000			03721nam a22002537a 4500
999			_c4534 _d4534
005			20230208115532.0
008			230208b ||||| |||| 00| 0 eng d
020			_a9781119836018
082			_a332 _bHAR
100			_aHarvey, Campbell R. _97405
245			_aDeFi and the future of finance
260			_bJohn Wiley & Sons, Inc. _aNew Jersey _c2021
300			_axiii, 193 p.
365			_aUSD _b26.95
504			_aTABLE OF CONTENTS 1 Introduction 4 Five Key Problems of Centralized Financial Systems Implications 2 The Origins of Modern Decentralized Finance 6 A Brief History of Finance 6 Fintech 6 Bitcoin and Cryptocurrency 7 Ethereum and DeFi 9 3 DeFi Infrastructure 9 Blockchain 10 Cryptocurrency 10 The Smart Contract Platform 11 Oracles 12 Stablecoins 13 Decentralized Applications 14 4 DeFi Primitives 14 Transactions 15 Fungible Tokens 16 Nonfungible Tokens 19 Custody 20 Supply Adjustment 20 Incentives 22 Swap 25 Collateralized Loans 27 Flash (Uncollateralized) Loans) 28 5 Problems DeFi Solves 28 Inefficiency 29 Limited Access 30 Opacity 31 Centralized Control 32 Lack of Inoperability 6 DeFi Deep Dive 34 Credit/Lending 34 Decentralized Exchange 49 Derivatives 55 Tokenization 65 7 Risks 68 Smart Contract Risk 68 Governance Risk 70 Oracle Risk 71 Scaling Risk 72 DEX Risk 73 Custodial Risk 74 Regulatory Risk 75 8 Conclusions: Losers and Winners 76
520			_aGovern­ments 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 are a myriad of risks and the authors carefully catalogue 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 policy makers, 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.
650			_aBanks and banking, Central _96339
650			_aFinance _9231
650			_aFinancial institutions _9223
650			_aFinancial services industry _96952
700			_aRamachandran, Ashwin _911792
700			_aSantoro, Joey _911793
942			_2ddc _cBK