Understanding DeFi - Onepress
ebook
Autor: Alexandra DamskerISBN: 9781098120726
stron: 200, Format: ebook
Data wydania: 2024-02-23
Księgarnia: Onepress
Cena książki: 211,65 zł (poprzednio: 246,10 zł)
Oszczędzasz: 14% (-34,45 zł)
Decentralized finance (DeFi) is a rapidly growing field in fintech, having grown from $700 million to $100 billion over the past three years alone. But the lack of reliable information makes this area both risky and murky. In this practical book, experienced securities attorney Alexandra Damsker explains DeFi's role in both blockchain and finance.
Ideal for developers looking to build decentralized applications (DApps), this book compares DeFi to traditional bank-led fintech and explains why DeFi is exploding in interest and popularity. You'll explore the growing array of DApps and platforms in various categories, including their benefits and drawbacks, and learn how DeFi tools work together from the perspective of both users and developers.
With this book, you will:
- Learn how DeFi fits into the blockchain and fintech worlds
- Understand why it's important to move beyond the banking system
- Explore the tools for building a useful, functional DeFi application
- Learn the risks, benefits, regulatory concerns, and unresolved issues in this nascent and fast-growing industry
- See which technologies are well-positioned to be incorporated into DeFi blockchains in the near future
- Assess your own risk level to determine which strategies are most appropriate
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Spis treści
Understanding DeFi eBook -- spis treści
- Preface
- How Is This Book Organized?
- Who Is This Book for, and What Will You Learn?
- Conventions Used in This Book
- OReilly Online Learning
- How to Contact Us
- Acknowledgments
- 1. Introduction to DeFi
- What Is Blockchain, Anyway?
- A Brief History of Accounting
- Single-Entry Bookkeeping
- Double-Entry Bookkeeping
- Massive Fraud, or the Status Quo Officially Doesnt Work Any Longer
- Triple-Entry Bookkeeping
- Triple-Entry Accounting
- The Bitcoin Revolution: The First Blockchain Use Case
- Ethereum and the Smart Contract Revelation
- Smart Contracts
- Ethereums Innovation: Self-Executing Programming Smart Contracts
- Tenets of Blockchain (According to Me)
- Open
- Shared
- Distributed
- Distribution versus decentralization
- Three types of decentralization
- Architectural decentralization
- Political decentralization
- Tolerance and decentralization
- Consensus
- Permanence (or Immutability)
- Anonymity
- Trustless
- What Does Any of This Have to Do with Finance?
- What Is Finance?
- How Money Flows in Banks and Economies
- Banks Are Using Your Cashand Not Paying for It
- What Is Decentralized Finance, and Why Is It Important?
- Conclusion
- 2. The Building Blocks of DeFi
- Protocols
- Platforms
- A Trilemma Solution
- Decentralization
- Scalability
- Security
- Deployment Network
- An architectural base
- A common token
- A common client software
- Application access (automated or bespoke)
- Virtual machine
- A Trilemma Solution
- Decentralized Applications
- Incentivized
- Decentralized
- Blockchain-Based Protocol
- Open Source (Maybe)
- A Word on Wallets
- Custodial Versus Noncustodial
- Hot wallets
- Warm wallets
- Cold wallets
- How do wallets work?
- Are There Any Problems?
- Custodial Versus Noncustodial
- Stablecoins
- Asset Versus Currency
- Enter Stablecoins
- Types of Stablecoins
- Backed by fiat
- Backed by commodities
- Downward economic pressure
- Limitations on economic growth
- Monetary policy restrictions
- Backed by crypto
- Algorithmic and seignorage coins
- Algorithmic stablecoins
- Seigniorage stablecoins
- Rebasing
- Backed by other assets
- Governance Tokens
- Lending
- Collateralized loans
- Other collateralized lending protocols
- Uncollateralized loans
- Flash loans
- Third-party risk assessment
- Crypto-native credit scores
- Off-chain credit score integration
- Personal network bootstrap
- Derivatives and Synthetics
- Insurance
- Prediction and Betting
- Lending
- Conclusion
- 3. The Tools of DeFi
- Smart Contracts
- Wallets (Again!) and Oracles
- The Oracle Problem
- Stablecoins Versus CBDCs
- Incentivized Governance Tokens
- Wallets Part III: Hosted Versus Unhosted and the Purpose of Knowing Customer Identity
- True or False?
