Decentralised Finance: Defining the future of finance

In 2008, as the world stared into the abyss of the global financial crisis then playing out, Bitcoin enthusiasts saw it as presenting the possibility of a new, wholly independent ecosystem of electronic cash. Advocates made bold claims about how Bitcoin would not only change the operation of the financial system, but also impact previously accepted ideas around data, privacy, and government.

The Bitcoin concept was further extended in 2013 with the launch of Ethereum, which provided improvements to a range of the original Bitcoin features. One of these was the concept of DEFI期权交易平台的发展态势 the smart contract. Bitcoin is principally known as a transmissible store of value, recorded on a decentralised, shared ledger. However, because Bitcoin is written using code, conditions can be attached to the transfer of value, creating a framework for the electronic settlement of contracts. This type of framework opens up to the potential for perfect execution of an agreement between parties, where payment is released simultaneously upon the delivery of goods or services. Such a capability has some very direct and relevant use cases in commerce generally – but more especially in financial services.

Ethereum very much heralded the advent of DeFi, by providing a trusted framework upon which computer code can be deployed, executing instructions exactly as written. This framework can be linked to the control of digital assets, which in turn can be used to create financial products. The providers of financial services, such as mortgages, do exactly the same. The difference is that, to date, it's been down to the financial intermediaries and regulators to ensure the products operate as intended. In DeFi, by contrast, it's down to trusting the code.

What makes DeFi unique?

One of DEFI期权交易平台的发展态势 the biggest draws to the whole idea of using DEFI期权交易平台的发展态势 blockchain technology to reinvent the finance space lies in how the market can become permissionless and open to anyone. A further attraction is the concept of composability, which means anyone can mix and match any existing DeFi offering to build a new one. The composability of such a network, effectively made of blocks of interlocking components, also means that newer innovations and needs in the finance space can be easily built on top DEFI期权交易平台的发展态势 of the network and plugged together, with everything being governed by smart contracts.

Smart contracts are programmes that automatically execute an action when a certain event occurs. This allows users to define rules governed by technology. Conditions can be defined, which, if met, will automatically trigger other actions such as sending or receiving funds, or even the execution of other smart contracts. This type of automation enables the delivery of existing financial services DEFI期权交易平台的发展态势 over blockchain networks and allows for the creation of new services where the rules and conditions of execution are guaranteed by the network itself. The implications of using smart contracts in this way are incredibly profound DEFI期权交易平台的发展态势 for financial services.

With smart contracts being key to DeFi applications, most DeFi projects are currently built on the Ethereum network. This is due to the widespread availability of developer capability to work with Ethereum's Solidity programming language that supports the creation of the necessary smart contracts. However, there are now many other blockchain networks that allow DeFi applications as well.

The DeFi landscape

DeFi projects continue to be lucrative ventures. For many of these projects, the development teams retain a significant portion of the token supply, or the electronic shares used to control and secure the operation of the mainnet. This not only means that the team can benefit from speculation on prices, but also allows the firm to be party to the correct operation of the protocol, earning it rewards for effectively securing the proper operation of the network.


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急成長するDeFiだが、ブロックチェーンに詳しい専門家を除いて、その正体はほとんど知られていない。こうしたなか、日本ブロックチェーン協会(JBA)はオンラインで「DeFi勉強会」を複数回にわたって開催している。2021年10月14日に開催した勉強会では、日本銀行でDeFiや中央銀行デジタル通貨(CBDC:Central Bank Digital Currencies)といった最新の金融技術を調査する専門家が、DeFiの詳細を一般向けに解説した。


一度デプロイ(展開)したらコードの変更が困難な分散型取引所の「Uniswap」や、ガバナンスの権利も完全にコミュニティの手に渡している「MakerDAO」のように分散性を最大限まで追求しているプロジェクトもあれば、自身を「CeDeFi(Centralized Decentralized Finance)」と描写しているBSC(バイナンス・スマートチェーン)上のプロジェクトのように、一部には中央集権組織が権力を持っているプロジェクトもあり、どこまでをDeFiと捉えるかは、明確には定義されていない。