The financial world is changing at a pace never before seen in history. These new instruments are being developed and made available to anyone willing to explore the space and to serve a wide variety of needs. Investment in Decentralised Finance (or DeFi) has spiked to 1.5bn USD in assets locked. These assets are in the form of digital tokens called cryptoassets and have many of the same properties as those found in more familiar financial markets.
This is all happening against a backdrop of traditional financial markets operating in a very strange state. Across the globe interest rates on savings accounts are dismal or negative, and the bond market is turning negative on a regular basis. Inflation is eating away at everything.
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In broad terms DeFi products and services look to achieve similar outcomes to those that exist today in the traditional financial world. Common examples include stable currencies, collateralized loans, bonds, interest rate swaps and so on. The key difference is that they do not rely on institutions to act as trusted third parties. All the trust lies within the complex, but transparent, code and mathematics that make up the blockchain and smart contracts knitting the ideas into the technology.
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I’ll need a quick reminder about blockchain and smart contracts…
Blockchain technology relies on digital tokens, formally called cryptoassets, which can change ownership in a trustless manner. The ownership is tracked using a special kind of distributed database so that everyone can agree on who owns what (with varying degrees of privacy).
The most advanced blockchains support smart contracts which allow cryptoassets to be programmable, meaning you don’t need a huge middle or back office to settle, clear and manage breaks. Smart contracts should make the most complex of financial products as easy as sending an email.
Ethereum is by far the largest blockchain-based smart contract ecosystem in the world and is currently undergoing a significant parallel upgrade to its core infrastructure to transition to Ethereum 2. Many of the largest DeFi markets operate using Ethereum as their platform.