Decentralizing Finance : How Defi, Digital Assets, and Distributed Ledger Technology Are Transforming Finance

Decentralizing Finance How Defi, Digital Assets, and Distributed Ledger Technology Are Transforming Finance

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"Kenneth Bok explores the current state of decentralized finance (DeFi). As distributed ledger technology (DLT) increasingly optimizes and democratizes financial ecosystems worldwide, this book serves as a guide to the most salient aspects of the ongoing transformation. The text delves into bot...

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Detalles Bibliográficos
Autor principal: Bok, Kenneth (-)
Formato: Libro electrónico
Idioma:Inglés
Publicado: Newark : John Wiley & Sons, Incorporated 2023.
Edición:1st ed
Materias:
Financial institutions > Effect of technological innovations on.
Financial services industry > Technological innovations.
Finance > Technological innovations.
Digital currency.
Ver en Biblioteca Universitat Ramon Llull:https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009811320906719
Tabla de Contenidos:
  • Cover Page
  • Title Page
  • Copyright Page
  • Contents
  • Acknowledgments
  • Glossary
  • Foreword
  • Introduction
  • I.1 Who Am I?
  • I.2 How This Book Is Organized
  • I.3 Scope of This Book
  • I.3.1 In Scope
  • I.3.2 Out of Scope
  • I.4 Disclaimers
  • I.5 Corrections
  • Part I Crypto-native DeFi
  • Chapter 1 What Is DeFi?
  • 1.1 The Role of Intermediaries in TradFi
  • 1.2 Definitions
  • 1.3 Other Characteristics of DeFi
  • 1.3.1 Interoperability / Composability
  • 1.3.2 Transparency
  • 1.3.3 Openness
  • 1.3.4 Decentralized / Peer-to-peer
  • 1.3.5 Unregulated
  • 1.4 The DeFi Stack
  • 1.5 Size of DeFi
  • 1.6 Key Participants in DeFi
  • 1.6.1 Developers and Entrepreneurs
  • 1.6.2 Institutions
  • 1.7 DeFi and FinTech
  • 1.8 How Can I Try DeFi?
  • 1.9 Where Does DeFi Meet TradFi?
  • 1.9.1 Stablecoins
  • 1.9.2 Central Bank Digital Currencies (CBDCs)
  • 1.9.3 Real World Assets (RWA) and Tokenized Assets
  • 1.9.4 Permissioned DeFi
  • 1.10 What are the Risks of DeFi?
  • 1.11 Chapter Summary
  • Notes
  • Chapter 2 Infrastructure and Instruments
  • 2.1 The Infrastructure of DeFi
  • 2.2 Basics of Blockchains
  • 2.2.1 Components of Blockchains
  • 2.2.2 Cryptography
  • 2.2.3 Hash Functions
  • 2.2.4 Public-key Cryptography and Digital Signatures
  • 2.3 Bitcoin and Ethereum
  • 2.4 Permissioned vs Public Blockchains
  • 2.5 L1s and L2s
  • 2.6 Accounts, Keys, Wallets, and Addresses
  • 2.6.1 Accounts
  • 2.6.2 Keys
  • 2.6.3 Wallets
  • 2.6.4 Addresses
  • 2.7 Transactions
  • 2.7.1 Block-by-block Settlement
  • 2.7.2 Irrevocable
  • 2.7.3 Composable
  • 2.7.4 Atomic
  • 2.7.5 Gas
  • 2.7.6 Mempool / MEV
  • 2.8 Smart Contracts
  • 2.9 Clients and Nodes
  • 2.10 Block Explorers
  • 2.11 Custody
  • 2.12 Oracles
  • 2.13 RegTech
  • 2.14 Identity
  • 2.15 Bridges
  • 2.16 DeFi Instruments
  • 2.17 Stablecoins
  • 2.18 Derivatives
  • 2.19 Chapter Summary
  • Notes.
