In-Depth Analysis of Decentralized Finance (DeFi): A Historical and Future Perspective
Decentralized Finance (DeFi) represents a fundamental transformation in the financial industry. DeFI leverages blockchain technology to eliminate traditional financial intermediaries. It represents an array of financial applications in cryptocurrency or blockchain, aiming to disrupt conventional financial processes.
The essence of DeFi lies in its use of blockchain to facilitate complex financial transactions beyond simple value transfers. Unlike centralized systems, DeFi offers users direct control over their finances without intermediaries like banks or other financial institutions.
The innovation of DeFi is evident when compared to traditional digital payment methods. For instance, using a credit card involves a financial institution acting as an intermediary with control over the transaction. DeFi, as seen in using Bitcoin and other digital assets, removes these middlemen, allowing for direct peer-to-peer transactions.
Brief Historical Context of Financial Evolution
Let’s look at the evolution of financial systems. Initially, the transition from barter to money as a medium of exchange marked a foundational shift. It enabled more efficient trading and the development of complex economic systems.
The advent of banks and credit institutions further evolved finance, offering secure wealth storage and facilitating lending and borrowing. The digital era introduced electronic transactions and online banking, revolutionizing access to and management of finances.
Despite these advancements, financial systems largely remained centralized until blockchain technology and Bitcoin emerged in 2009. This innovation heralded a move towards decentralization, offering secure, transparent transactions without central authorities.
The Dawn of Trade and Early Financial Mechanisms
The Barter System: Origins of Peer-to-Peer Exchange
The barter system is often considered the earliest form of trade and can be traced back to times before recorded history. Barter was built on directly exchanging goods and services between parties. It was a peer-to-peer transaction where individuals would trade items of perceived equal value. For instance, one person might exchange a quantity of grain for livestock.
The system had its advantages, like simplicity and the direct fulfillment of mutual needs without the involvement of a third party. However, it also had significant limitations.
The primary challenge was the need for a “double coincidence of wants,” meaning that each party had to have what the other wanted and be willing to trade for it. This requirement often made bartering inefficient and cumbersome, especially as communities and trade networks grew.
The barter system laid the foundational concept of peer-to-peer exchange, echoed in modern decentralized finance systems. The transactions are conducted directly between individuals without intermediaries.
The Emergence of Credit and Primitive Banking Systems
The limitations of the barter system eventually led to the development of more sophisticated financial mechanisms, including the concept of credit. Early forms of credit emerged in agrarian societies where farmers and traders would borrow seeds or goods, promising to repay their debt following the harvest season. That system allowed for more flexibility in trade and contributed to economic development.
At the same time, we also see the emergence of primitive banking systems. Ancient temples and palaces in Mesopotamia, for example, served as early banks where individuals could store grain, cattle, and later precious metals.
These institutions began to offer basic financial services, including loans and deposits. They even engaged in rudimentary forms of currency exchange.
The development of these early banking systems was pivotal. They provided a centralized location for safekeeping valuables, essential in a world without sophisticated security systems. Moreover, these systems introduced the concept of interest, where borrowers would repay more than they borrowed, a cornerstone of modern banking.
These early forms of credit and banking were economically, socially, and culturally significant as they laid the groundwork for the complex financial systems that would follow. They were the first steps away from the direct, immediate exchange of the barter system towards a more flexible and forward-looking financial system.
The Birth and Development of Money
Transition from Barter to Monetary Systems
Transitioning from barter to monetary systems marks a pivotal moment in financial history. The transition occurred due to the necessity for a streamlined and standardized means of exchange. The constraints of the barter system, including the absence of a standardized unit of worth and challenges in preserving wealth, facilitated the emergence of currency.
The earliest forms of money were typically objects of inherent value, such as precious metals, shells, or beads. These items were universally recognized and accepted for trade, solving the double coincidence of wants problem inherent in barter.
Over time, societies began to adopt standardized units of these valuable materials, leading to the creation of coins. The first recorded use of coinage dates back to ancient Lydia and Mesopotamia, around 600 BCE.
Coins offer several advantages. They were portable, durable, and divisible, making them ideal for trade. Moreover, they carried a stamp of authority, usually from a ruler or government, certifying their weight and purity. The governmental backing was essential in establishing trust in the monetary system, a critical factor in modern finance.
