Cette année, 50 personnes désignées lauréates distinguées ont été récompensées pour leurs travaux exceptionnels et se rendront à l’Apple Park pour vivre une expérience de trois jours offrant des activités spéciales tout au long de la semaine de la WWDC.

Les prix Apple Design Awards récompensent l’excellence en matière de conception d’applications et de jeux et mettent en lumière le savoir-faire, la créativité et l’expertise technique que les développeurs et développeuses démontrent dans le cadre de leur travail. Découvrez les finalistes de cette année, qui ont été dévoilés aujourd’hui sur le site Web et l’application Apple Developer. Les lauréats et lauréates de cette année seront annoncés prochainement.

L’application Apple Developer est une excellente façon d’assister à l’édition 2024 de la WWDC au moyen d’un iPhone, d’un iPad, d’un Mac, d’Apple TV et d’un Apple Vision Pro. Les développeurs et développeuses peuvent également trouver toutes les dernières nouvelles, séances vidéo, annonces et activités dans cette application. Cette dernière offre aussi la possibilité de naviguer par thème, de s’inscrire à des consultations approfondies, de regarder des séances vidéo auprès de pairs à l’aide de SharePlay, de copier un code directement à partir des vidéos des séances et bien plus encore.

De plus, la communauté de développement peut accéder au contenu, aux inscriptions, à l’actualité, aux reportages et à la documentation de la WWDC en consultant  developer.apple.com .

Personnes-ressources

Cortney Hughes

[email protected]

647 943-4562

Josh Zeliger

joshua s [email protected]

647 537-7244

[email protected]