  • Chapter 3 Activities and Applications
  • 3.1 Trading / DEXs
  • 3.1.1 Automated Market Makers (AMMs)
  • 3.1.2 Aggregators
  • 3.2 Overcollateralized Lending / Borrowing
  • 3.3 Governance / DAOs
  • 3.4 Undercollateralized Lending
  • 3.4.1 Uncollateralized Lending to Real-world Borrowers
  • 3.4.2 Uncollateralized Lending to Crypto Institutions
  • 3.4.3 Real World Assets
  • 3.4.4 Centrifuge
  • 3.4.5 MakerDAO and RWA
  • 3.4.6 SocGen Pilots and MakerDAO Collaboration
  • 3.4.7 Smart Bonds
  • 3.4.8 Credit Scoring
  • 3.5 Investing
  • 3.5.1 Index Products - Spot
  • 3.5.2 Index Products - Perpetual Futures
  • 3.5.3 Dashboards
  • 3.6 Payments
  • 3.6.1 Crypto Payment Gateways
  • 3.6.2 Big Payments and Crypto
  • 3.6.3 Crypto Debit / Credit Cards
  • 3.6.4 On-off Ramps
  • 3.6.5 Solana Pay and Circle
  • 3.6.6 Bitcoin Payments
  • 3.7 Insurance
  • 3.8 Prediction Markets
  • 3.9 Chapter Summary
  • Notes
  • Chapter 4 Risks and Mitigation
  • 4.1 Types of Losses
  • 4.2 Basic Terminology
  • 4.3 Endogenous DeFi Risks
  • 4.3.1 Smart Contract Risks: Code Exploit Example: The DAO Hack
  • 4.3.2 Economic Exploit Example: Mango Markets
  • 4.3.3 Operational Exploit Example: Ronin Bridge Hack
  • 4.3.4 CeFi Contagion / Systemic Risk
  • 4.4 Exogenous DeFi Risks
  • 4.4.1 Financial Stability
  • 4.4.2 Pronounced Risks in Developing Countries
  • 4.4.3 Banking-to-Crypto Concentration Risks
  • 4.4.4 Stablecoins
  • 4.4.5 Market Integrity
  • 4.4.6 Frontrunning
  • 4.4.7 Market Manipulation
  • 4.4.8 Money Laundering, Funding of Illicit Activity and Terrorism
  • 4.4.9 Consumer Protection
  • 4.4.10 Disclosure, or the Lack Thereof
  • 4.4.11 Data Protection
  • 4.5 Chapter Summary
  • Notes
  • Chapter 5 Regulation
  • 5.1 Introduction
  • 5.2 Global Nature of Crypto and DeFi
  • 5.2.1 How this Chapter Is Organized
  • 5.3 What Regulators Want
  • 5.4 Are Tokens Securities?
  • 5.5 The Travel Rule.
