去中心化金融-Lec2

Finance

Finance is the process that involves the creation, management, and
investment of money and financial assets

Financial assets

non-physical, like Bank deposits, stocks, bonds, loans, derivatives

Financial services

banking, lending/borrowing, securi0es, insurance, trusts, funds

Financial markets

marketplace for trading financial assets

传统金融（中心化金融） v.s. 去中心化金融

Traditional Finance (CeFi)

Hold custodies of customers’ funds/assets
Serves as intermediaries for transactions
Adhere to strict on-boarding & continuous compliance rules (regulation)
Customer has no privacy to service provider
Opaque （不透明）, siloed （独立的）databases and applications
Need to be trusted to operate correctly and securely

Bitcoin

随着Bitcoin的诞生，区块链这个技术也同步产生。

Bitcoin: A Peer-to-Peer Electronic Cash System

以太坊 Ethereum

为了实现更加复杂的功能，以太坊（Ehereum, smart contract platform 更像是ecosystem）被发明了。就可以实现借贷、等高级功能。

DeFi

Financial infrastructure as
an open, permissionless,
and highly interoperable (可交互的) protocol stack built on
public smart contract
platforms

主要关注三个点：

Custody & settlement （托管和结算）
Transaction execution （对应于 CeFi Intermediary (中介), DeFi Settlement）
Protocol governance (对应于 Centrally governed DeFi)
要三个同时满足才是DeFi

CeFi v.s. DeFi

Tradional finance

Permissioned
Custodial （保管人）
Centralized trust & governance
Real identity

Decentralized finance

Permissionless
Non-custodial
Decentralized trust & governance; Trustless
Pseudonymous (匿名); privacy

DeFi Advantages

Efficiency
Open finance and universal accessibility
Transparency and public verifiability
Self custody and censorship resistant
Automation & programmability
Composability and interoperability
Innovation
Fast Growth

DeFi Stack

DeFi is enabled by a decentralized smart contract platform

去中心化金融-Lec2-小白菜博客

High-Level Service Architecture of CeFi, DeFi

pegged asset(挂钩资产): 其实就是稳定币
leveraged Loan: 杠杆贷

DeFi Building Blocks and Services

Asset Tokenization

就是把现实的资产变成链上的资产
Tokenization: process of adding new assets to a blockchain
Token: the blockchain representation of the asset
Make assets more accessible, easy to transfer, programmable
Governance token, security tokens (tokenized real estate), Nonfungible token (NFT), stablecoin

Nonfungible token (NFT)：常见的应用是艺术品、数字藏品

Stablecoin

Offchain (centralized) collateral [fiat （法定货币）, precious metal]
Onchain (decentralized) collateral （抵押品） [crypto assets]
Algorithmic (non-collateral) stable coin （算法稳定币，据说很坑）

Decentralized Exchange

Centralized exchange (CEX)

Custodial （保管）
Non-transparency
Order Book （证券交易所常见，就是证券数量和买方或卖方对特定证券的出价/要价）

Decentralized exchange (DEX)

Non-custodial
Transparency

Decentralized Lending

Lending in CeFi

Processing default（违约） is expensive; under-collaterization（质押）（under collaterization 就是说抵押的资产的价值小于得到的资产）
Credit-worthiness （信誉度）

Collateralized loans in DeFi

Over collateralization; not based on credit
- Collateralized debt positions
- Collateralized debt markets

Flash Loans 闪电贷

Blockchains enable atomic transactions （要么全部按顺序执行，要么全部不执行）
Pools lend assets within one transaction （即借出的资产在transaction结束钱被偿还，否则该交易不上链；附加利息）
Does not exist in CeFi
主要用于套利