Key Attributes of Early Money Forms
The key attributes of early money forms can be distilled into durability, portability, divisibility, and intrinsic value:
- Durability: Money had to withstand physical wear and tear since it was used in repeated transactions. Precious metals like gold and silver were perceived as valuable for their enduring nature and resilience against rust and decay.
- Portability: To facilitate trade, money needed to be easily transportable. It led to the adoption of small, lightweight items of significant value, such as coins or compact ingots.
- Divisibility: Effective money could be divided into smaller units, enabling transactions of varying sizes. Coins could be minted in different denominations, catering to various economic activities.
- Intrinsic Value: Early forms of money typically had value in themselves (e.g., precious metals). The intrinsic value helped to establish and maintain trust in the money’s worth. It was particularly important in the absence of complex banking and financial systems.
Characteristics and Evolution of Effective Currency
Essential Qualities of a Functional Currency
The effectiveness of a currency hinges on several essential qualities, which determine its functionality and reliability in the economy. These qualities are universally applicable, whether the currency is ancient coins or modern digital money.
- Acceptability: A community or economy must accept a currency widely in order for it to be functional. Acceptability ensures that individuals and businesses confidently use the currency for everyday transactions.
- Stability of Value: Steadiness is essential for a currency to function as a dependable repository of worth. Significant fluctuations in value can undermine confidence and disrupt economic stability.
- Durability: Similar to early forms of money, modern currency must withstand physical handling and long-term usage without significant degradation.
- Divisibility: Effective currency can be divided into smaller units, facilitating transactions of varying values without losing value in the division process.
- Portability: The currency should be easy to transport and transfer, allowing smooth and efficient transactions.
- Uniformity: Uniformity in currency, such as consistent designs and denominations, ensures ease of recognition and use, reducing the potential for confusion and counterfeiting.
- Limited Supply: The currency supply must be controlled to maintain its value. An oversupply can lead to inflation, while an insufficient supply can hamper economic growth.
Historical Transitions: From Metal Coins to Paper Money
The move from metal coins to paper money represents a significant evolution in the history of currency. The need for a more practical and effective method of exchange was what drove the transition. It became imperative as economies grew and transactions became more complex.
Inception of Paper Money
The first known instances of paper money were in China during the era of the Tang Dynasty (618–907 AD), but they became more widespread during the Song Dynasty (960–1279 AD). Merchants began using paper notes as a promise for future payments in metal money, primarily to avoid the inconvenience of transporting heavy coins over long distances.
Adoption in Europe
Europe witnessed the adoption of paper money much later, around the 17th century. The concept was introduced through explorers and traders who interacted with Eastern civilizations. Initially, it was met with skepticism but gradually gained acceptance as the benefits of paper currency became evident.
Backing of Paper Money
Initially, a promise to pay a specific amount of gold or silver served as the backing for paper money. This ‘representative money’ assured holders that they could exchange notes for precious metals, instilling trust in the new form of currency.
Development of Modern Currency
The vital link between paper money and precious metals weakened over time. Many countries have adopted fiat currency systems. In this case, the value of money is not based on physical commodities but rather on the issuing government’s stability and economic policies.
The shift allowed for more flexible and responsive monetary policies. However, fiat currency also devalues money and generates a new economic phenomenon called inflation.
Innovations in Banking and Money Transfers
The Advent of Modern Banking Systems
The foundation of modern banking systems can be traced back to the medieval and early Renaissance periods in Italy and other parts of Europe. Economic demands, technological advancements, and regulatory changes have all significantly shaped these systems over the centuries.
- Origins in Italy: Modern banking originated in medieval Italy, with cities like Florence, Venice, and Genoa leading the way. Italian merchants and moneylenders developed methods to manage and exchange various currencies and extend credit to traders.
- The Rise of Banks: Establishing banks provided a more organized and secure means of lending, borrowing, and storing wealth. The Bank of St. George in Genoa (1407) and the Medici Bank (1397) are early examples of such institutions.
- Innovations in Banking Services: Banks began offering a wider array of services, including deposit acceptance, lending, and the exchange of currencies. They also started issuing banknotes, which represented a depositor’s claim on the bank’s gold or silver.
- Central Banking System: The concept of a central bank emerged in the 17th century with the founding of the Riksbank in Sweden (1668) and the Bank of England (1694). These institutions were created to manage a state’s currency and monetary policy, setting a precedent for modern central banking.