  • 5.6 Prudential Treatment of Crypto-asset Exposures
  • 5.7 SSBs, United States and European Union
  • 5.7.1 BCBS: Prudential Treatment on Banks' Crypto-asset Exposures
  • 5.7.2 CPMI - IOSCO: PFMI and Stablecoins
  • 5.7.3 IOSCO
  • 5.7.4 FATF - AML / CFT
  • 5.7.5 Survey of Jurisdictions on the State of Crypto-asset Regulation
  • 5.8 European Union - MiCA
  • 5.9 United States
  • 5.10 DeFi Specific Regulation
  • 5.10.1 DEXs
  • 5.10.2 Stablecoins
  • 5.11 Chapter Summary
  • Notes
  • Part II DLT in Traditional Finance
  • Chapter 6 Central Bank Digital Currencies
  • 6.1 Introduction
  • 6.2 Prologue: Libra
  • 6.3 Role of the Central Bank
  • 6.4 Structure of the Monetary System and a View Towards the Future
  • 6.5 Central Bank Motivations and Considerations around CBDCs
  • 6.6 Retail vs Wholesale CBDCs
  • 6.7 Wholesale CBDCs
  • 6.7.1 Domestic W-CBDCs
  • 6.7.2 Bilateral W-CBDCs
  • 6.7.3 Multilateral CBDCs (mCBDCs)
  • 6.8 Case Study: Project mBridge
  • 6.9 Retail CBDCs
  • 6.10 Benefits and Risks of R-CBDCs
  • 6.11 R-CBDC Design Choices
  • 6.11.1 Nature of Claims and Role of the Central Bank
  • 6.11.2 DLT or Conventional Centralized Ledger
  • 6.11.3 Token- or Account-based Access
  • 6.11.4 Cross-border
  • 6.11.5 Holding and Transaction Limits
  • 6.11.6 Interest Yielding
  • 6.12 Types of R-CBDCs
  • 6.12.1 Direct
  • 6.12.2 Two-tier Models: Hybrid and Intermediated
  • 6.12.3 Indirect / Synthetic
  • 6.13 Examples of R-CBDCs
  • 6.14 Case Study: Nigerian eNaira
  • 6.15 Case Study: United States
  • 6.16 Case Study: eCNY
  • 6.17 Chapter Summary
  • Notes
  • Chapter 7 Asset Tokenization
  • 7.1 What Is Asset Tokenization?
  • 7.2 Benefits of Asset Tokenization
  • 7.2.1 Efficiency Gains Due to Automation and Disintermediation
  • 7.2.2 Enhanced Resilience
  • 7.2.3 Transparency
  • 7.2.4 Fractional Ownership
  • 7.2.5 International Reach and Direct Access.
  • 7.3 How is Tokenization Performed?
  • 7.4 Considerations for Tokenization
  • 7.5 DLT in Capital Markets
  • 7.5.1 Primary Markets
  • 7.5.2 Secondary Markets
  • 7.5.3 Clearing and Settlement
  • 7.5.4 Custody
  • 7.6 Asset Servicing
  • 7.6.1 Corporate Actions
  • 7.6.2 Tax Withholding
  • 7.6.3 Regulatory Reporting
  • 7.7 Chapter Summary
  • Notes
  • Chapter 8 Deposit Tokens
  • 8.1 What Are Deposit Tokens?
  • 8.2 Benefits of Deposit Tokens
  • 8.3 Deposit Token Projects
  • 8.3.1 Regulated Liability Network (RLN)
  • 8.3.2 Onyx by JP Morgan
  • 8.3.3 German Banking Industry Committee
  • 8.3.4 Swiss Banker's Association (SBA)
  • 8.3.5 Other projects
  • 8.4 Chapter Summary
  • Notes
  • Chapter 9 Institutional DeFi
  • 9.1 Considerations for Institutions to Participate in DeFi
  • 9.2 Institutional DeFi Examples
  • 9.3 AMMs and FX
  • 9.4 Considerations for AMMs and Tokenized Assets
  • 9.5 Unified Ledger
  • 9.6 Chapter Summary
  • Notes
  • Chapter 10 Conclusion
  • 10.1 The Crypto-Fiat Innovation Dialectic
  • 10.1.1 From Bitcoin to CBDCs
  • 10.1.2 Can DeFi Advance Financial Inclusion?
  • 10.1.3 DeFi as Global FinTech Sandbox
  • 10.1.4 Cybersecurity
  • 10.1.5 Moving Forward with Synthesis
  • 10.2 Future Scenarios for DeFi: The Wild West, the Citadel, and the Bazaar
  • 10.2.1 Path 1: Crypto-native DeFi / "Wild West"
  • 10.2.2 Path 2: DLT-enabled TradFi / "Citadel"
  • 10.2.3 Path 3: Crossover DeFi / "Bazaar"
  • 10.3 The Future of Money
  • Notes
  • Bibliography and Online Resources
  • Index
  • EULA.

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