- Anti-Money Laundering and Know Your Customer
- AML
- Who is FATF, and why do we care?
- The (damn) Travel Rule
- KYC Versus AML
- What Is Required?
- KYC
- AML
- What Is the Impact?
- Decentralized exchanges
- DApps
- Stablecoins
- Nonfungible tokens
- Unhosted wallets
- US Regulation
- AML
- Custodians and Intermediaries
- Conclusion
- Smart Contracts
- 4. How to Build a DeFi Application or Protocol
- Basic Principles of Financial Tools
- Developing Your Application
- Rule 1: Which Market?
- Rule 2: Did You Apply Basic Business Principles and Process?
- Find a problem
- Build your community
- Examine the problem
- Design
- Release the beta
- Public launch
- Rule 3: Where Do You Build?
- Option 1: Layer 2 options
- Option 1A: State channels
- Option 1B: Rollups
- Optimistic
- Zero-knowledge
- Option 1C: Plasma
- The data unavailability problem
- Sidechains
- Post-merge Ethereum
- Option 2: Wallets!
- Option 3: Non-Ethereum ecosystems
- Option 3A: Binance
- Option 3B: Tron
- Option 3C: Solana
- Option 3D: Tezos
- Option 3E: Avalanche
- Option 3F: Cardano
- Option 3G: Polkadot
- Option 3H: Cosmos
- Option 3I: Algorand
- Option 3J: Sui and Aptos
- Rule 4: Whats Your Token, and Did You Apply Proper Tokenomics?
- Types of tokens
- Utility tokens
- Currency tokens
- Securities tokens
- Governance tokens
- Nonfungible tokens
- Applying Tokenomics
- Supply
- Distribution
- Moderation
- Backing
- Cash-in/cash-out
- Incentivization
- Rule 5: Did You Audit Your Tech?
- Rule 6: How Do You Launch?
- Conclusion
- 5. Making Money with DeFi
- Investing with a DeFi Protocol on Blockchain
- Is It Really Investing?
- DeFi Protocol Types
- Protocol 1: Staking a Token
- Protocol 2: Lending Protocols
- Subprotocol 2A: Liquidity Provider on a Swap or Decentralized Exchange
- Procedure
- Pricing
- Average returns
- Risks
- Subprotocol 2B: Borrower-Lender Platforms
- Procedure
- Pricing
- Average returns
- Risks
- Subprotocol 2C: Borrowing Platforms
- Subprotocol 2D: Yield Farming
- Average returns
- Risks
- Protocol 3: Memecoins
- Things to Consider
- Harvesting Profits and Losses
- Taxes
- Conclusion
- 6. The Future of DeFi
- The Rise of Asset-Backed Tokens
- Real-World Assets
- Situation 1
- Situation 2
- Does DeFi Even Need Regulation?
- What about current laws?
- What happens when transactions cross borders?
- Is it just because crypto and DeFi attract retail (nonaccredited) investors?
- Real-World Assets
- A Better Regulatory Structure for Crypto and DeFi
- Who Is Issuing Tokens and Coins, Anyway?
- What About Tokens That Do Many Things?
- Tokens As Securities
- But the regulations need work
- Why are there so many unregistered securities offerings in crypto, anyway?
- Lie number one
- Lie number two
- Artificial third parties
- What kind of reporting, then?
- Commodities
- What are commodities?
- Contracts for the future
- Derivatives
- How Does Crypto Come into This?
- Smarter Regulation
- Securitization and Collateral
- Collateral
- Overhypothecation
- Perfecting your interest
- Securitization
- Better Regulation
- Collateral
- Currency
- We Need Fiat Alternatives
- Future Regulation
- Promoters
- Community Projects
- How Should They Be Regulated?
- Customers Versus Traders
- Centralized Marketplaces
- Decentralized Marketplaces
- Dark Pools
- Intellectual Property
- Problems and Solutions
- Identity
- A Viable Solution
- The Need for Accountability
- Accredited Investor Rules
- Taxes
- Conclusion
- The Rise of Asset-Backed Tokens
- Index