Evolution of Electronic and Digital Payment Methods
The latter part of the 20th century saw remarkable changes in how money was transferred and managed, largely due to technological advancements.
- Electronic Fund Transfers (EFT): The introduction of EFT systems allowed for the electronic movement of funds between banks. This innovation greatly reduced the need for physical cash transactions and improved the efficiency of the banking system.
- Credit and Debit Cards: The widespread adoption of credit and debit cards changed consumer spending habits. These cards enabled convenient, cashless transactions and shaped modern consumer finance.
- Online Banking and Mobile Payments: With the advent of the Internet, online banking became a reality, allowing customers to manage their finances remotely. This evolution continued with the advent of mobile banking and payment apps, making financial transactions even more accessible and instantaneous.
- Cryptocurrencies and Blockchain: The creation of cryptocurrencies like Bitcoin introduced an entirely new form of currency based on blockchain technology. The decentralized approach to financial transactions represents a significant shift from traditional banking systems. It offers increased transparency, security, and reduced reliance on central authorities.
The Digital Revolution: Birth of Cryptocurrency
The Genesis of Bitcoin and Blockchain Technology
In 2009, with the advent of Bitcoin, a new era began in finance. Bitcoin introduced the world to the possibilities of cryptocurrency and blockchain technology. Developed by an individual or group using the alias Satoshi Nakamoto, Bitcoin offered a decentralized alternative to traditional, centralized financial institutions.
- Decentralization: Bitcoin functions on a decentralized network of computers, or nodes, which collectively validate and record transactions on a public ledger known as the blockchain. This innovative approach eliminates the need for a central authority, such as a bank or government, to oversee transactions, thereby reducing the potential for fraud and corruption.
- Blockchain Technology: The underlying technology of Bitcoin, blockchain, is a digital ledger comprised of chained data blocks. Each block contains many transactions that network participants verify through a consensus mechanism. such as proof of work. Once a block is added to the chain, its information is immutable, providing a transparent and secure record of transactions.
- Cryptography: Bitcoin and other cryptocurrencies employ cryptographic methods to secure transactions and regulate the issuance of fresh units. It ensures that only the owner of a digital wallet can authorize transactions, providing a high level of security and privacy.
- Global Impact: Bitcoin’s introduction has spurred the development of other cryptocurrencies, each with unique features and purposes. It has also prompted discussions and research into the possible applications of blockchain technology beyond cryptocurrency. Potential areas include supply chain management, voting systems, and digital identity verification.
The Impact of Cryptocurrencies on Traditional Finance
Cryptocurrencies have begun challenging the traditional financial ecosystem. They offered new ways to conduct transactions, invest, and raise capital.
- Decentralized Finance (DeFi): The rise of cryptocurrencies has paved the way for the emergence of DeFi. It aims to recreate traditional financial services on blockchain networks without intermediaries, including lending, borrowing, and trading. It has the features to make financial services more accessible and efficient.
- Payment Systems: Cryptocurrencies offer a faster, cheaper alternative to traditional payment systems, especially for cross-border transactions. Cryptocurrencies reduce transaction fees and processing times by bypassing banks and payment processors.
- Investment and Speculation: The volatility of cryptocurrencies has attracted investors and speculators looking for high returns. While this has led to significant gains for some, it has also introduced new risks. The risks highlight the need for regulation and consumer protection in crypto.
- Regulatory Challenges: The growth of cryptocurrencies has raised questions about regulation and oversight. Governments and financial authorities worldwide are grappling with incorporating cryptocurrencies within existing legal frameworks while ensuring consumer protection, preventing money laundering, and maintaining financial stability.
Blockchain and Its Disruptive Impact on Finance
Blockchain Beyond Bitcoin: Diverse Applications
While Bitcoin introduced the world to blockchain, the technology’s potential extends far beyond cryptocurrencies. Blockchain’s unique attributes—decentralization, transparency, security, and immutability—offer diverse applications across various sectors, significantly impacting the financial industry.
- Smart Contracts: One of the most revolutionary implementations of blockchain technology is smart contracts. These contracts autonomously execute agreements with their terms encoded directly into software. They autonomously enforce and execute contract terms when predefined conditions are fulfilled, diminishing the reliance on intermediaries while enhancing efficiency and trust.
