Defi and the Future of Finance


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<p><b>During the Global Financial Crisis in 2008, our financial infrastructure failed. </b></p> <p>Govern&shy;ments 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&mdash;or any other company? Why are savings rates miniscule or negative? Why is it so difficult for entrepreneurs to get financ&shy;ing at traditional banks?</p> <p>In <i>DeFi and the Future of Finance</i>, Campbell R. Harvey, Ashwin Ramachandran and Joey Santoro, introduce the new world of Decen&shy;tralized Finance. The book argues that the current financial landscape is ripe for dis&shy;ruption and we are seeing, in real time, the reinvention of finance.</p> <p>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&mdash;there is no brick and mortar and all of the associated costs. Savings and lending are reinvented. Trading takes place with algorithms far re&shy;moved from traditional brokerages.</p> <p>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&mdash;however, you will in the future.</p> <p>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.</p> <p>Ideally suited for people working in any part of the finance industry as well as finan&shy;cial policy makers, <i>DeFi and the Future of Finance </i>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 &ndash; not the target of the disruption.</p>