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DeFi and the Future of Finance

Author: Campbell R. Harvey

Additional information

Format

Audiobook, Hardcover, Kindle

Publisher

Wiley

Year of Publishing

2021

Categories: , Tags: , Product ID: 19222

Description

During the Global Financial Crisis in 2008, our financial infrastructure failed.

Govern­ments bailed out the very institutions that let the economy down. This episode spurred a serious rethink of our financial system. Does it make any sense that it takes two days to settle a stock transaction? Why do retailers, operating on razor-thin margins, have to pay 3% for every customer credit card swipe? Why does it take two days to transfer money from a bank account to a brokerage—or any other company? Why are savings rates miniscule or negative? Why is it so difficult for entrepreneurs to get financ­ing at traditional banks?

In DeFi and the Future of Finance, Campbell R. Harvey, Ashwin Ramachandran, and Joey Santoro introduce the new world of Decen­tralized Finance. The book argues that the current financial landscape is ripe for dis­ruption and we are seeing, in real-time, the reinvention of finance.

The authors provide the reader with a clear assessment of the problems with the current financial system and how DeFi solves many of these problems. The essence of DeFi is that we interact with peers—there is no brick and mortar and all of the associated costs. Savings and lending are reinvented. Trading takes place with algorithms far re­moved from traditional brokerages.

The book conducts a deep dive on some of the most innovative protocols such as Uniswap and Compound. Many of the companies featured in the book you might not have heard of—however, you will in the future.

As with any new technology, there is a myriad of risks and the authors carefully catalog these risks and assess which ones can be successfully mitigated.

Ideally suited for people working in any part of the finance industry as well as finan­cial policymakers, DeFi and the Future of Finance gives readers a vision of the future. The world of finance will fundamentally be changed over the coming decade. The book enables you to become part of the disruption – not the target of the disruption.

Table of Contents

  • 1 Introduction
    • Five Key Problems of Centralized Financial Systems
    • Implications
  • 2 The Origins of Modern Decentralized Finance
    • A Brief History of Finance
    • Fintech
    • Bitcoin and Cryptocurrency
    • Ethereum and DeFi
  • 3 DeFi Infrastructure
      • Blockchain
      • Cryptocurrency
      • The Smart Contract Platform
      • Oracles
      • Stablecoins
      • Decentralized Applications
  • 4 DeFi Primitives
    • Transactions
    • Fungible Tokens
    • Nonfungible Tokens
    • Custody
    • Supply Adjustment
    • Incentives
    • Swap
    • Collateralized Loans
    • Flash (Uncollateralized) Loans)
  • 5 Problems DeFi Solves
    • Inefficiency
    • Limited Access
    • Opacity
    • Centralized Control
    • Lack of Inoperability
  • 6 DeFi Deep Dive
    • Credit/Lending
    • Decentralized Exchange
    • Derivatives
    • Tokenization
  • 7 Risks
    • Smart Contract Risk
    • Governance Risk
    • Oracle Risk
    • Scaling Risk
    • DEX Risk
    • Custodial Risk
    • Regulatory Risk
  • 8 Conclusions: Losers and Winners

 


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