- Supply Chain Management: Blockchain can offer a transparent and unchangeable ledger of goods and transactions across the supply chain. The visibility helps reduce fraud, manage recalls, improve compliance, and streamline logistics, ultimately saving costs and building consumer trust.
- Identity Verification: Blockchain can offer secure and immutable identity verification solutions in the financial sector. It can reduce the risk of fraud, streamline customer onboarding processes, and enhance privacy protections.
- Tokenization of Assets: Blockchain enables tokenizing real-world assets, such as real estate, art, or commodities, making them more accessible to investors. It can lower barriers to entry, improve liquidity, and democratize access to investment opportunities.
- Cross-border Payments: Blockchain technology offers a solution to the slow and costly traditional methods of cross-border payments. Financial institutions can reduce transaction times from days to minutes using cryptocurrencies or blockchain-based transactions and significantly lower fees.
Challenges and Opportunities for Traditional Banking
The rise of blockchain technology presents both challenges and opportunities for traditional banking institutions. As technology evolves, banks face adapting to a rapidly changing financial ecosystem.
- Disintermediation: Blockchain and cryptocurrencies have the potential to bypass traditional financial intermediaries. It threatens the traditional banking revenue model. Banks may need to find new ways to provide value to retain customers.
- Regulatory Compliance: The decentralized feature of blockchain poses significant challenges for regulatory compliance and oversight. Banks must handle these challenges while integrating blockchain technologies to comply with financial regulations.
- Cybersecurity Risks: While blockchain technology is inherently secure, its applications and the platforms built around it are not immune to cybersecurity risks. Banks adopting blockchain must invest in robust security measures to protect against hacking and fraud.
- Operational Efficiency: Blockchain offers banks opportunities to streamline operations, reduce costs, and improve customer service. Implementing blockchain can automate routine processes, reduce errors, and enhance the speed and transparency of transactions.
- Innovation and Collaboration: To harness the full potential of blockchain, banks need to foster a culture of innovation and collaborate with fintech companies, startups, and other stakeholders. It includes investing in blockchain research and development, participating in consortiums, and exploring new business models enabled by blockchain technology.
The Emergence of Decentralized Finance (DeFi)
DeFi as an Extension of Blockchain Technology
Decentralized Finance (DeFi) represents a groundbreaking shift in the financial sector. It leverages blockchain technology to transform traditional financial services into open, transparent, and permissionless systems. Its innovative framework extends the core principles of blockchain—decentralization, openness, and immutability—into the finance domain.
The aim is to create a system where financial products and services are accessible to anyone, anywhere, without the need for traditional financial intermediaries like banks and other financial institutions.
DeFi stands as a testament to the potential of blockchain technology. It serves as a foundation for cryptocurrencies and fundamentally transforms the infrastructure and operations of the global financial industry. It encompasses various financial services, including lending, borrowing, trading, investment, and insurance, operating on decentralized networks primarily built on the Ethereum platform.
The primary allure of DeFi is its ability to offer financial inclusivity and democratize access to financial services. It presents a radical alternative to the conventional, centralized financial system.
Key Components and Services in DeFi
The DeFi ecosystem is built upon several key components and services that create a comprehensive and interoperable financial system. These components are essential for the functionality, security, and accessibility of DeFi services.
- Smart Contracts: The backbone of DeFi, smart contracts automate the execution of agreements and transactions without human intervention based on pre-set conditions. This automation is what enables DeFi platforms to operate trustlessly and efficiently.
- Decentralized Exchanges (DEXs): Unlike traditional exchanges, DEXs offer users the ability to trade assets from their wallets among each other without needing an intermediary. It not only enhances security and privacy but also significantly reduces trading fees.
- Lending and Borrowing Platforms: These platforms use smart contracts to match lenders with borrowers. They allow users to lend their cryptocurrencies, earn interest, and borrow against their digital assets. The mechanism introduces a permissionless lending system unlike anything in traditional finance.
- Stablecoins: To mitigate the volatility associated with cryptocurrencies, DeFi has popularized using stablecoins. These coins are pegged to stable assets like the US dollar. Stablecoins provide a medium of exchange and a store of value, making them essential for transactions and financial activities in DeFi.
- Yield Farming and Liquidity Mining: These incentive mechanisms reward users with tokens for providing liquidity to DeFi platforms. Yield farming and liquidity mining have become popular ways of earning passive income on crypto holdings.
- Insurance Protocols: Given the risks associated with smart contracts and protocols, DeFi has introduced decentralized insurance services. These services allow users to purchase coverage against potential losses due to smart contract failures or other risks. It enhances the security of funds in the DeFi space.
- Decentralized Autonomous Organizations (DAOs): These are entities operated through smart contracts and managed by token holders. They are vital within the DeFi ecosystem, facilitating decentralized governance over DeFi initiatives and protocols.
Regulatory Environment and Future of DeFi
The Role of Regulation in Shaping DeFi
The decentralized nature of DeFi poses unique challenges and opportunities for regulators worldwide. Regulations are pivotal in shaping decentralized finance’s future, as they seek to balance the need for innovation with the imperative of protecting consumers and maintaining financial stability. The primary concern for regulators revolves around combating money laundering, ensuring compliance with securities laws, protecting consumer rights, and preventing systemic financial risks.
Regulatory approaches to DeFi vary by jurisdiction. Some countries are adopting a more proactive stance to facilitate innovation while safeguarding against risks. Others are taking a wait-and-see approach to understand the evolving situation better.
Key regulatory focuses include:
- Classification of DeFi tokens (whether they are considered securities or commodities)
- Implementation of anti-money laundering (AML) and know-your-customer (KYC) measures within decentralized frameworks
- Delineation of responsibilities among participants in the DeFi ecosystem.
Predictions and Future Trends in Decentralized Finance
The future of DeFi is poised for significant growth and continued innovation. The potential to democratize access to financial services and create more is what motivates it. open, transparent, and inclusive financial systems. Several predictions and trends are expected to shape the evolution of DeFi:
Increased Institutional Adoption
As the DeFi ecosystem matures, institutional investors and traditional financial entities will likely see increased adoption. Improvements in DeFi platforms’ regulatory clarity, security, and scalability will facilitate the trend by making them more alluring to institutional participants.
Integration with Traditional Finance
DeFi is expected to increasingly intersect with traditional finance (TradFi), bridging the gap between decentralized and centralized financial services. It could lead to hybrid models that leverage the efficiency and transparency of DeFi while incorporating traditional finance’s regulatory compliance and consumer protections.
Advancements in Cross-Chain Technology
Improved interoperability between various blockchain networks will be a defining feature of DeFi in the future. We will see a more seamless flow of assets and greater efficiency across the DeFi ecosystem. Cross-chain technologies and protocols will facilitate this trend, creating more complex and versatile financial products.
Focus on Scalability and User Experience
Scalability remains a critical challenge for DeFi. Future developments in layer 2 solutions, sidechains, and sharding are expected to significantly improve transaction speeds and reduce costs. These developments will make DeFi platforms more accessible and user-friendly for a broader audience.
Expansion of DeFi Services
The range of financial services offered within the DeFi ecosystem will continue to expand. They will encompass more sophisticated products such as undercollateralized loans, derivative markets, and dynamic interest rates. The expansion will further enhance the attractiveness and utility of DeFi.
Enhanced Regulatory Engagement
As DeFi grows, there will be a concerted effort toward closer engagement between the DeFi community and regulators. The cooperation will be pivotal in formulating legal frameworks that foster innovation while safeguarding consumer interests and maintaining market stability.
Conclusion – In-Depth Analysis of Decentralized Finance: A Historical and Future Perspective
The narrative of decentralized finance (DeFi) represents a significant evolution in the financial sector, transitioning from basic barter systems to advanced blockchain technologies. DeFi is a testament to human innovation, offering a paradigm shift towards a financial ecosystem that is accessible, transparent, and efficient.
DeFi’s core appeal lies in its ability to democratize access to financial services. It can potentially integrate billions of unbanked individuals into the global economy. The evolution challenges traditional financial models by promoting a system where services are universally accessible. It fosters innovation unconstrained by the limitations of existing infrastructure.
Despite its potential, DeFi faces hurdles like regulatory compliance, security vulnerabilities, and scalability issues. The future of DeFi depends on a collaborative approach involving regulators, developers, and the community. Collectively, facing these challenges can ensure the safety and stability of the financial ecosystem.
The prospects of DeFi are promising, underscored by growing institutional interest and technological advancements that aim to improve platform scalability, security, and user experience. The momentum suggests transforming how individuals and businesses engage with finance, offering unparalleled access to financial services.
FAQ – In-Depth Analysis of Decentralized Finance: A Historical and Future Perspective
Is Bitcoin a DeFi?
No, Bitcoin itself is not considered a DeFi. Bitcoin is a cryptocurrency that introduced the world to blockchain technology and decentralized digital currency.
DeFi, also known as decentralized finance, encompasses a wider range of financial applications leveraging blockchain technology to increase accessibility to financial services. It makes these services open, permissionless, and without central control.
Bitcoin paved the way for the development of DeFi by demonstrating the potential of decentralized networks. DeFi applications extend beyond digital currencies to include lending, borrowing, trading, and more, often built on platforms like Ethereum.
How does decentralized finance make money?
Participants in decentralized finance can make money through several methods, including:
- Yield Farming: Earning rewards by providing liquidity to DeFi protocols, often by depositing cryptocurrencies into a liquidity pool.
- Staking: Holding and locking cryptocurrencies in a crypto wallet to augment the operations of a blockchain network in return for rewards.
- Lending: Providing your crypto assets to others through DeFi platforms and earning interest in return.
- Trading: Buying and selling cryptocurrencies or DeFi tokens on decentralized exchanges (DEXs) can yield profits due to price fluctuations.
- Token Rewards: Participating in DeFi platforms may earn users native tokens as rewards, which can be appreciated.
What is an example of a DeFi?
A popular example of a DeFi application is Uniswap. A decentralized exchange (DEX) facilitates direct token swaps among users’ Ethereum wallets, eliminating the necessity for a central order book or intermediary involvement.
Is Decentralized Finance the Future?
Many experts believe that decentralized finance represents a significant part of the future of finance. Its potential to offer more accessible, efficient, and transparent financial services makes it an attractive alternative to traditional banking.
However, the strength of its impact will depend on overcoming challenges such as scalability, regulatory acceptance, and security concerns.
What is the background of DeFi?
The background of DeFi is rooted in the development of blockchain technology. The subsequent introduction of Ethereum provided the programmable smart contract functionality necessary for creating decentralized applications.
DeFi began to gain significant attention around 2018 as projects started demonstrating the potential for a wide range of financial services to operate decentralized.
What is decentralized finance and its introduction?
Decentralized finance (DeFi) is a trend utilizing decentralized networks to revamp traditional financial instruments into transparent and trustless protocols, functioning without intermediaries. It was introduced as a concept following the creation of blockchain technologies, particularly Ethereum. It enabled the development of smart contracts and decentralized applications (dApps) for financial services.
When was the first DeFi project launched?
The initial project falling within the DeFi category emerged with MakerDAO in 2017. It pioneered the decentralized stablecoin notion, DAI, tethered to the US dollar but functioning autonomously on the Ethereum blockchain, devoid of centralized authority.
How old is DeFi?
Considering MakerDAO’s launch in 2017 as the inception of what we now recognize as the DeFi sector, DeFi is about several years old. The term “DeFi” itself began gaining widespread usage in 2018, marking the start of the rapid development phase of the DeFi ecosystem.
Resources – In-Depth Analysis of Decentralized Finance
Books
“Mastering Bitcoin” by Andreas M. Antonopoulos – Though primarily focused on Bitcoin, this book lays a solid foundation for understanding decentralized digital currencies, which is essential for grasping the broader concept of DeFi.
“The Infinite Machine” by Camila Russo – This book tells the story of Ethereum, the blockchain platform that is most synonymous with DeFi applications. Understanding Ethereum’s origins and functionality is crucial for anyone looking to get involved with DeFi.
“DeFi and the Future of Finance” by Campbell R. Harvey, Ashwin Ramachandran, and Joey Santoro – As one of the more direct explorations of DeFi, this book discusses the current financial system’s limitations and how DeFi addresses these issues, offering a vision for the future of finance.
“Blockchain Basics: A Non-Technical Introduction in 25 Steps” by Daniel Drescher – For those new to blockchain technology, this book provides an accessible entry point. Understanding the blockchain is essential for comprehending how DeFi operates.
“Token Economy: How Blockchains and Smart Contracts Revolutionize the Economy” by Shermin Voshmgir – This book offers insight into how tokens and smart contracts, two critical DeFi components, reshape economic transactions and services.
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